The technology, which is not a new technology at all, is nevertheless conquering many industries alongside it.The development of blockchain technology is a revolution these days. Due to its great luck, many products in the industry are presented daily by industry experts and tech enthusiasts.
Initially, The technology was the basis for secure Bitcoin transactions. As the year progresses, the technology continues to advance.People can ask and clarify their blockchain questions in the forums or the comments but still have an indecipherable demand.
What is blockchain?
It is a public ledger or distributed database of all Bitcoin transactions. It’s an open-source technology, the information is immutable, and anyone can access the details at any time. It is a distributed ledger, there is no central control or authority over the documents stored.
Usually, It stores data in blocks, and these blocks are linked together like a chain and encrypted for security reasons. It uses proof of the working mechanism.
How can blockchain be used in businesses?
It enables the secure sharing of business processes such as business activities, registrations, and contracts between companies and partners in an encrypted manner. It uses the principle of cryptography to store data that cannot be hacked, duplicated, or misused.
What kind of data can the it store?
It is a distributed database that keeps details of each transaction in a series of blocks. These transactions add to the general ledger in chronological order. The details of the transaction stored in a partnership called the Genesis block.
What are the types?
1.Public Blockchain :
This is a decentralized open-source platform where anyone with an internet connection can be part of the it network and access current and records and review transactions. The purpose of a public it is to mine and exchange cryptocurrency.
Example: Bitcoin, Ethereum
2.Private Blockchain :
It is a centralized platform with some restrictions and permissions to join the network. These use in businesses and organizations. A private of it aims to vote, supply chain managing, digital identity, asset ownership, etc.
Example: Hyperledger, Corda
3.Hybrid Blockchain :
It is a pattern of public and private. This hybrid gives companies the flexibility to choose which data to publish and which to keep secret
Is it possible to create a separate blockchain for a business?
The public blockchain is open source, we cannot use it to store the private records of a business or organization. We can take advantage of the open-source properties of the it to create a private blockchain, and once customized; a company can use it to store sensitive business data.
What is BaaS?
Baas – blockchain as a service. Nowadays, the technology is available in a rental form, similar to Blockchain-as-a-Service, which gives companies the ability to rent blockchain infrastructure in the cloud.