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Origin of Blockchain Technology
In the year 1991, blockchain technology was originally described by two researchers Stuart Haber and W. Scott Stornetta but the technology came into the limelight in the year 2008, when Santoshi Nakamoto (a person or group of persons) conceptualized the application of blockchain.
How Blockchain Technology Works?
Blockchain technology is a distributed ledger where the data is distributed throughout the network in the form of blocks. Each block comprises three elements: data, nonce (number only used once), and hash.
- Data - The record in the form of a block.
- Nonce - A 32-bit whole number
- Hash - The 256-bit number
4 Types of Blockchain Networks
A public blockchain network is decentralized in nature where anyone can enter the blockchain ecosystem and participate in the activities of the network. Each node has equal rights, they can create the block, validate the block, etc. in the blockchain network.
The private blockchain network is partially decentralized and is primarily used by private organizations. In this network, a trusted intermediate or central authority allows the verified entity to enter the network. And the access granted to each node in this network is different.
Hybrid, also known as permissioned blockchain network utilizes the features of both decentralized and centralized networks. In a hybrid network, some of the authorized individuals get special access and decide which node can participate in the network and in what transactions.
Consortium blockchain network has the features of both public and private networks.
In this network, instead of a single entity, a group of pre-selected companies manages the network. These are much more secure and are more decentralized than private blockchain networks.
How Blockchain Technology Is Going To Boost Your Business
There is a new wave of interest emerging in businesses when it comes to blockchain technology. Ever since the concept has been introduced, various industries are taking advantage of blockchain to maximize the potential of their business and generate better results.
Here are the advantages of blockchain technology:
Role of Blockchain technology in industries
There are already so many sectors that are leveraging the potential of Blockchain. Here’s how blockchain technology is revolutionizing different industries.
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Frequently Asked. Questions
Depending on the industry’s needs and type of blockchain, the data stored can be of different types.
In the healthcare sector blockchain helps to store the patient’s health records, in the finance sector, it helps to maintain and record the series of transactions, and so on.
Blockchain is a decentralized system where the data is encrypted. Also, the blockchain is constantly reviewed by the users on the network, making it difficult for hackers to hack.
Bitcoin is one of the most common and widely used blockchains
Ethereum blockchain enables you to store images in the blockchain. However, the cost of storing images in the Ethereum blockchain is quite expensive
Though blockchain is a trending technology, there are certain limitations and challenges in blockchain applications. The blockchain architecture is high on energy consumption and has a few scalability issues also.