Block Chains Are Electronic Accounts
Block Chain Technology
Now days due to the help of computere the technology is getting advanced. The form of modern Society is changing every day. Before some decayed, the students used to use slates of stones and Note-books of papers to perform their studies. The note books seems to very good medium to perform their tasks. The Notes of knowlege can be kept for long. They kept their Note books safely anywhere at their homes. But slowly as the existance of computer arose, they set up a broadly Network for studies. A notes used to kept safely in the computer. Almost all the works which used to be performed manually began to be done with the help of computers. As the demands of the works arose in the form of e-commarce, a new technology seem to be needed to the Computer Engineers and Scientists. They needed a type of account which all the works may be performed at the same place saftely and, there are all the facilities of security. So they started to work on this type of account. From with the help of this account, all the records of all transactions should be safe. No one can change in this type of record. Every one can see the transactions and there should be facility of tracking every type of assets. The transaction of trade are easy. The business network should be easy. The assets either it is tengible like a house, any behicle, cash or land, or it is intergible like intellectualp roperty, patents, copyrights deton and branding should be keep saftely on computers accounts. In the easy language this type of immutable ledger is known as Block-Chan
Classification Of Block Chains
Based on working capacity the accounts of blockchain are many types some of them are Public Block chain, Private Blockchain, Consortium Block chain and Hybrid Block chain. All these types of accounts ie Blockchain are known as Permissionless and Permissioned Block chain.
1. Public Block chain: In this types of black chain every one can perform his tasks. There is no need of any permission or management. Every one is free to work here. The person who works here is known as miner. He is rewarded some amount of Bitcoins This plateform of block chain is decentralized plateform. Every one is free to store his data, to make new block for such data and to give right to validate the blocks This types of block chain is used in mining the Cryptocurrencies. The examples of this types of block chains are Bitcoin Block chain and Etherly Block chain .The miner solved the complex Mathematical programms with the help of cryptography and kept it in the new block, After this, the transaction is completed. Here a miner works as clearly of a bank. Maximum cryptocurrencies work this types of black chain.
This bBock Chain is perfectly transparent for the user. A user can believe on it because it is very safe. Any user can earn money being as a miner. Since this block chain is good but the speed of this chain is very slow, the user has to wait to complete the transactions. These Block Chains are connect with a large number of nodes in network so that their speed remain slow. If any hacker controls the computing pourer of this Block, he may change and control this Block.
2. Private Block Chain: In this Block chain any person which may be a Instuction has permission be individual acces its data. It has full control over it. In this block chain network only those can come to it which has permission of its access
It is totaly secured network & Private block chain is partially decentralised because no public user is allowed here. Oracle Block Chain, Ripple and Hyperledger are the example of Private Block chain. Because it works on as Business to Busines Currency exchanges so they are knoum as Enterprise Exchange.
In this type of Blockchain, the authority gives permission to see to add and to change some data. A public block chain works as internet while private block chain is the only form of internet. the speed of this is faster than the Public Block chain,
Consortium Block chain: This block chain is third type of block chain. It is my sub type of blockchain technology. The nodes of this block can be controlled and these makes networks are made up of present nodes. These noder are fewer but they are known more sucured and scarable. They do not load much on the network. Thesr networks are less transparent as public block chain and have some risks. There are few known participants in them. These works as voting system to ensure low latency and high speed. These block chain allow to write the transaction but they are unable to add any blockbchain themselves, whenever they add to the network, a verification is needed. These alows more exposure and innovation. These block chains are semidecentralized network "these are not provided to an individual. There are proveted for groups of nods.
4. Hybrid Block Chain : This type ofblock chain is hybrid of both puplic block chain and private block chain In this chain, there are many members of consortium network which are controlled freely. These block chains are limited and no one can manipulate the system. The consortium block chain. are suitable for those companies as want maximum profits
We have come to know that in block chain technology, every one can trust on it, because of security, transparency and traceability of data shared by the individual as well as any organization or company. Documents are kept as proofs and can be used further so that counter feiting and fraud can be stopped. By the use of block chain technology we can get rid of the paper works. The accounts which are written are on papers can be shift on these blocks. The area of e-Commerce and e-bussiness will be on large scale.
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