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How Many Types Of Blockchains Have Emerged After Bitcoin Introduced Blockchain To The World?

Different Types Of Blockchains In The Market And Why We Need Them

Different Types Of Blockchains In The Market And Why We Need Them

Different Types Of Blockchains In The Market and Why We Need Them By: Sudhir Khatwani In: Blockchain Last Updated: Bitcoin introduced the Blockchain tech to the world. We all know that it started with Satoshi Nakamotos whitepaper in 2008 and the first Bitcoin getting mined in 2009. It all started with a vision to make an alternativeP2P currency. Soon this Bitcoin network was copied, forked and updated to make better cryptocurrencies such as Litecoin , DASH etc bynumerous crypto enthusiasts, which are now popularly called altcoins. Soon after this popularization of altcoins companies, governments and consortiums started looking into the underlining technology of these cryptos i.e. Blockchain. And the hype started that Blockchain is the real invention and not the Bitcoin And at the time of writing this hype has become so much hyped up that it has blurred the whole difference between the blockchain of P2P currencies (Bitcoin, DASH , Litecoin etc) and the blockchain developed by the companies, governments, and consortiums. So todays let us brush off some of this blurriness by looking closely at different types of blockchains and why we need them. There mainly three types of Blockchains that have emerged after Bitcoin introduced Blockchain to the world. There are some more complicated types also such as public-permissioned blockchain, private-permissioned blockchain etc but I will keep it simple for this discussion. Now Lets discuss all the three one by one. A public blockchain as its name suggests is the blockchain of public, meaning a kind of blockchain which is- for the people, by the people and of the people Here no one is in charge and anyone can participate in reading/writing/auditing the blockchain. Another thing is that these types of blockchain are open and transpa Continue reading >>

What Is Blockchain Used For Besides Bitcoin?

What Is Blockchain Used For Besides Bitcoin?

What Is Blockchain Used For Besides Bitcoin? {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe What are the use cases of Blockchain outside of bitcoin? originally appeared on Quora : the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Alyssa Satara , Masters of Law (LLM) Public International Law & Human Rights, City University London, on Quora : 4 Incredible Examples Of How Blockchain Is Changing The Future Of Human Rights Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance. Its an encrypted database of agreements, so to speak. This means once a deal is made, neither party can go back and rewrite the terms. Smart Contractsa blockchain based contract that holds both parties accountable by only completing the terms of the agreement once both parties have fulfilled their end of the bargainis a perfect example. Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship. By tackling issues of financial, political and institutional corruption, this has the potential to create massive social changeand greatly protect the human rights of every individual. Were already seeing some of this amazing work unfold. This year, the UNWFP sent over 10,000 Syrian refugees cryptocurrency-based vouchers. Led by Ethereum co-founder Gavin Wood, and blockchain big data firm Data Continue reading >>

Cryptocurrency And Blockchain: Tis Thefuture

Cryptocurrency And Blockchain: Tis Thefuture

Senior at the American International School of Israel. Cryptocurrency enthusiast and researcher. Cryptocurrency and Blockchain: Tis TheFuture The world is changing incredibly fast, and we are not all aware of it. Blockchain technology and cryptocurrencies are an irreversible advancement that is disrupting established industries and the ways in which we interact financially. For that reason, I believe understanding and being aware of this blockchain wave is incredibly important. Blockchain advancements will financially affect the majority of citizens in both underdeveloped and developed nations, and are already doing so. This paper examines exactly how blockchain tech and cryptocurrencies are being implemented into our economy and daily lives. Most importantly, I evaluate whether this change is positive or negative for both individuals in society or large institutions such as banks. After extensive immersion into this subject which includes tremendous amounts of research and actual ownership of cryptocurrencies, I became extra confident in the results I found. To gather accurate information, I utilized scholarly articles written by prestigious university departments, current events concerning the subject, and finally I conducted interviews and extensive discussions with cryptocurrency and blockchain pioneers. I found that Blockchain tech is being heavily implemented throughout the financial sector by banks. Meanwhile, advanced and more modern blockchains which utilize Smart Contracts disrupt countless different industries, but especially the music and energy sectors. In a way, Smart Contracts democratize business, as they give more power to individuals rather than big and rich companies. Blockchain and all its benefits will indeed change business and how we financially Continue reading >>

What Does Cryptocurrency Have To Do With Blockchain Anyway?

