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Types Of Blockchain Networks

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 >>

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 >>

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 >>

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 >>

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 >>

Monax | Explainer | Permissioned Blockchains

Monax | Explainer | Permissioned Blockchains

What is a Permissioned Blockchain Network? The DNA of a permissioned blockchain network is no different than the DNA of an unpermissioned blockchain network. With the exception of one gene that has been mutated. Properly permissioned blockchain networks differ from unpermissioned blockchain networks solely based on the presence (or absence) of an access control layer built into the blockchain nodes. The first primary difference between a properly conceived permissioned blockchain network and an unpermissioned blockchain network is whether the participants in the network have an ability to restrict who can participate in the consensus mechanism of the blockchains network. Permissioned blockchain networks allow the network to appoint a group of participants in the network who are given the express authority to provide the validation of blocks of transactions. Or, to participate in the consensus mechanism. The second primary difference between a properly conceived permissioned blockchain network and an unpermissioned blockchain network is whether the participants in the network have an ability to restrict who can create smart contracts (if the blockchain node is logic optimized ) and/or transact on the blockchain network. Together, at Monax, we call these capabilities based permissions. The Benefits of Permissioned Blockchain Networks To understand the benefits of permissioned blockchain networks to their participants, we must consider the relative advantages which they have vis a vis their unpermissioned cousins. We must also consider the relative advantages which permissioned blockchain networks have vis a vis their cousins on the other side of the spectrum: hub and spoke distributed databases. Permissioned Blockchain Networks are More Performant Than Unpermissioned Blo 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 >>

On Public And Private Blockchains

On Public And Private Blockchains

Over the last year the concept of private blockchains has become very popular in the broader blockchain technology discussion. Essentially, instead of having a fully public and uncontrolled network and state machine secured by cryptoeconomics (eg. proof of work, proof of stake), it is also possible to create a system where access permissions are more tightly controlled, with rights to modify or even read the blockchain state restricted to a few users, while still maintaining many kinds of partial guarantees of authenticity and decentralization that blockchains provide. Such systems have been a primary focus of interest from financial institutions, and have in part led to a backlash from those who see such developments as either compromising the whole point of decentralization or being a desperate act of dinosaurish middlemen trying to stay relevant (or simply committing the crime of using a blockchain other than Bitcoin ). However, for those who are in this fight simply because they want to figure out how to best serve humanity, or even pursue the more modest goal of serving their customers, what are the practical differences between the two styles? First, what exactly are the options at hand? To summarize, there are generally three categories of blockchain-like database applications: Public blockchains: a public blockchain is a blockchain that anyone in the world can read, anyone in the world can send transactions to and expect to see them included if they are valid, and anyone in the world can participate in the consensus process the process for determining what blocks get added to the chain and what the current state is. As a substitute for centralized or quasi-centralized trust, public blockchains are secured by cryptoeconomics the combination of economic incentive Continue reading >>

Different Types Of Blockchain Networks

Different Types Of Blockchain Networks

Heres what you need to know about public, private, and federated/consortium blockchain and how these three differ from one another Blockchain technology has greatly evolved since Bitcoins debut in 2008. Bitcoins promise of decentralization, transparency, and immutability has gained the attention of many technology enthusiasts, and since then, many discoveries were madefrom the base blockchain technology itself down to the flourishing of new blockchain-based applications. In spite of blockchains promise of decentralization, private institutions including banks have come to realize that they can leverage the core idea behind the blockchain and apply it to improve their legacy systems. This is where permissioned blockchainprivate blockchain and federated/consortium blockchaincame to be. Each of these blockchain networks, or Distributed Ledger Technologies (DLT), have their own set of delineating features and advantages over one another. But few people find it hard to distinguish each type of blockchain network. Here well cover a brief introduction on public, private, and federated/consortium blockchain. A public blockchain is the standard blockchain network we all know and love as introduced by Bitcoin. As the name suggests, the network is open to all and there is no centralized management. The system works like this: Anyone can access the network and participate in reading, writing, and audit the blockchain, as it is a fully decentralized, permissionless, and open-source system. Anyone can also create, validate, and view transactions at a given point. To validate transactions, decision making happens through a consensus algorithm such as Proof of Work (PoW) or Proof of Stake (PoS). Although the network is open to the public, the identity of the participants is pseudonymo 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 Is The Difference Between A Blockchain And A Database?

What Is The Difference Between A Blockchain And A Database?

Join 4,500+ attendees at Consensus 2018. Register Now! What is the Difference Between a Blockchain and a Database? As stated in our guide "What is Blockchain Technology?" , the difference between a traditional database and a blockchain begins with architecture, or how the technologies are orchestrated. A database running on the World Wide Web is most often using a client-server network architecture. A user (client) with permissions associated with their account can change entries that are stored on a centralized server. By changing the 'master copy', whenever a user accesses a database using their computer, they will get the updated version of the database entry. Control of the database remains with administrators, allowing for access and permissions to be maintained be a central authority. This is not at all the same as with a blockchain. For a blockchain database, each participant maintains, calculates and updates new entries into the database. All nodes work together to ensurethey are all coming to the same conclusions, providing in-built security for the network. The consequences of this difference is that blockchains are well-suited as a system of record for certain functions, while a centralized database is entirely appropriate for other functions. Blockchains allow different parties that do not trust each other to share information without requiring a central administrator. Transactions are processed by a network of users acting as a consensus mechanism so that everyone is creating the same shared system of record simultaneously. The value of decentralized control is that it eliminates the risks of centralized control. With a centralized database, anybody with sufficient access to that system can destroy or corrupt the data within. This makes users dependent on Continue reading >>

