Details about Blockchain Technology Part 2

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Details about Blockchain Technology Part 2

Dear steemians in my last post I discussed about the Blockchain tech, why it is so dominant these days, what are the main parts and merits of this tech. Today is the second part of the blockchain series and I’m going to discuss about types of blockchain network, how blockchain is building trust. So let’s get started.

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What are the types of blockchain network?

In many ways blockchain network can be formed such as Public, Private, Permissioned and associative. Now let us know about these types:

 Public Blockchain – It is a kind of blockchain where mass public can join and use it for example Btc. As mass people is using it so there is a requirement of large computation source. In such cases little amount of security is required for transaction as no transactions can be omitted from the database. If it fails or shows error even it stays. Public blockchain is very essential for enterprise use cases.

 Private Blockchain – It is also similar to public blockchain but it is a decentralized P2P network where individual operates the network, monitor and give permission to the participants. This network also shares shared ledger. Private blockchain has more reliability among the users because it can be run even in the firewall background in corporate use case.

 Permissioned Blockchain – Permissioned blockchain directly linked with the private blockchain. Any corporate organizations using a private blockchain will surely use the permissioned blockchain network. Though public blockchain can be used in forming permissioned blockchain. But private blockchain is superior in this case as it provide the facility to select which participants is allowed to use the network or access it. To do so users have to have a permission or direct invitations.

 Consortium blockchains – This kind of blockchain can be maintained by a series of organizations and they are responsible to conduct the process. Before that blockchain need to determine which business, organizations are allowed to share the transactions and data and has access to use the data. This kind of blockchain is useful in business because all organizations hold the responsibility to maintain or use the blockchain that is being shared amongst themselves.

How Blockchain is building trust these days?

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Blockchain is gaining much popularity in these days because of the representation of the true information or true data. People need to believe what they are doing, what is happening in the background. Everything should be crystal clear. Blockchain is distinctly ahead in these aspects. Through blockchain the output of new techs has increased in the fastest way that has never happened before.

In blockchain tech all the participants get a clear picture of the whole blockchain. A s result they can identify any kind of interfere. All the hashes need to be matched in the blockchain to gain the trust of all participants.

The most amazing part is that in Blockchain tech trust is just a word. Because the trust is inside the system where security concern, Transparency and derivativity is the key elements. So, there is zero risk in trust issues.

Friends for now I want to conclude today in my next post I will cover how blockchain tech is building supply chain and its use cases and applications and many more.

Wishing well to all.

^{Vote for @bangla.witness}

Thank you
@toufiq777