What Does Cryptocurrency Have To Do With Blockchain Anyway?

What Does Cryptocurrency Have to Do With Blockchain Anyway? Theres a common misconception about cryptocurrencies that goes something like this: Blockchain is a revolutionary new way of sharing information and is clearly a valuable and transformative technology but cryptocurrencies are just a fad, the latest bubble from tulips to tech stocks. So, why care about cryptocurrencies at all? In truth, the two are inseparable. The tokens that make up cryptocurrenciesfrom Bitcoin to Ether to Moneroare the means by which one participates in public blockchain protocols. This is not optional. Its a fundamental feature of the technology. If a public blockchain protocol is valuable , then the tokens through which one participates in it accrue value. (Note: The rules are different for private blockchains learn more here but most of the conversation right now is about the public variety.) Cryptocurrency is a misnomer. Almost none of the hundreds of cryptocurrencies function anything like currencies. To invest in cryptocurrencies is not to engage in foreign exchange trading. Instead, think of cryptocurrencies as digital assets tied to the value of a particular blockchain protocol. Admittedly, one reason for this misconception is that Bitcoin was originally billed as a currency, but in the intervening years since the creation of Bitcoin, a variety of digital assets have emerged and even Bitcoin itself is now best thought of as a store of value rather than a more traditional currency. There are currently hundreds of cryptocurrencies and many of them are less than worthwhile, poorly designed fads. Just as during the dot-com boom there were sites like Pets.com that IPOed to the tune of millions of dollars. However, Amazon was also founded during the dot-com boom and is still one of the bes Continue reading >>

Types Of Blockchains

Types Of Blockchains

Blockchains & Distributed Ledger Technologies The Bitcoin White Paper was published by Satoshi Nakamoto in 2008; the first Bitcoin block got mined in 2009. Since the Bitcoin protocol is open source, anyone could take the protocol, fork it (modify the code), and start their own version of P2P money. Many so-called altcoins emerged and tried to be a better, faster or more anonymous than Bitcoin. Soon the code was not only altered to create better cryptocurrencies, but some projects also tried to alter the idea ofblockchain beyond the use case of P2P money. The idea emerged that the Bitcoin blockchain could be in fact used for any kind of value transaction or any kind of agreement such as P2P insurance, P2P energy trading, P2P ride sharing, etc. Colored Coins and Mastercoin tried to solvethat problem based on the Bitcoin Blockchain Protocol. TheEthereum project decided to create their own blockchain, with very different properties than Bitcoin, decoupling the smart contract layer from the core blockchain protocol, offering a radical new way to create online markets and programmable transactions known as Smart Contracts . Private institutions like banks realized that they could use the core idea of blockchain as a distributed ledger technology (DLT), and create a permissionedblockchain (privateor federated), where the validator is a member of aconsortium or separate legal entities of the same organization. The term blockchain in the context of permissioned privateledger is highly controversial and disputed. This is why the term distributed ledger technologies emerged as a more general term. Private blockchains are valuable for solving efficiency, security and fraud problems within traditional financial institutions, but only incrementally. Its not very likely that private Continue reading >>

Blockchain: The Invisible Technology That's Changing The World

Blockchain: The Invisible Technology That's Changing The World

Blockchain: The Invisible Technology That's Changing the World Blockchain-based networks, decentralized apps (DApps), and distributed ledgers are becoming the foundation of much of your digital life. There's a new immutable digital fabric remaking the internet beneath us, and you probably don't even realize it. PCMag reviews products independently , but we may earn affiliate commissions from buying links on this page. Terms of use . Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an in-your-face innovation you can see and touch as easily as a smartphone or a package from Amazon. But in a world where anyone can edit a Wikipedia entry, blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online? Every year we run more of our livesmore core functions of our governments, economies, and societieson the internet. We do our banking online. We shop online . We log into apps and services that make up our digital selves and send information back and forth. Think of blockchain as a historical fabric underneath recording everything that happensevery digital transaction; exchange of value, goods and services; or private dataexactly as it occurs. Then the chain stitches that data into encrypted blocks that can never be modified and scatters the pieces across a worldwide network of distributed computers or "nodes." Think about a blockchain as a distributed database that maintains a shared list of records. These records are called blocks, and each encrypted block of code contains the history of every block that came before it with timestamped transaction data down to the second. In effect, you know, chaining those blocks together. Hence blockchain. A blockchain Continue reading >>

