Blockchain Technology

Blockchain Technology

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions every entries in proper chain format.

Because there is no way to change a block, the only trust needed is at the point where a user or program enters data.

This aspect reduces the need for trusted third parties, which are usually auditors or other humans that add costs and make mistakes.

Blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks linked together via cryptography.

Different types of information can be stored on a blockchain, but the most common use for transactions has been as a ledger.

In Bitcoin’s case, blockchain is decentralized so that no single person or group has control—instead, all users collectively retain control.

Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, transactions are permanently recorded and viewable to anyone.

Blockchain importance?

Traditional database technologies present several challenges for recording financial transactions. For instance, consider the sale of a property. Once the money is exchanged, ownership of the property is transferred to the buyer.

Individually, both the buyer and the seller can record the monetary transactions, but neither source can be trusted.

Blockchain is an emerging technology that is being adopted in innovative manner by various industries. We describe some use cases in different industries in the following subsections:

Energy

Finance

Media and Entertainment

Retail

Features of Blockchain Technology:

Decentralization

Immutable records

Smart contracts

Blockchain Benefits :

Greater trust

Greater security

More efficiencies

Types of blockchain networks:

Public blockchain networks

Private blockchain networks

Hybrid blockchain networks

Consortium blockchain networks

Blockchain Protocols:

Hyper ledger fabric

Ethereum

Corda

Quorum

Database and a Blockchain difference:

Blockchains decentralize control without damaging trust in the existing data. This is not possible in other database systems.

Companies involved in a transaction cannot share their entire database. But in blockchain networks, each company has its copy of the ledger, and the system automatically maintains consistency between the two ledgers.

Although in most database systems you can edit or delete data, in blockchain you can only insert data.

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