How Block chain technology works

Posted by Sneha on September 18th, 2018

During the initial days Blockchain was only used for P2P currency transaction also called as cryptocurrencies. The cryptocurrencies where digital in nature and hence needed a highly secured and open medium of the transaction as the transactions involved multiple players. When people discovered how P2P currencies operated, they also discovered how blockchains operated. As days rolled, the government started to lose confidence in cryptocurrencies. The Governments across the world wanted to ban these currencies as they devalued the paper currencies by a great margin and this seemed to be unrealistic. Some of them even banned them and India proudly joins the elite list.

Blockchain technology gave rise to two things. One is a secured and safe means of transaction and the other one is Blockchain engineers who essentially knew Blockchain programming. Blockchain became a self-taught course which people started to read online and create a piece of code which worked like magic. As Blockchain was open, hence the tutorials on how to develop a Blockchain was also widely available.  Blockchain technology became a household name as everyone started to adopt the technology and delivered a working system.

As people started to develop Blockchain technology soon there were different types of Blockchain. The type of Blockchain is essentially the nature of usage and who built it. A public Blockchain is something that is built by people for the usage of the people. These are publically available system and anyone can read/write or mine in the system. A P2P Blockchain network is essentially a decentralized public Blockchain. Here decentralization means that there is no central control over anything. There is no in-charge and no moderation. People moderate the system and the transaction Blockchain is a private Blockchain Compared to the public blockchains, these are privately owned and hence has some control over the operation of the system. These systems will have a moderator and he/she will be in charge of the ledger system. These are centralized but so to a great extent. The third and the final type of Blockchain is the federal Blockchain which is used by corporates. These are highly centralized Blockchain technologies which can be used only by authorized people.

There will be serval moderators a federal Blockchain as they are formed by federations or corporates who use these technologies in their daily operation. These are highly centralized and will have more than one moderator essentially one from each of the group which forms the federation.

Sneha

About the Author

Sneha
Joined: July 31st, 2017
Articles Posted: 22

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