Know More About Blockchain: Overview, Technology, Application Areas And Use Cases

Know More About Blockchain: Overview, Technology, Application Areas And Use Cases

Know more about Blockchain: Overview, Technology, Application Areas and Use Cases Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole. Bob Greifeld, Chief Executive of NASDAQ In financial markets theres always a mechanism to correct an attack. In a blockchain there is no mechanism to correct it people have to accept it.- Robert Sams, founder and chief executive of London-based Clearmatics. Blockchain technology has the ability to optimize the global infrastructure to deal with global issues in this space much more efficiently than current systems. Marwan Forzley, Founder of Align Commerce Everyone is talking about blockchain, the new technology in the FinTech Industry. The concept of blockchain has energized the financial services industry globally. The concept has already brought a disruption in the financial industry. LTP brings to you the overview, technology, application areas and use cases of blockchain. A blockchain is a public ledger of all bitcoin transactions that have ever been executed. A block is the current part of a blockchain which records some or all of the recent transactions, and once completed, goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated. Blocks are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block. To use conventional banking as an analogy, the blockchain is like a full history of banking transactions. Bitcoin transactions are entered chronologically in a blockchain just the way bank transactions are. Meanwhile, blocks, are like individual bank statements. The full copy of the blockchain has records of every bitcoin transaction ev Continue reading >>

How Does Blockchain Technology Work?

How Does Blockchain Technology Work?

Vote for CoinDesk's Most Influential People in Blockchain 2017 As stated in our guide "What is Blockchain Technology?" , there are three principal technologies that combine to create a blockchain. None of them are new. Rather, it is their orchestration and application that is new. These technologies are: 1) private key cryptography, 2) a distributed network with a shared ledger and 3) an incentive to service the networks transactions, record-keeping and security. The following is an explanation of how these technologies work together to secure digital relationships. Two people wish to transact over the internet. Each of them holds a private key and a public key. The main purpose of this component of blockchain technology is to create a secure digital identity reference. Identity is based on possession of a combination of private and public cryptographic keys. The combination of these keys can be seen as a dexterous form of consent, creating an extremely useful digital signature. In turn, this digital signature provides strong control of ownership. But strong control of ownership is not enough to secure digital relationships. While authentication is solved, it must be combined with a means of approving transactions and permissions (authorisation). For blockchains, this begins with a distributed network. The benefit and need for a distributed network can be understood by the if a tree falls in the forest thought experiment. If a tree falls in a forest, with cameras to record its fall, we can be pretty certain that the tree fell. We have visual evidence, even if the particulars (why or how) may be unclear. Much of the value of the bitcoin blockchain is that it is a large network where validators, like the cameras in the analogy, reach a consensus that they witnessed the s Continue reading >>

Blockchain: Blockchain: The Ledger That Will Record Everything Of Value To Humankind | World Economic Forum

Blockchain: Blockchain: The Ledger That Will Record Everything Of Value To Humankind | World Economic Forum

Explore the latest strategic trends, research and analysis The internet is entering a second era thats based on blockchain. The last few decades brought us the internet of information. We are now witnessing the rise of the internet of value. Where the first era was sparked by a convergence of computing and communications technologies, this second era will be powered by a clever combination of cryptography, mathematics, software engineering and behavioural economics. It is blockchain technology, also called distributed ledger technology. Like the internet before it, the blockchain promises to upend business models and disrupt industries. It is pushing us to challenge how we have structured society, defined value and rewarded participation. Blockchain emerged in the wake of the global economic crisis, when a pseudonymous person or persons named Satoshi Nakamoto released a new protocol for A Peer-to-Peer Electronic Cash System using a cryptocurrency called bitcoin. Cryptocurrencies (digital currencies) are different from traditional fiat currencies because no government issues or controls them. Theyre not saved in a file somewhere; theyre represented by transactions recorded in a blockchain like a global spreadsheet or ledger, which leverages the resources of a large peer-to-peer bitcoin network to verify and approve each bitcoin transaction. Satoshis protocol established a set of rules in the form of distributed computations that ensured the integrity of the data exchanged among billions of devices without going through a trusted third party. This new resource has six critical qualities. Each blockchain, like the one that uses bitcoin, is distributed: it runs on computers provided by volunteers around the world; there is no central database to hack or shut down. We can s Continue reading >>

Do Blockchains Have Anything To Offer Identity?

