Blockchain is a decentralized distributed database of immutable records where transactions are protected by strong cryptographic algorithms and the network status is maintained by a consensus algorithm now the blockchain is devised in such a way that to access any previous transaction you have to traverse from the last created block to the first block.
Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.
Blockchain technology invented with Bitcoin, is a trusted and open-source approach used by many companies due to its secure nature and long-term trustworthiness
Bitcoin is a type of cryptocurrency. Bitcoin was founded in 2008 and it was launched in 2009 Mr Satoshi Nakamoto. Bitcoin, a cryptocurrency was created using blockchain technology, a monetary exchange medium that uses encryption techniques for verifying fund transfers.
Blockchains are categorized into three types. Public Blockchain, private blockchain, and consortium, each with its own rules and participation requirements.
Public Blockchain:
Public Blockchain is permissionless, and entirely decentralized allowing anybody to participate. Simply said publicly accessible blockchains are termed as public blockchains. Further, these blockchains have no restrictions on the participant and the evaluator. Also, the main advantage of this type of blockchain is the uncontrollability of the blockchain, which means that nobody will have complete control over the network hands it insure the data is and secure an helps in the immutability of the records. Also, all the not connected to this public blockchain will have equal of enhance this public blockchain becomes fully distributed.
Private blockchain:
Blockchains are permissioned blockchains owned by a single organization. As the name suggests this particular blockchain requires the participant to be invited before they can be part of the blockchain. Here all the transactions equal customs. This type of blockchain is centralized and march control than public blockchains. As a blockchain are most centralized they can be governed and abilities by someone who can make sure that governors are guiding participants
Consortium:
Consortium are permissioned blockchains administered by a consortium of organizations rather than a single institution.
Blockchain can be trusted for several reasons
The very first thing is its compatibility with other business applications because of its open-source nature. The second one is its security.
As it was intended for online transactions, the developers have paid special attention to keeping up the pace when it comes to its security. It really doesn’t matter what type of business one owns, Blockchain can easily be considered.
Blockchain is a decentralized technology of immutable records called blocks. Which are secured using cryptography.
Hyperledger is a platform or organization that allows people to build private Blockchain
The blockchain consensus mechanism provides the benefits of a consolidated, consistent database with reduced errors,near-real-time reference data, and the flexibility for participants to change the description of the assets they own. Because no one participating member owns the source of origin for the information contained in the shared ledger, Blockchain technologies lead to increased trust and integrity in the flow of transaction information among the participating members.
Immutability mechanisms of blockchain technologies lead to lowered costs of audit and regulatory compliance with improved transparency.
Contracts being executed on business networks using blockchain technologies are smart, automated and final, business benefits from increased speed of execution, reduced costs, and less risk.
Distributed ledger technology (DLT) is a decentralized database managed by multiple participants, where each participant adds a record of every new transaction.
It is one of the major problems that are associated with the digital cash. It’s a condition when one digital token is spent multiple times because the token generally consists of a digital file that can easily be cloned. It simply leads to inflation and organizations have to bear a huge loss. One of the primary aims of Blockchain technology is to eliminate this approach up to the possible extent.
Smart contracts are self-executing contracts with the term of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on a blockchain network
There are three types of Network Systems
A Centralized Network is where every participant or nod in the network can talk to each other only through a centralized nod or server you can see that from the leftmost diagram.
Decentralized network so instead of nodes talking to one single server you can actually group nodes such that few of them have a single centralized server and each of these centralized servers talks to each other now in a network like Bitcoin and Ethereum where we say that it is a Distributed network what happens is that every node talks in a peer-to-peer manner there is no centralized server of any kind in the system at all.