Blockchain Technology-Its uses and platforms
Blockchain Technology was invented by Satoshi Nakamoto in 2008 to serve as the public transaction record of the cryptocurrency bitcoin. A global system of computers uses BlockChain technology to jointly manage the database that records the transactions of bitcoin. It consists of a growing list of records called blocks. This blocks further linked through cryptography. Cryptography or cryptology is the study of methods for reliable information in the presence of third parties called rivals. Solidity is a programming language that is designed for addressing smart agreements. The blockchain is basically a decentralized resolution for tracking, documenting, and promoting transactions.
Blockchain Technology platforms
1.Ethereum. Mature Smart Contracting Cross-Industry Platform
Ethereum is an extremely powerful and an open Blockchain platform that has been considerably prominent owing to its dominant functionality and the capability that it provides anyone to have access to decentralized statements that perform through the Blockchain technology.
- Open for public use
- Multiple language applications such as Python, C++
- Proof-of-work based
2. HYPERLEDGER FABRIC
One of its key goals is to create enterprise-grade distributed ledger frameworks and codebases. It is an engaging blockchain framework for business clarifications, given its modular architecture, as it allows plug-and-play segments around agreement and membership services. It recently announced the release of Hyperledger Fabric 1.0 that declares to be production-ready for enterprises.
- 185+ collaborating enterprises
- Modular architecture
- Read-only history inquiries
- Production-ready for enterprises
The industry IBM opened spaces for the future by introducing its own blockchain technology which accumulated lots of positive reviews for easy to use records for transactions.IBM possesses a better consent mechanism which has only helped it to gain much popularity.
- Support network
- Paid plans for upgraded application
- Supported languages: Go, JAVA
4. MULTI CHAIN
MultiChain is an open-source blockchain used to create permission blockchains within or amidst multiple enterprises. This blockchain platform is popular because of its motive to create supportive and private networks in its enhanced versions.
- Special permission network
- Free and open-source pricing
- Actively updated in Github
- Quick deployment
Being an extension of Ethereum blockchain it uses to create a private ledger system for organizational applications. This platform is not much popular but it is active in Github.
- Open Source Pricing
- Supported Language: Python
- Permission network
- Faithful to Ethereum Protocol
It is also like the other blockchain platforms BigchainDB is an open-source blockchain technology platform that has each write documented in the database abstaining from the requirement of the side chains.
- No national currency
- Custom Assets and transactions
- Public and Private network
As the name of this platform indicates, an open-chain is a popular open-source blockchain platform that is widely used in organizations that aims to handle their digital assets. This platform has much-customized permissions that make it more popular.
- Private Network
- Abundant degrees of authority
Chain Core is a new blockchain platform which is being highly popular for its incredible relevance in financial operations.
- Permission network
- The consensus mechanism is Federate
- National digital currencies
- Multi-Signature responsibility
Quorum is the innovation of JP Morgan and is the customized edition of Ethereum. Parallel to many others in the domain quorum is public, free to use, motivates innovation and experimentation. It is also a smart contract highly used by the new age enterprises.
- Suitable for high-speed applications
- Majority voting consensus mechanism
- Innovative graphics interface- CakeShop
IOTA is the latest mount in the race and has proved its remuneration in the initial year itself. It is an added application of open-source blockchain technology, presently in beta. The blockchain platform claims to be a key catalyst in the machine economy.
There are various other factors that need to be considered before choosing the best blockchain platform for your organization. However, the parameters which assist in the selection of the one can be mentioned as-
*Kind of network
Blockchain Technology Uses
There are various other uses of blockchain technology instead of currency setting:-
It can also be used for the purpose of authenticating the unique physical item, the items are paired with the corresponding digital token. It allows access to investments that were earlier only accessible by the institutional investors can be accessible to retail investors.
*Inter-organizational management system
This blockchain technology also represents how information is gathered and collected. It is less about the maintaining database and more about managing a database system.
*Supply chain management
Another most common use of blockchain technology is in the area of supply chain management. One of the biggest problems that firms face when managing their supply is transparency.blockchain allows multiple parties to access the database as the single source of truth. blockchain technology helps in enhancing transparency helps stops thefts, improves regulatory fulfillment, reduces paperwork, and lessens costs. From a consumer’s point of view, blockchains can empower end consumers to find out precisely if products are what they claim to be.
The decentralized nature of blockchain technology means that there is no point of hackers to target. A self-ruler ID can be used to verify identity without needing an individual to produce numerous documents and paperwork each time they need their identity verified. This also can allow the user to more control over their private data to transact more securely online but more importantly.
This allows individuals to be both producers and consumers of energy, which can reduce costs and improve efficiency by not having to depend on a regional network.
There are various other essential concepts you need to know about the blockchain technology:-
*Bitcoin and Blockchain technology is not the same:
Many people assume that bitcoin and blockchain technology is the same, but the blockchain is an underlying technology of bitcoin. Bitcoin was introduced as the unregulated digital currency whereas blockchain technology was the ledger solution used to securely record and facilitate the use of this new currency since earlier there was no govt and bank involved to monitor the transactions. The confusion between blockchain and bitcoin often arises because these two concepts were introduced at the same time.
2. Data stored on the blockchain is public
This statement is partially correct as some public blockchains are open through other is private access only to the specified user. The use case will determine which blockchain technology is needed. There are basically three types of blockchains
*Public blockchain: The permissions to read and write data onto the blockchain are shared equally by all connected users
In a private blockchain, permission to write, send, and receive data is controlled by one organization. Private blockchains are typically used within an organization with only a few specific users allowed to access it and carry out transactions.
Is also called the permission blockchain considered as the hybrid model between the low-trust offered by public blockchains and the single highly-trusted entity model of private blockchains.
3. On the blockchain, private information is visible to everybody
People think that all their information and transaction details posted on the blockchain is public based on the fact that the distributed ledger system is public. Though visibility depends on different use cases and the technology used.it depends on business to business purposes, all transactions are private and only visible with the appropriate permissions.
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