Introduction:
Blockchain is a kind of distribution network which shares the nodes of a computer network. Technically it is called a ledger of your information. Usually blockchain keeps your information in digital formats.
And whenever requested it gives back what you have asked. Blockchain plays a crucial role in digital currencies like bitcoin, dogecoin etc.,
The main purpose of developing the blockchain concept is to provide extraordinary service and security of the stored records.
So instead of trusting the third party, we can have our own blockchain technology.
How can we differentiate the normal database and blockchain.
- Usually in the normal database concept, the data is stored in sql format.
- But in the case of blockchain the datas is stored as blocks.
- Blockchain uses a centralized database, where we can perform great records with higher speed.
Uses of Blockchains:
- The main usage of blockchain in money transfer is its less expensive and acts very fast.
- We can exchange cryptocurrency in an easy way.
- Blockchain will allow the lenders to execute loans and it triggers the payment reminder which is faster and inexpensive.
- Recording real estate transactions is very easy with blockchain, because the process will have hundreds of real estate transactions so it’s easy for blockchain experts to maintain them.
- Blockchains technology works with layers, it’s really impossible to hack.
- Medical information is very crucial in every aspect. To maintain up to date information with secured layers of blockchain is very important.
- This advanced technology plays an important role in logistics and supply chain management. Blockchain helps the user to maintain a proper ledger.
- Datas is becoming very huge and at present datas storage has crossed more than zillion bytes.
- I personally don’t like blockchain in gambling but most casinos started to use this advanced technology to avoid manipulation.
Types of Blockchain Technologies:
Blockchain is basically classified into two types: permissionless and permissioned blockchain.
Permissionless Blockchain usually allows any group or user to join the blockchain network without any prior notice.
Permissioned blockchain are vice versa of permissionless concepts. The permissionless blockchains are more secure than other one because the verification process comes with very strict rules. Nodes calculate the huge number of transactions, making the process time delay.
Public Blockchain:
This concept is totally permissionless, so using it and joining the group is easy and fast. The nodes inside the blockchain give equal prioritization as a result accessing them is very easy.
Public blockchains are majorly used in the crypto market and the user base is huge across the world. There are more than a million users signed up for crypto blockchain.
Private Blockchains:
Managed blockchains are operated and controlled by single or conglomerate organizations. So only the top level management people have the accessibility to add and remove users.
Since the private blockchains are accessed by few people, the development phase is very limited.
The validation process of both the blockchains are very limited because of the longer processing time. Private and Public blockchains are very vulnerable and if the process is in bad hands, then the system might collapse.
Hybrid Blockchains:
This the most advanced blockchain concept ever built. Though it is managed by a private organization, the security and technology involved in this type is very lucrative.
Some great examples of hybrid blockchains are IBM Food Trust, Google Quantum and Tesla Radar.
Consortium Blockchains:
The power of consortium blockchains is high but in the technological part it is not as good as hybrid. A Group of organizations usually manage consortium blockchains.
The concept is similar to Android, groups of companies use them but google owns the android platform.
There are dozens of drawbacks in consortium blockchains. Since a group of organizations controls a normal user, they cannot access the information very quickly.
The cost might go up for a single organization, if the necessity of this technology is limited to them.
Conclusion:
The above information will give some basic idea about blockchains. Ultimate goal of blockchain technology is to help the organization to make the right decisions at the right time.
Blockchain technology will give strict security for the data stored. There is a bright future for this technology. Students across the world have already started to enroll for this concept.
Let’s join together to build an easy and secure technology in upcoming years. It’s time to write for us technology