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Types Of Blockchain

The 4 Types Of Blockchain Networks Explained

The 4 Types Of Blockchain Networks Explained

The 4 Types of Blockchain Networks Explained Marketing Technology Manager at Fisher & Phillips LLP One of the questions I commonly get asked is what is the difference between public and private blockchains. It is easy to see why people get confused as public and private blockchains have many similarities. Both are decentralized peer-to-peer networks, where each participant maintains a replica of a shared append-only ledger of digitally signed transactions. Both maintain the replicas in sync through a protocol referred to as consensus. Both provide certain guarantees on the immutability of the ledger, even when some participants are faulty or malicious. There are two other types of blockchain networks being introduced consortium and semi-private blockchains. In this article, I will provide a short explanation on how each blockchain network works, along with what are the advantages of each network. A consortium blockchain is a blockchain where the consensus process is controlled by a pre-selected set of nodes, for example, a consortium of 15 financial institutions, each of which operates a node and of which 10 must sign every block in order for the block to be valid. The right to read the blockchain may be public, or restricted to the participants. Some examples of consortium blockchains include R3 (banks) and EWF (Energy). Consortium blockchains are also referred to as federated blockchains. Reduces transaction costs and data redundancies Replaces legacy systems, simplifying document handling and getting rid of semi manual compliance mechanisms A public blockchain is a blockchain that anyone in the world can read, send transactions too and expect to see them included if they are valid, and anyone can participate in the consensus process the process for determining what 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 >>

What Are The Different Types Of Blockchain?

What Are The Different Types Of Blockchain?

Business Case | Deep Tech | Announcements | What are the different types of Blockchain? Blockchain came to limelight because of Bitcoin. Since then several companies, governments, and banks have been trying to use the Blockchain. But what is the difference between different popular Blockchains like Bitcoin, Ethereum, and Hyperledger? There are mainly three types of Blockchains: Conso ... Blockchain came to limelight because of Bitcoin. Since then several companies, governments, and banks have been trying to use the Blockchain. But what is the difference between different popular Blockchains like Bitcoin, Ethereum, and Hyperledger? There are mainly three types of Blockchains: In this article, we will cover Public and private Blockchain. The consortium or federated Blockchain which is a bit of a hybrid of the two will be covered in a separate article. Here are the three things you need to remember that define a public Blockchain. (1) Anyone can download the code and start running a public node on their local device, validating transactions in the network and participating in the consensus process. This gives anyone the right to participate in the process that determines which blocks get added to the chain and what the current shape and size of the Blockchain is. (2) Anyone can transact in the network. The transactions should go through as long as they are valid. (3) Anyone can access and read transactions using a block explorer. Transactions are transparent but anonymous. Several state-of-the-art public Blockchain protocols based on Proof of Work consensus algorithms are open source and not permission. It simply implies that anyone can participate, without permission. Examples include Bitcoin, Ethereum, Monero, Dash, Litecoin, etc. This nature of the public Blockchain ha Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

Battle Of The Blockchains: From Bitcoin To Lisk, Five Different Types Of Blockchain Explained

Battle Of The Blockchains: From Bitcoin To Lisk, Five Different Types Of Blockchain Explained

Battle of the blockchains: From Bitcoin to Lisk, five different types of blockchain explained Dominic Powell / Thursday, December 7, 2017 A common misconception when discussing the enigmatic technology of the blockchain is that the technology hangs off just one sort of blockchain usually assumed to be the same one that the techs first use case, Bitcoin, is based on. But in reality, blockchain technology is better compared to different types of operating systems, or programming languages. The overall aim and, in most cases, the baseline technology is all the same, but the technologys functionality, primary use case, and ways it interacts with developersand consumers can differ wildly. So for startups looking to this emerging technology as a way to develop new avenues for their product, or for founders looking to start a new venture altogether, heres a quick breakdown of some of the main options when it comes to picking a blockchain. The $16,000 poster child of the blockchain, Bitcoins underlying technology pioneered the concept of a distributed ledger, with its mysterious origin story and baffling valuation bringing the tech into the spotlight. Unfortunately, the Bitcoin blockchain is somewhat outdated these days, especially compared to other available options, with average transaction times sitting above 30 minutes, and transaction fees reaching over $US20 at its peak. The Bitcoin community has been engaged in multiple, at times fierce, debates over ways to best scale the currencys blockchain, but a lack of consensus has stagnated development. Its for this reason that most deviations from the original Bitcoin Core blockchain mostly focus on Bitcoins original proposition as a peer-to-peer electronic cash system. These include things like centralised mining resistant Ver Continue reading >>

