A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
- A BlockChain is resistant to modification of the data
- A BlockChain is typically managed by a peer to peer network collectively adhering to a protocol for inter-node communication and validating new blocks.
- Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
- A distributed computing system with high Byzantine fault tolerance.
- Blocks hold batches of transactions that are hashed and encoded into a Merkle tree.
- The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds..
- By storing data across its peer-to-peer network, the blockchain eliminates a number of risks that come with data being held centrally. The decentralized blockchain may use ad-hoc message
passing and distributed networking.
- Open blockchains are more user-friendly than some traditional ownership records, which, while open to the public, still require physical access to view. Because all early blockchains were permissionless, controversy has arisen over the blockchain definition.
- The great advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed. This means that applications can be added to the network without the approval or trust of others, using the blockchain as a transport layer.
Working of BlockChain
Types of blockchains
- Public blockchains – A public blockchain has absolutely no access restrictions. Anyone with an internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus
- Private blockchains – A private blockchain is permissioned. One cannot join it unless invited by the network administrators. Participant and validator access is restricted.
- Consortium blockchains – A consortium blockchain is often said to be semi-decentralized. It, too, is permissioned but instead of a single organization controlling it, a number of companies might each operate a node on such a network. The administrators of a consortium chain restrict users reading rights as they see fit and only allow a limited set of trusted nodes to execute a consensus protocol.
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