The world is changing faster day by day. The new technologies are coming day by day and it is helpful to human beings. Today in our Inovatech we are going to discuss a very interesting topic Blockchain. The Blockchain is growing much faster and we need to learn a lot of things for that.
What is Blockchain?
Blockchain technology is the upcoming technology which is a structure that stores transactional records. With a blockchain, many people can type the transaction entries into a record of information, and some group of users can control how the record of information is altered and updated. The person can not control the information. A user or client who has the permissions to access the account is only able to change entries stored on a centralized server. Blockchain technology created by the distributed database has basically a different digital backbone.
Blockchain is a combination of three technologies:
- Cryptographic keys
- A peer-to-peer network containing a shared ledger
- A means of computing is to store the transactions and records of the network
There are 3 types of blockchain
A public blockchain has no access restrictions anyone can send transactions to it. The advantage of the public blockchain is the uncontrollability which means that nobody has complete control over the network. All the nodes connected to this public blockchain will have equal authority, and the public blockchain becomes fully distributed
A private blockchain is a permission one. No one can easily join unless invited by the network administrators. Participant and validator access is restricted. Private blockchains are used or accessed by private organizations to store the most important or sensitive information about the organization. Private Blockchains are more centralized than Public Blockchains. Private blockchains usually have a network manager who can take care of the user permissions in case any particular user requires the additional authority to go on.
A hybrid blockchain has a combination of the public blockchain and private blockchain. In the hybrid network, users can control who gets access to which data stored in the blockchain. The hybrid blockchain is flexible so the users can easily join a private blockchain with multiple public blockchains.
You can refer to our site to learn about what is artificial intelligence and how does it work, what is Internet Of Things and how does it work, and also what is Robotic Process Automation and how does it work.