Do Blockchains Have Anything To Offer Identity?

Do Blockchains Have Anything to Offer Identity? Steve Wilson is an independent researcher, innovator, adviser and analyst in digital identity and privacy. See We wrote this paper because Identity and access management (IAM) has become central to our online interactions. Like a lot of infrastructure, when well designed and implemented, IAM is largely invisible to users. Because of this, many who are not actively engaged on this topic are not fully aware of its ubiquity and impact on our daily lives. Blockchain is a broad class of relatively new data security methods, with certain properties of potential value in IAM. A great deal of excitement has come with blockchain. Many IAM start-up companies have launched identity registration solutions on the blockchain, while others are developing new blockchain-inspired infrastructure for distributing attributes, which is a key element of IAM. Faced with a growing amount of associated hype and scepticism, we seek here to provide a balanced perspective, and to clarify the ways in which blockchain technologies may or may not serve the needs of IAM. Perhaps most importantly, we hope to provide a useful lens through which to evaluate current and new blockchain-based IAM solutions as they come along. In thinking about how these exciting technologies can help with IAM, the starting point should be to appreciate what the first blockchains were designed to do, and then build carefully on that, with precise systems thinking. Thus, the paper should help those devising new IAM solutions, and those who may be acquiring solutions and needing to evaluate new blockchain-based approaches. This paper is intended for information technology staff and management, and any others working on or with IAM technologies, and who are curious about blockcha Continue reading >>

12 Myths About Blockchain Technology

12 Myths About Blockchain Technology

Sign in or register to rate this publication Blockchain, the distributed ledger technology, has emerged as an object of intense interest in the tech industry and beyond. Blockchain technology offers a way of recording transactions or any digital interaction in a way that is designed to be secure, transparent, highly resistant to outages, auditable, and efficient; as such, it carries the possibility of disrupting industries and enabling new business models. The technology is young and changing very rapidly; widespread commercialization is still a few years off. Nonetheless, to avoid disruptive surprises or missed opportunities, strategists, planners, and decision makers across industries and business functions should pay heed now and begin to investigate applications of the technology world. Blockchain is a database that maintains a continuously growing set of data records. It is distributed in nature, meaning that there is no master computer holding the entire chain. Rather, the participating nodes have a copy of the chain. Its also ever-growing data records are only added to the chain. A Blockchain consists of two types of elements: Transactions are the actions created by the participants in the system. Blocks record these transactions and make sure they are in the correct sequence and have not been tampered with. The big advantage of Blockchain is that its public. Everyone participating can see the blocks and the transactions stored in them. This doesnt mean everyone can see the actual content of your transaction, however; thats protected by your private key. Blockchain is a database that maintains a continuously growing set of data records. /Image: OpenMind A Blockchain is decentralized, so there is no single authority that can approve the transactions or set specif Continue reading >>

Blockchain A To Z: Everything You Need To Know About The Game-changing Tech Beneathbitcoin

Blockchain A To Z: Everything You Need To Know About The Game-changing Tech Beneathbitcoin