Blockchain 102: Types And Weaknesses

Blockchain 102: Types And Weaknesses

In my previous post , I provided a general explanation of how Blockchain works. Today, I'll be going through a brief overview on the different types of Blockchain platforms,as well as the biggestbarriers to widespread adoption. Blockchain's core advantage lies in its decentralized, database system. The degree of decentralization and role of intermediaries create aBlockchain Spectrum. Atone end, we have the fully decentralized, public Blockchain. Bitcoin epitomizesBlockchain'stransparency and openness potential; the ledger and all transactions are made available to the public. To maintain trust, the system relies on cryptographic proof to verify transactions and prevent double-spending. Atthe other end, we have private, permission-ed Blockchains. These chains are controlled bya single organizationand find utility in internal auditing and other control activities. And somewhere in the middle, exists a public-private Blockchain hybrid, often referred to as a Consortium. There exists a stronger degree of decentralization (relative to private Blockchains), as control is restricted to a group of organizations. For instance, agroup offinancial institutions may engage in transactions via a Consortium Blockchain platform. For a more detailed analysis on the strengths and weaknesses of the different Blockchain categories, I highly recommend reading Ethereum founder Vitalik Buterin's insightful post . There are many barriers impeding the widespread adoption ofBlockchain; energy costs, data storage, and transaction volume are the three largest concerns. According to an Institute of International Finance Report , "the combined electrical consumption of [blockchain] computers is enough to power approximately 135,000 American households." Keep in mind that this figure only accounts f 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 >>

Monax | Explainer | Blockchains

Monax | Explainer | Blockchains

Blockchains have their origins in cryptocurrency platforms, in particular bitcoin, where they represent historical records of verifiable monetary stake. They were designed in the first place to solve the double spending problem, that is, to establish consensus in a decentralized network over who owns what and what has already been spent. Blockchains are authenticated records of the history of a networks activity distributed among the users of the blockchain all around the globe. A blockchain enables secure storage of arbitrary information in some cases, a token balance; in other systems more complex information within the network simply by securing a set of private keys. Modern blockchain designs are capable of storing arbitrary data and establishing permissions to modify that data through self-administering and self-executing scripts which are performed by a distributed virtual machine.These scripts are known as smart contracts , and they allow platform operators to define complex and fully customisable rules which govern the blockchains interaction with its users. A blockchain network is a software network comprised of a set of users running a blockchain node. All of the blockchain nodes in a given blockchain network are connected together so that they are collectively building and also interacting with a single authoritative ledger. As such when we discuss the characteristics of a blockchain we are really discussing three different things: What are the characteristics of a Blockchain Network? What are the characteristics of a Blockchain Client? Throughout this explainer, we will attempt to be precise as to which of these we are speaking to. Area (3) is not very interesting frankly. Blockchain ledgers are simply a record of transactions which have been broken into bl Continue reading >>

17 Blockchain Platformsa Brief Introduction

17 Blockchain Platformsa Brief Introduction

17 blockchain platforms a brief introduction Blockchain technology was announced through the paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto in 2008. Interestingly, this paper does not specifically use the word blockchain. This paper talks about a purely peer-to-peer version of electronic cash where the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of- work. The open source PT-BSC (Blockchain Security Controls) defines a blockchain as a peer-to-peer network which timestamps records by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. A blockchain can be permissioned, permission-less or hybrid. On the other hand, a distributed ledger is defined as a peer-to-peer network, which uses a defined consensus mechanism to prevent modification of an ordered series of time-stamped records. Consensus mechanisms include Proof of stake, Federated Byzantine Agreement etc. The more popular blockchain / distributed ledger systems in alphabetical order are: BigChainDB, an open source system that starts with a big data distributed database and then adds blockchain characteristics decentralized control, immutability and the transfer of digital assets. Chain Core, a blockchain platform for issuing and transferring financial assets on a permissioned blockchain infrastructure. Corda, a distributed ledger platform with pluggable consensus. Credits, a development framework for building permissioned distributed ledgers. Domus Tower Blockchain, designed for regulated environments, benchmarked at ingesting over 1 million transactions per second. Elements Blockc Continue reading >>

What Are The Blockchain Types?

What Are The Blockchain Types?

Satoshi Nakamoto has found a cure for a specific problem. This problem is that you have to get permission from a third party to spend your own money. IMO bitcoin motto was "Money is mine, it is my asset and its control will be only mine" and as described in my first post, Satoshi succeeded it with bitcoin. When the world realizes bitcoin's success, they have realized that a new way of thinking has been found. When people dig the technology underneath of the bitcoin and they have realized that a gold mine was found. Bitcoin technology has deleted the intermediary from the money transfer process. While doing that, it changed the all meaning of traceability, immutability, security and consensus words in our life. We already have all these features in our systems for decades. We could trace our transaction, even it goes through to different entities. But we could trace and get information as much as we are allowed to get. When a transaction enters into an entity's system, it is like entering into a long tunnel. You cannot see it until it gets out of that tunnel/entity. If you want to learn the state of your transaction, you need to ask the people in tunnel and have to trust what they say. Because you don't see the transaction itself, you only know/hear what they say. It is same for immutability and security; you have to believe your data will not be changed or hacked. Even if it does willingly or unintentionally, you will know nothing unless you have been told. Finally consensus, if there are 2 separate entities/companies, naturally there will be reconciliation. In the transaction time, you are approved (provisioned) for your transaction successfully and you can take your coffee immediately while it is still hot. But later there will be a second consensus process between i Continue reading >>

There Is No Such Thing As The Blockchain.