Types Of Blockchain - Blockchain

Types Of Blockchain - Blockchain

Decentralized, anyone can read and send tranasctions, e.g. Bitcoin, Ethereum, Hyperledger Centralized under one organization which controls the right to view ans send transactions, e.g. Bankchain Permissionless Blockchain: Every node in the network participate in consensus procedure, e.g. Bitcoin Blockchain (Proof of Work) Permissioned Blockchain: Only Selected nodes(validators, e.g. Government or trusted nodes) participate in consensus procedure e.g. Hyperledger Blockchain Bitcoin (Public-Permissionless Blockchain) Hyperledger (Public-Permissioned Blockchain) Hyperledger The Hyperledger Project (www.hyperledger.org) is a collaborative effort to create an enterprise-grade, open-source distributed ledger framework and code base. It aims to advance blockchain technology by identifying and realizing a cross-industry open standard platform for distributed ledgers, which can transform the way business transactions are conducted globally. It is aprotocolforbusiness-to-businessand business-to-customertransactions. Hyperledger Fabric Hyperledger Fabric (github.com/hyperledger/fabric) is an implementation of a distributed ledger platform for running smart contracts, leveraging familiar and proven technologies, with a modular architecture allowing pluggable implementations of various functions. It is one of multiple projects currently in incubation under the Hyperledger Project. A developerpreview of the Hyperledger Fabric (called v0.5-developer-preview) has been released in June 2016 (github.com/hyperledger/fabric/wiki/Fabric-Releases) Why a new fabric: Scalability challenges, and the lack of support for confidential and private transactions, among other limitations, make its use unworkable for many businesscritical applications. To meet the varied demands of the modern marketp Continue reading >>

What Is Blockchain? | Digitalnext - Adage

What Is Blockchain? | Digitalnext - Adage

- Read additional free articles each month - Comment on articles and featured creative work - Get our curated newsletters delivered to your inbox By registering you agree to our privacy policy , terms & conditions and to receive occasional emails from Ad Age. You may unsubscribe at any time. Are you a print subscriber? Activate your account . Blockchain, the underlying technology that powers bitcoin, is one of the buzzwords of the past year. Practically everyone is talking about blockchain, and for good reason. Distributed ledgers, the term of art for blockchain's underlying technology, offer an exciting new way to transact business without a central authority. Here's a nontechnical, simplified description of the component parts. A blockchain, or distributed ledger, is a continuously growing list (digital file) of encrypted transactions called "blocks" that are distributed (copied) to a peer-to-peer (P2P) network of computers. As described above, a blockchain is an immutable, sequential chain of records known as blocks. A block may contain any type of data, such as unique digital identifiers of physical products. Blocks are "chained" together using hashes. A hash is a function that takes an input value and from that input creates an output value deterministic of the input value. In addition to user data, each block will contain an index, a timestamp, a list of transactions, a proof and the hash of the previous block. The hash plays a critical role. Because each new block will contain a hash of the previous block, blockchains are immutable. If a hacker were to corrupt an earlier block in the blockchain, all subsequent blocks would contain incorrect hashes. Encrypted transactions (using conventional public/private key cryptography) are also key to blockchain's value. The 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 >>

Review Of The 6 Major Blockchain Protocols

Review Of The 6 Major Blockchain Protocols

Review of the 6 Major Blockchain Protocols Since 2008, when the term bitcoin was coined by Satoshi Nakamoto as a novel electronic and completely peer-to-peer cash system free of trusted third party , the interest in the bitcoin and blockchain technology has increased. Recognizing it as a revolutionizing technology across the industries, especially in banking and finance, in terms of transactions and their privacy and security, researchers are not leaving any stone unturned to come up with exotic protocols with each passing day and each is the newer, advancer and better protocol than the previous. In continuation to the blockchain series on TheBlockchainAcademy.com , I have included 6 major blockchain protocols, so as to embrace the technology and increase awareness among investors and end users of blockchain. The starting of the bitcoin dates back to November 2008, when a thesis had been posted by Nakamoto on a US mailing list where the cryptographers share or exchange information. The thesis titled Bitcoin: A peer-to-peer electronic cash system , presented the following characteristics of this protocol: Enables transaction directly with no need of any trusted third party Decreases credit cost in minor casual transactions Bitcoins are virtual currency, also called cryptocurrency . These are distributed while exploring the value in the data managed by software. The start of 2016 witnessed the issuance of around 15.26 million BTC, equivalent to around 7 billion US Dollars . Major technologies that make Bitcoin include hash, digital signature, public-key cryptography , P2P and Proof of Work. This blend has developed a mechanism that prevents duplication of payments and data falsification, additioinally a mechanism that prevents malicious users, which are critical for the Continue reading >>

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