Baby step in blockchain world

Blockchain

Blockchain is a combination of public database(Blocks) and secured links (chains). The term blockchain popular in the market especially for “Bitcoin”. It is a public distributed database holding encrypted ledgers of everyone involved in the blockchain. Once the validation gets verified, then the new block is added to the block of chains. Each block in the blockchain linked together to other blocks through secured links that we can call hash link. In Blockchain, the transaction information will be publicly stored into the database. Where, everyone has ability to see the all transaction details.

A block is the part of blockchain and consists of information of all the recent transactions. Once the block completed, it goes in the blockchain as permanent database and new block get generated.

In the current Banking system, there is some challenges and issues related to third party transaction fees, delay in the verification of transactions (Like if you want to send money to US from India, then probably it will take 2-3 days for successful transaction), prone to hacks (hacking of account details through tracking of credit/debit cards).

Bitcoin concept came into picture to sort out the above-mentioned issues. Blockchain is the technology that enables moving of assets (Digital Money) to one individual to another individual

Blockchain works on the concept of decentralised ledgers (everyone has permission to verify the transactions) and transactions are immutable due to hash link functions, thus unable to hack the block details.

For sample implementation of blockchain,I would recommend the given link

https://www.pyscoop.com/building-a-simple-blockchain-in-python/

Types of Blockchain: -

Private Blockchain

In Private blockchain, only specific number of people or specific group of the organisation can have permission to verify and write the transaction on the blockchain. Ledgers are visible to everyone who are on the network.

Blockstack is the most popular example for private Block Chain

Public Blockchain

In Public Blockchain, ledgers are visible to everyone who are on the blockchain. Everyone can able to read, verify and write the transactions on the blockchain.

Bitcoin is the best example of Public Blockchain.

Consortium Blockchain

The control is not completely restricted to one central authority but with the selected groups of nodes who have permission to add or write the new block. Ledgers are visible to public or may be restricted to some groups.

Ripple is the example of Consortium Blockchain

Upcoming Future in Blockchain

Blockchain having one important characteristic i.e. secured P2P network. Soon; we will see some interesting implementation on Blockchain. Blockchain shall be used in Cyber secure Digital Election, Heathcare, Digital Passport and IOT etc.