Blockchain A to Z: Everything You Need to Know About the Game-Changing Tech BeneathBitcoin Bitcoin , Dogecoin, Litecoin, and the hundreds of cryptocurrencies out there comprise billions of dollars in fluctuating wealth none of which would exist in that digital form without blockchain . At its most fundamental level, a blockchain is a string of securely linked data blocks serving as a time-stamped digital history of, well, pretty much anything. In an era where the fluid nature of the internet can be used to alter and rewrite even the most obscure of facts , blockchain meticulously documents every transaction and distributes that cryptographic data across decentralized nodes. Originally introduced in 2008 by mysterious Bitcoin creator Satoshi Nakamoto, the underlying structure of blockchain technology extends far beyond just cryptocurrency. From contracts and financial ledgers to monitoring and securing all manner of data and the next generation of distributed applications, the distributed database and digital transaction technology is already starting to show up in all sorts of places. But before businesses, developers, and curious technologists can do anything with blockchain, they need to know what it is, how it works, and all of the different factors and players affecting where it goes next. To help make sense of this extremely complicated yet vitally important concept, weve put together an A-Z list of everything you need to know about blockchain. The power of blockchain is in applying it to any kind of transactional data, and one of the easiest ways to do that is through application programming interfaces (APIs). APIs such as Blockchain Wallet and Chain allow developers to integrate distributed data infrastructure into apps, new forms of cryptocurrency and payments, Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

Bitcoin Ethereum: How Blockchain Tech Is Revolutionizing Business | Fortune

Bitcoin Ethereum: How Blockchain Tech Is Revolutionizing Business | Fortune

0xc14d13893bd0f0ff997a8a701c0c8844661a6ddb921a42f2f61c8c7adb0d158c Twenty-seven seconds and one block confirmation later, I am the proud owner of 500 newly minted petsdotcoin tokens. Their creation cost me $1.57 in Ether, the cryptocurrency that fuels the Ethereum network. Despite that expense, my tokens are valued at 0 Ether, or $0.00, as the program reminds me. They are worthless. But if I had tied those bits to some worthwhile business idea, petsdotcoin might have offered investors a radical new way to fund me, track their stake, and participate in a miniature, virtualized, in-app economy. In that respect, my funny-money vanity project is a tiny part of a movement of profound economic significance. In case you havent been keeping track, digital tokens are a new asset class, powered by cryptocurrency networks like Bitcoin and Ethereum. The sector has attracted maniacal investor interest this year, giving these e-coins absurdly inflated valuations that have inspired endless comparisons to the dotcom era . (Hence, petsdotcoin.) At press time, the total market value of all virtual currencies had rocketed past $135 billion, up from just under $20 billion at the beginning of the year. Hundreds of projects have collectively raised more than a billion dollars through initial coin offerings (ICOs). There are now tokens funding every conceivable endeavor: Decentralized cloud storage (FileCoin, Storj). Digital advertising (Basic Attention Token, adToken). A gentlemens club in Las Vegas (Legends Room). Marijuana (Potcoin). Satire (PonzICO). Theres even one for dentists (DentaCoin). In a photo recently posted to Instagram, Floyd Mayweather , the boxer, sits on a private jet surrounded by stacks of dollar bills, touting the sale of tokens for a prediction market called Stoxa mome Continue reading >>

3 Popular Types Of Blockchains You Need Toknow

3 Popular Types Of Blockchains You Need Toknow

3 Popular Types Of Blockchains You Need ToKnow It took me a while to understand Blockchain. Now there are multiple types? Huh? For now, there are three types of Blockchain, since it is an emerging field I cant assure you a number. This one, you already know. Bitcoin, Ethereum are examples of this kind of Blockchain. In this type of Blockchain, we dont have an authority sanctioning a transaction. Let us consider Bitcoin. It is a shared ledger. If I send you 5 Bitcoins, I shout to the people in the network. Guys, look I am giving away 5 Bitcoins to this guy. Show off, isnt it? The people in the Bitcoin network hears my message and starts the process of validating the transaction. The person who validates the transaction is not a chosen one. We cant predict who gets a say. The point is no single person has the power to validate transactions. Permissionless Blockchain can be used when you want your system be truly democratic. Anyone can create smart contracts, transfer money or contribute data. Here users are likely to remain anonymous. Yes, you can protect sensitive information in a Permissionless Blockchain. Luke wants to build an app where anyone can voice their opinion about political parties. He wants to protect the privacy of the contributors. In Lukes situation, we can use a Permissionless Blockchain. Anyone anywhere would be able to contribute their opinions on the app. No authority can remove their opinions, it will be permanently recorded. Here we have chosen people who sanction a transaction. It could be an authority, senior employee, government, institution or anyone assigned. The data can be viewed by the public (Sensitive information can be protected). Elisha wants to bring transparency to Tuna fish supply chain. She wants people to know where the fish was ca Continue reading >>

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