If you’re wondering what blockchain technology is, it’s time to find out. In the previous era, digital technology was unheard of. But now, everyone knows the power of digital technology.
It is no different from blockchain technology.
If you’re still in the dark, this blog will help you understand blockchain technology from start to finish and how it is revolutionizing industries today.
We’ll also tell you about the key players driving its growth and the excellent use cases for blockchain technology coming up in the future. So, let’s get started!
Blockchain technology: an overview
Blockchain technology is a digital trust stack revolutionizing how we exchange value and information over the internet. First introduced in 1991 by Stuart Haber and Wakefield Scott Stornetta, Blockchain is a distributed ledger technology that uses a peer-to-peer network to record transactions across different nodes.
In Blockchain, records of financial transactions are saved on a digital ledger distributed among the network of computers. Each transaction forms a block of data of unique hash value.
Types Of Blockchain
There are four types of blockchain technology. Let’s learn more about them one by one below:
1- Public Blockchain
Public blockchains are decentralized networks of computers that allow anyone to request or validate a transaction. They are commonly used for mining and trading cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin.
2- Private Blockchain
Private blockchains are highly secure and private networks that allow organizations to customize their access and authorization preferences. In addition, they are managed by a single authority and can only be accessed by the network authority explicitly authorized users.
3- Blockchain hybrid
Blockchain is a distributed ledger technology introduced in 2008 as part of a bitcoin-related proposal. It has the potential to significantly reduce the cost of transactions by eliminating the need for intermediaries such as financial institutions and clearing houses.
4- Consortium Blockchain
A consortium blockchain is a blockchain network in which multiple organizations share the responsibilities of maintaining the Blockchain.
Consortium blockchains are typically used in business, and participants must be acknowledged to submit transactions or access data in such a blockchain network.
Blockchain technology is gaining traction from Healthcare IT Trends to DeFi. If you’re interested in blockchain technology, get in touch with us today for personalized advice.
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