BLOCKCHAIN & TYPES

What is Blockchain?

Blockchain is a distributed public ledger which keeps the record of digital transactions using different hashing techniques. The main application of blockchain is to perform valuable transactions in a transparent way making sure that the transactions are not tampered.

Types of Blockchain

Public Blockchain: It is available for public use. Anyone with internet access can get access to it.

Private Blockchain: It needs a permission from the administrators to join. One cannot get a validator access unless provided by the administrators.

Hybrid Blockchain:

It has mechanism to implement both permissionless and a private blockchain.

Working of Blockchain In a Blockchain.

Each transaction is recorded as a block and each block is connected to one another in a chain. A block consists of three components: data, hash of block and hash of previous block. Data component consists the information of transaction and the hash component consists the unique id of that block. It is not possible to tamper any blocks in the blockchain since they are linked together securely.

Applications of Blockchain.

Blockchain has wide range of uses such as crypto, business, health sector, education, finance and many more. One of the popular applications of blockchain is Cryptocurrencies. For example, bitcoin uses the blockchain technology to record the transactions. Also, different cryptocurrencies have been used in games for monetization purposes. In health care, blockchain is used to keep track of patient records (whether they are vaccinated or not).