What is Blockchain Technology?
Blockchain is a type of Distributed Ledger Technology (DLT). DLT refers to the technology used to enable the secure operation of a ledger that is distributed among multiple nodes. The nodes agree on and ensure consistency of ledger information using consensus.
In Blockchain, transactions are grouped into “blocks” and each block is connected to the previous, forming a chain of blocks.
Blockchain Features
Reducing cost
Improving operational efficiency
Enhancing information security
Blockchain Technology Landscape:
Blockchain solutions mainly span over three layers: Networks, Platforms and Applications.
The first part includes the infrastructure and storage for blockchain solutions.
Blockchain networks are formed by multiple nodes, where each node is connected to each other, creating a P2P network.
Blockchain networks can be categorised based on their accessibility and permission model into the following categories:
Public or Permissionless Blockchain Network :
Public Blockchain networks are open to everyone to join the network and participate in the consensus process without requiring permission.
Bitcoin and Ethereum are the most popular public Blockchain network examples.
Private or Permissioned Blockchain Network
Private or Permissioned Blockchain networks can be owned by one or multiple entities that hold control over providing authority to new members either to only access the network or also to validate the transactions. .
Given access to private blockchain networks is limited to authorised nodes, public blockchain is significantly more decentralised than private networks...
The second part of the landscape is the platforms that allow developers to build blockchain applications and solutions. The available platforms vary depending on the selected type of network. One of the most common used platforms globally are Ethereum for building solutions on public network and Hyperledger Fabric for building solutions on private networks.
Finally, the third part of the landscape contain Blockchain applications. One example is Decentralized Applications (dApps), which are applications that run in a blockchain network rather than on a central server. Another application is Decentralized Autonomous Organizations (DAOs), which are online organizations organized by smart contracts and managed by business owners in a distributed form rather than a centralized hierarchy.
