Advanced guide to learn on Blockchain updated 2019
Blockchain is the decentralized distributed database of the immutable records. In a simple word, Block chain is a Chain of Blocks where each Block contains ledger records and is immutable. Immutable means it cannot be changed or deleted. Block chain is one of the most famous features of Data Security. Block chain uses Encryption to secure sensitive data. Block chain can be used in various fields like insurance, Identity Management, Real Estate, Copyright protection, Cross-border Payments, etc. Block chain works with Blocks, whereas the spreadsheet works with “rows” and “columns”. A block is a collection of data. Block chain is the distributed ledger, which simply means that a ledger is spread across the network among all peers in the network, and each peer holds a copy of the complete ledger.
Advanced guide to learn on Blockchain updated 2019 List of the Topics covered
Public block chain
Private block chain
Consortium block chain
Bit coin
Multi chain
Bit coin platform
Properties of block chain
Public block chain
A Public block chain is permission less block chain. Anyone can join the block chain network, meaning that they can read, write, or participate with a public block chain. Public block chains are decentralized, no one has control over the network, and they are securing in that the data can’t be changed once validated on the block chain. Public block chain platforms like Bit coin, Ethereum, Lite coinA public block chain has absolutely no access restrictions. The best example of a public block chain is bit coin where participants in the network (miners) are rewarded with BTC tokens. Public block chains, however, have their drawbacks. In a block chain, each block contains a record of many transactions on the network.
Private block chain
A Private block chain is permissioned block chain. A private block chain network is requires to an invitation and must be validated by either the network starter or by a set of rules put in place by the network starter. This type of permissioned block chain model offers the ability to leverage more than 30 years of technical literature to realize significant benefits.Permissioned networks place restrictions on who is allowed to participate in the network and in what transactions. In private block chains, the owner of the block chain is a single entity or an enterprise which can override/delete commands on a block chain if needed.
Consortium block chain
Consortium block chains can best be understood when compared to their more popular counterpart, public block chains. This type of block chain is one that possesses no access restriction, meaning that absolutely anyone with an internet connection can become a participant of a public block chain. More specifically, anyone in the world is able to read data that is included on the block chain, and anyone in the world is allowed to execute transactions on a public block chain. Importantly, there is also no restriction as to who can participate in the consensus process for block chains, which is the process that determines the individual or entity that can add a block to the block chain. There are many benefits of the consortium systems, and many block chain platforms are setting themselves up as a backbone for these cross-company and cross-discipline solutions.
Bit coin
Bit coin is a crypto currency. Bit coin is the decentralized digital currency without the single administrator that can be sent from user to user on the peer-to-peer bit coin network without the need for intermediaries. We need to separate it into two components. One of the hand, you have bit coin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. Two of the hand, you have bit coin-the-protocol, a distributed network that maintains a ledger of bit coin-the-token. Bit coin is the digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It can be used to buy or sell items from people and companies that accept bit coin as payment, but it differs in several key ways from traditional currencies.
Multi chain
Multi Chain technology is a platform that can helps to users establish a certain private Block chains that can be used by the organizations for financial transactions. Multi chain is a simple API and a command-line interface is Multi Chain provides us. This helps to preserve and set up the chain. Multi chain is the latest offering from Coin Sciences, a software tool for web assets and legal contracts on the bit coin block chain. The problem, Greenspan alleges, wasn’t that financial institutions weren’t interested in this solution, or removing intermediaries from financial processes, but rather they didn’t believe the bit coin block chain was tested or stable enough for their needs.
Key features:
- Native multi-currency support
- Expected to be faster than Bit coin
- Permissioned management
- Quick deployments
Bitcoin platform
A bit coin platform is a digital marketplace where traders can buy and sell bit coins using different fiat currencies or alt coins. A bit coin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the crypto currency. Our Bit coin and crypto currency exchange reviews detail each exchange’s supported countries, payment methods accepted, fees, privacy, limits, liquidity, reputation, speed (delivery of bit coin), customer support, and any past issues.
Key features:
- Bit coin Ecosystem
- Structure of a Bit coin Transaction
- Scripting language in Bit coin
- Applications of Bit coin script
- Nodes in a Bit coin Network
Properties of block chain
- Increased capacity
- Better security
- Immutability
- Decentralized system
- Minting
- Faster settlement
- Safer and secure ecosystem
- Bit coin mining
Advantages of Block chain
- High level of security
- Hacking threat reduced
- Faster processing
- Digital Identity
- Music distribution
- Stock exchanges
- Health and medical records
- Traceability
- Reduced transaction costs
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