A Short Note on Blockchain!
What is Blockchain?
Blockchain technology is a Mechanism in which transaction records are mutually verified, agreed on, shared, and managed by participants on distributed locations on a computer network.
Types of Blockchain:
1.Public blockchains — Anyone with an Internet connection can send transactions to it as well as become a validator
2.Private blockchains — One cannot join it unless invited by the network administrators. Participant and validator access is restricted.
3.Hybrid blockchains — A hybrid blockchain has a combination of centralized and decentralized features
4.Sidechains — A sidechain is a designation for a blockchain ledger that runs in parallel to a primary blockchain.
What are the use cases of Blockchain?
Cryptocurrencies — To record Transactions
Smart contracts — A key feature of smart contracts is that they do not need a trusted third party to act as an intermediary between contracting entities -the blockchain network executes the contract on its own.
Financial services — Many banks have expressed interest in implementing distributed ledgers for use in banking and are cooperating with companies creating private blockchains.
Video games — A blockchain game CryptoKitties, launched in November 2017. The game made headlines in December 2017. CryptoKitties also demonstrated how blockchains can be used to catalog game assets.
Energy trading -Blockchain is also being used in P2P energy trading.
Supply chain — Mining, Food Supply, Shipping, Software Development.
Anti-counterfeiting — It could be used as identifiers to products, documents and shipments, and storing records associated to transactions that cannot be forged or altered.
Healthcare — Ernst & Young was working on a blockchain to help employers, governments, airlines and others keep track of people who have had antibody tests and could be immune to the virus. Blockchain technology was being used in China to speed up the time it takes for health insurance payments to be paid to health-care providers and patients.