BCWhatWhat is Blockchain:
Blockchain technology is sometimes called Distributed Ledger Technology (DLT) and makes any digital asset’s history unalterable and transparent by using cryptographic hashing and decentralization.
An example of how blockchain technology can be understood is the Google Doc. A Google Doc is a document that we create and share with others. The document is not copied or transferred but distributed. This creates a distributed distribution chain that allows everyone to have access to the document at once. This ensures that no one is left waiting for changes to be made by another party. All modifications to the document are recorded in real time, making them transparent.
A blockchain is a growing list of data blocs that are linked together
Blockchain technology Overview:
Why blockchain is important:
Element of blockchain
Four different element of blockchain are as
- Distributed ledger:
All network participants can access the distributed ledger and its immutable transaction records. Using this shared ledger, transactions are published only once, eliminating the repetitive work typical of traditional business networks.
2. Immutable records:
Once the transaction is posted to the shared ledger, no participant can change or alter the transaction. If the transaction log contains errors, a new transaction must be added to reverse the error, and then both transactions are visible.
3. Smart contracts :
In order to speed up transactions, a set of rules called smart contracts are stored in the blockchain and executed automatically. Smart contracts can define the conditions for the transfer of corporate bonds, including the terms of payment for travel insurance, and so on.
The benefits of blockchain technology :
What needs to be changed: Operations often waste energy on repeated record keeping and third party verification. Record keeping systems can be vulnerable to fraud and cyber attacks. Limited transparency will slow down data verification. With the advent of the Internet of Things, transaction volumes have exploded. All of this slows down business and depletes results, and it means we need a better approach. Get on the blockchain.
A higher degree of trust :
With blockchain, as a member-only network member, you can be sure that you will receive accurate and timely data, and your confidential blockchain records will only be given to you especially for network members.
It is necessary to reach a consensus on the accuracy of the data of all members of the network. All verified transactions are immutable because they are permanently recorded. No one, even system administrators, can delete transactions.
Uses a distributed ledger shared among network members, eliminating time-consuming record reconciliation. To speed up transactions, a set of rules, called smart contracts, can be stored on the blockchain and automatically executed.
Everyone who knows it should understand Bitcoin, because it may be one of the most important developments in the world
Blockchain Technology Network Type:
you can study Blockchain Types more
Public blockchain technology network:
A public blockchain technology is a blockchain that anyone can join and participate in, such as Bitcoin. Disadvantages may include the need for large amounts of computing power, little or no transaction privacy, and weak security. These are important considerations for blockchain business use cases.
Private blockchain technology network:
Private blockchain technology network, similar to public blockchain network, is a decentralized peer-to-peer network. However, an organization manages the network, controls who can participate, runs consensus protocols, and maintains a shared ledger. Depending on the use case, this can significantly increase the trust between participants. Private blockchains can run behind corporate firewalls and can even be hosted locally.
Authorized Blockchain technology:
Network Companies that establish a private blockchain will generally establish a licensed blockchain network. It is worth noting that public blockchain networks can also be licensed. This limits who can participate in the network and what transactions take place. Participants must obtain an invitation or permission to join.
Blockchain technology Alliance :
Multiple organizations may share the responsibility of maintaining the blockchain. These finalists determine who can submit transactions or access data. When all participants must obtain permission and assume joint responsibility for the blockchain, the alliance blockchain is an ideal choice for enterprises.