What is Blockchain Technology?
Blockchain technology is the most valuable and common word nowadays. Every company wants to transfer to this technology. That is the main reason why peoples want to learn blockchain. It became demanding in current days. It is one of the emerging technologies in the current era. Blockchain is a famous word nowadays. Let’s explore this technology.
Blockchain
The word “Blockchain” is derived from two words BLOCK and second CHAIN. The word block means two or more and chain is as simple which means linking or connections. If we combine these two words then this becomes blockchain which is used to record the keeping of transactions or any other information which is used to authenticate. It’s specially designed to keep records which is impossible to hack. In such a scenario previous technology was hackable but this one is designed specially to overcome this problem.
This Blockchain technology was a type or part of Distributed ledger technology. Using this technology, we can save a record of the transaction or other records in a distributed network. Each computer of this technology was making a duplicate copy of data. If one or other computers fail then no issue has been created because every computer has a copy of such data. One major benefit of this technology is that records or files are updated and validated at every time and every transaction.
Another question that comes to everyone’s mind is how it stores data. So, the answer is simple it does not store data in the form and rows but instead of, it stores data in blocks. It used peer-to-peer network topology in which each computer on the network stores its information. We early mentioned that it has no central storage. Its common examples are Bitcoin cryptocurrency.
Benefits of Blockchain Technology
- its first property is programmable because it can be built by giving small contracts.
- It’s also secure which means impossible to hack or cheat.
- The identity is anonymous.
- Every one of these networks is agree to validate its records.
- Major thing is that it’s not centralized but distributed.
- Once the changes are saved they cannot be reversed.
- Save history
Types of Blockchain
Common types of blockchain are as follow:
- Network of private blockchain
- Network of public blockchain
- Network of permissioned blockchain
- Consortium Blockchain
Network of private blockchain
The private network of blockchains is developed by private companies to secure their data. They have built their security parameters as well as accessibility preference and of course authorization options. In a private network, one company manages the overall network.
Network of public blockchain
In the public network of blockchain, many cryptocurrencies are engaged and manage their work. This type of blockchain is widely used. It is easy to maintain because many companies manage their problem with the help of others.
Network of permissioned blockchain
This is also the type of private blockchain network. this blockchain network is also called a hybrid network. In this network special permission is required to access work. It is better to practice because it is easy to handle and get service or help on the network.
Consortium Blockchain Technology
In this type of blockchain network, both options are available. short, both abilities and qualities are available in a public and private network. These types, many organizations maintain the network. It’s more complex than other networks but has better security features.
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