Sunday Emmanuel

@sundayemmanuel · 22 Oct 2021

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What is a Blockchain

#What is a Blockchain

Blockchain is referred to as distributed ledger tech (DLT), which makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing, this chain is a digital ledger of transactions that is duplicated and shared across the entire network of computer systems on the blockchain.

Blockchain enables the existence of cryptocurrencies such as bitcoin, ethereum, and Bitcoin are speedily growing as blocks are being added to the chain, which significantly adds to the security of the ledger. Bitcoin has become the well-known and the Best cryptocurrency around the world. Using this technology, participants can confirm transactions without needing any central clearing authority. from a business perspective, it's helpful to think of blockchain technology as a future business process software that will surely develop more than before.

This blockchain is more than just bitcoins and other cryptocurrencies. Let's check out some types of blockchain;

Types of blockchain

1. Public Blockchains:-The word public has described itself already. a public blockchain is open and accessible to all, which are permissionless. This means that anyone can use their computer to become the nodes of a network.
A public blockchain is a chain that allows all nodes of the blockchain to have equal right to access the blockchain, perform mining, verify transactions or validate blocks of data. It is generally used for exchanging and mining cryptocurrency.

2. Private (or managed) blockchain:-This blockchain can also be called managed blockchains, this is a private blockchain controlled by a single entity. In a private blockchain, node lists are vetted by leading organizations. The central authority does not give access to each node with the same level of right to perform functions. This private blockchain is only partially decentralized because there is no public access to it. However, there is less danger for attempting to hack accounts because the organization in charge has total control over authorization and network accessibility.

3. Hybrid blockchain:-Hybrid blockchains are blockchains that are controlled by a single organization which can also be referred to as semi-private blockchain, which is a combination of public and private entities. with hybrid blockchain, the benefits include the liquidity and market access of public blockchain alongside the privacy and security benefits of permissioned blockchain.

4. Consortium Blockchain:-consortium blockchains are permission blockchains governed by multiple organizations rather than a single entity, as in the case of the private blockchain. This gives the network a greater degree of decentralization than private blockchains resulting in a higher level of security.




@Henkjan de Krijger