By: M. Ali
Nakamoto invented blockchain, which is a system that uses chain blocks to store an immutable record. The term “Transactions” refers to new entries in the blockchain; each transaction is put in the ledger using a particular conscious algorithm. Each node in the blockchain network maintains a copy of the ledger, and each block includes the hash values of the previous block in the chain, making it very impossible to change the blockchain’s components.
Type of blockchain:
- Public blockchain: With this kind of blockchain, anyone may join the network and see the data contained therein.
- Private blockchain: This is a centralized approach to blockchain technology in which a central entity controls the nodes’ behavior.
- Consortium blockchain: Consortium blockchain is a hybrid of public and private blockchains. Only a limited number of organizations are allowed to utilize this blockchain.
Cite this post as:
M. Ali (2020), Blockchain Technology, Insights2Techinfo, pp.1