Good day steemians. How're you all doing? This assignment that was given to us by Steem for better life is actually a very beneficial motive. Today, I'll be working on the assignment on the beautiful lecture @liasteem gave to us.

1. What do you know about blockchain

Blockchain is a centralised ledger or a database which serves as a storage for all digital data and has a well structures security in order to avoid theft or cybercrime. All transactions relating to which are related to cryptocurrencies are always recorded in the blockchain. These recorded transactions are linked to several other computer network this is why the security of a blockchain is very secured.

Blockchain is decentralised (it isn't managed by any private individual or organisation. Also, blockchain is usually transparent because it shows all the records of transactions that is done and these information can be accessed by any individual at any point in time. Some of the information which can be found on a blockchain are:

• Date of transaction
• Time of transaction
• Receiver
• Sender
• Amount of transaction
• Place

Blockchain is made up of three (3) different components and they are:

I. Blocks

II. Node

III. Miner

• BLOCKS

Every transactions which are recorded are found in the block. The block is an important component in a blockchain. The block is composed of 32-bit number (nonce), hash etc.

• NONCE

Every copy of transactions that are carried out are stored by the node. This node is a very important component of a blockchain. Also, Every node has a specificity and it also verifies the validity of every cryptocurrency transactions that are done.

• MINER

A person who carries out transactions on a blockchain is known as a miner. Therefore, everyone who uses a blockchain for transactions are known as miners.

2. DESCRIBE ONE TYPE OF BLOCKCHAIN

Blockchain can be classified into four (4) types. These are:

• Private Blockchain

• Public Blockchain

•Hybrid Blockchain

• Consortium Blockchain

Since we're meant to describe only one type of blockchain, I'll descrine the private blockchain. Private blockchain is a type of ledger or database whose access is restricted and also has a closed network.

Private blockchain operates on a centralised process and they are operated by a certain members of an organisation. This is why it has a limited or restricted access. This typemof blockchain has less number of users since it is restricted and also, the network is very fast and reliable.

ADVANTAGES AND DISADVANTAGES OF PRIVATE BLOCKCHAINS

ADVANTAGES

I. The network of of a private blockchain is usually fast.
II. It has lesser number of users.
III. The security of a private blockchain is very strong and can be rarely tampered with.
IV. Transactions scalability is usually done here.

DISADVANTAGES

I. It requires a third party.
II. It is restricted and has a limit.
III. It operates on a decentralised protocol.

VISIT BLOCKCHAIN DEMO AND EXPLAIN WHAT YOU HAGE LEARNT

Well, I learnt different things during my visit to the website. There are different things which can be seen on the website and they are:

• Every blockchain has a block that stores information

• Every blockchain has a nonce (32-bit number)

• Every blockchain has a section of data where all records are kept.

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• Every blockchain has a hash (#)

• Every blockchain has a blue icon where one can mine

ADVANTAGES AND DISADVANTAGES OF BLOCKCHAIN TECHNOLOGY

ADVANTAGES

• Transparency

Blockchain is usually transparent because it allows access to all the recorded transactions of all cryptocurrencies or digital data. The receiver and also the sender can see these transactions.

• Secure Transactions

Transactions which are carried out on a blockchain are usually secure. It shows the validity of an account to show it's authenticity.

DISADVANTAGES

I. Immutability of data is usually a problem.
II. Sometimes, it can be inefficient.
III. It is not 100% secured.

CONCLUSIONS

@liasteem thank you for giving me this opportunity to be able to participate in assignments like this. During this lecture, I had a full understanding on blockchain and whatever it entails. Thank you once again @liasteem.
I invite @samsteem1000 @swaylee @n-chris to partake in this contest.