There Is No Such Thing As The Blockchain.

The word blockchain is often used to describe two broad types of computer systems. How do you quadruple your stock price without lifting a finger? In December 2017, the Long Island Ice Tea Corp. found an answer: Add the word blockchain to your company name. The beverage business made this move before doing much to justify its new branding as Long Blockchain Corp. Still, investors rewarded the company: Its stock rose 432 percent . Thats because blockchain, a piece of bitcoins technological plumbing, has recently become the buzzword of all buzzwords in the business world. Already, blockchain has been hailed as likely to revolutionize well everything. Banks, health care, voting, supply chains, fantasy football, Airbnb, coffee: Nothing is beyond the hypothetical reach of blockchain as a revolutionary force. These predictions are easy to sell because blockchain is still little-understood. If you dont quite know what blockchain is, its easier to imagine that it is whatever you want it to be. But before we can begin to search for the real potential amid the mass of blockchain conjecture and hype, we need to clear up what exactly we mean when we say blockchain. One cause of confusion is the phrase the blockchain, which makes it sound like blockchain is one specific thing. In reality, the word blockchain is commonly used to describe two broad types of computer systems. Both use similar underlying protocols, but they have other important differences. Bitcoin represents one approach to using blockchain, one wedded to principles of radical decentralization. The second approachpioneered by more business-minded playersputs blockchain to use without adopting bitcoins revolutionary, decentralized governance. Both of these designs are short-handed as blockchains, so its easy to miss th 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 >>

7 Blockchain Technologies To Watch Out For In2017

7 Blockchain Technologies To Watch Out For In2017

7 blockchain technologies to watch out for in2017 Blockchain, the underlying technology behind Bitcoin has been gaining momentum for a couple of years now. With so many new technologies and DAPPs being written almost every week, theres a staggering amount of new things to look out for. For anyone starting out with blockchain development, or just knowing more about blockchain itself, there are a number of technologies to choose from. This short guide will give you an overview of the landscape and you can choose any of the technologies that is most suitable for your use case. In this post, I am going to try and be unbiased towards any one protocol, and give an overview of the different blockchain protocols from a developers point of view as we enter 2017. Since there are so many different sidechains for Bitcoin, and different implementations for Ethereum, I wont be able to cover the entire gamut, but I will try to cover most of the major standalone implementations at least. Please note that I am just trying to give a non-partisan view on the technology and the challenges in general. I do not necessarily agree or disagree with any of the views or criticisms levelled against them. Heres the list of the implementation I am going to cover - Lets start with the first blockchain Bitcoin Bitcoin blockchain was first introduced by Satoshi Nakamoto in his white paper back in the year 2008. While Bitcoin as a cryptocurrency has caught the attention of the mainstream media, as a developer, far more interesting is the underlying technology Blockchain! This is where it all started. Bitcoin was a great innovation, because it solved two fundamental problems in a decentralized manner preventing double spend and decentralised trust! Bitcoin blockchain uses UTXOs (Unspent Transaction Outp Continue reading >>

Types Of Blockchain Startups

Types Of Blockchain Startups

Did you know that the blockchain concept appeared simultaneously with the term cryptocurrency? In 2008 the internet was blasted by an article about bitcoin - the concept of a peer-to-peer electronic cash system based on proof-of-work hash chains. Currently, in business the blockchain is implemented to more areas than cryptocurrencies, to supply which it was designed from the start. This technology has wider capabilities for venture investments and further development. In this article, we will discuss the types of blockchain startups. We hope that this would inspire our readers to ideas upon which they can build their future software solutions. The Blockchain term means a distributed ledger of ordered and interrelated records that are protected against any changes with the help of the advanced cryptographic methods. Initially, it allowed users to create, distribute and share their digital money bypassing any kinds of financial institutions. But, at the present, the area of the blockchain concept application has gone far beyond the financial sphere and today there are many ways to use blockchain. Below we provide some several "universal" principles to characterize this concept more correctly: openness to the users: since the beginning, the blockchain was designed to provide any participant of the system with the transparent and reliable access to all the data or transaction records (we should note though that in private blockchains, such access is allowed only to the proprietor's employees or someone else with the appropriate access rights; in fact, they are used only to securely store some important or confidential information, for example, patient medical records); high security: due to the decentralized scheme of data distribution, when a complete copy of the chain is Continue reading >>

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 >>

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