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What it is and how it can help you
If you’ve spent any time on the Internet in the past few years, there’s a good chance you’ve heard of Blockchain technology, especially in circles that also talk about cryptocurrency. If you’re wondering what it is and how it can help you, read on.
Blockchain is a way of registration and traceability of transactions and goods this makes them less vulnerable to fraud and cyber attacks. It is essentially a public ledger that saves each transaction as a block linked to the transactions that precede and follow it, creating a blockchain.
The blockchain is public and all participants can see all transactions. No one can delete or alter a recorded transaction, even if the information is incorrect, and the blockchain can contain rules for transactions to help prevent inaccuracies.
Many companies waste time and resources by maintaining duplicate records and validating the data in those records. Blockchain eliminates duplicate records, and transaction rules can help ensure the data is correct. It can also help build trust among users because the data cannot be changed or deleted and is public for all to see.
Public Blockchain Networks
Public blockchain networks are available to anyone, but there is little privacy and less security.
Private Blockchain Networks
Private blockchain networks are operated by an entity and work like public blockchains but with more privacy and security.
Permissioned Blockchain Networks
Permissioned blockchain networks are private blockchains that grant users access based on permissions. Permissioned blockchains can have many more users than you typically find on a private blockchain, but they still maintain a higher level of privacy and security thanks to trusted users.
Consortium Blockchain
A consortium blockchain is a blockchain that multiple users contribute to its maintenance. Banks and healthcare providers might use a consortium blockchain because of the many different structures within the larger organization that need access.
If you’re looking to learn more about blockchain and start tracking your assets and transactions, check out platforms like Ethereum, Hyperledger Fabric, and Cardano to see if what they have to offer interests you.
You can also create a blockchain from scratch using Python if you have experience with computer programming.