WHAT IS BLOCKCHAIN

To explain it to you in an easy way, first, we will look at an example like in a store, where the account has all the information regarding records such as where the goods come from. How much does it cost? Where does the order come from, etc? All this record that is being written is known as a ledger, so blockchain also has the same digital ledger that several parties or groups can access, and each piece of information is made up of a block. it is a decentralized and public ledger used for keeping up records regarding transactions, which are difficult to alter or change. 

Blockchain is a P2P (PEER-2-PEER) network that allows all digital currency, such as cryptocurrency, to be transferred worldwide without any sort of interference or problem and does not need any sort of central server. Blockchain uses technology such as hashing, a process of changing any kind of given string of text into a type of length value, and encryption to provide healthy security to the data, and it may depend on the SHA 256 algorithm. 

Learn more about Blockchain Security

Nowadays, due to the growth of awareness in the community regarding blockchain, people are accepting that blockchain is much safer and more reliable than using a database for records storage because the blockchain offers more speedy performance and cost-saving as it allows real-time tracking and there is no insolvency of a middle man. Due to this, the cost of transferring an item can be reduced, preventing extra costs for the users.

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TYPES OF BLOCKCHAIN:

So blockchain is classified into three categories, such as:

1)  PUBLIC BLOCKCHAIN:

It is a publicly accessible blockchain and is term as a public blockchain. Furthermore, this blockchain has no restriction on the participant and the validator, and also this blockchain promotes many benefits such as the uncontrollability of blockchain which means that nobody can have complete control over the network hence it ensures that the data is secure, and has in the immutability of the records. Also, the nodes connected to this public blockchain will have equal authority, and these public blockchains become fully distributed.

EXAMPLES:

●  BITCOIN

●  Ethereum

These are some examples of Public Blockchains being used in the real world.

2) PRIVATE BLOCKCHAIN:

This particular blockchain requires the participant to be invited before they can be part of the blockchain. In it, all the transactions or visible only to the person who is part of the blockchain ecosystem. These types of blockchains or centralized and have much better control than public blockchains. as the blockchain or more satellites Here they can be governed and regulated by someone who can make sure that the government is guiding participants. 

Also, these blockchains can have a token or may not have one, and they can be manufactured based on the preference of the blockchain owner. Private block change usually has a network administrator who can take care of the user’s permissions in case any particular user requires additional authority on the go. These are typically used in private organizations to store sensitive data about the organization.

EXAMPLES:

● Hyperledger

● Ethereum Enterprise

● R3 Corda

● Ripple and much more

3) CONSORTIUM/ HYBRID BLOCKCHAIN:

This blockchain is divided into two different types where 

● Some nodes are private

● Some nodes are public

As a result, some of the nodes will be allowed to participate in the transactions, while the other nodes are supposed to control the consensus process. This comes out to be an ideal hybrid blockchain between private and public blockchains. Here, all the notes can be assessed by the blockchain, while the level of information that can be assessed will be based on the notes assessing that particular data. In this blockchain, there are two types of users one is the user who has all the control over the blockchain and decides the level of security for a particular user, while the other is the one who just assesses the blockchain but their function.

EXAMPLES:

● Ripple

FUTURE OF BLOCKCHAIN

It is clear that the future lies only with blockchain technology because of its security. As it is very difficult to alter or to put any changes save in a blockchain ledger, it helps prevent fraud and other unauthorized assessments. Furthermore, it provides greater transparency as it uses distributed ledger in which records are the same in multiple locations. 

On the other hand, it increases the speed and efficiency compared with the database as it is much time – consuming has the greatest chance of human error, and is a quite heavy paper procedure, but why use blocking these problems can be sort of as it increases efficiency and speeds up the process as no need of reconcile industries are also getting benefits from blockchain such as apply food chain to bring the better business relationship between the traders and provide and to and visibility. They are also easy to share with researchers, providers, etc by looking at this we come to know that blockchain is been able to create a great impact today and it is fully secured that it will even create a bigger impact in the future.

Future of Blockchain Technology

 CONCLUSION:

So in conclusion we have to say that Blockchain technology creates an everlasting impact and creates an immutable record of every transaction. It helps the user to shift to the digital ledger of Blockchain which makes fraud, Hacking impossible to be done. It is creating an impact over all the industries such as hospitalization, real estate, gaming, etc by providing great experience and also much cause saving. many people are entering it to start up their businesses and they are getting many benefits from it.