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July 28, 2018
Cryptocurrency Lesson 2: Blockchain Types and Applications
July 28, 2018
A warm welcome to Lesson 2 of this Cryptocurrency mini-series. I hope that you've already seen my OP3N content of Lesson 1 on Cryptocurrency here.In lesson 1, there were some basics on Blockchain already mentioned. So, read that first. Now, let's move with new content.In this lesson, I will introduce you to some basics of Blockchain, how it works, its types and where blockchain is used in today's world.BlockchainsBlockchains are Decentralized/Distributed:What does that mean? It means information is not stored in one computer or one server but is available on all systems of users/participants. This feature prevents forgery or stealing of information or data or records.Note: Never mix any cryptocurrency with Blockchain. i.e., for example, Bitcoin is Currency and Blockchain is Technology. So, bitcoin needs Blockchain to operate.Blockchain Applications :Blockchains are used in the following: Internet of Things, Identity, Finance and Accounting, Digital Voting, Digital Payment, Stock Exchanges, Health Records, E.T.C.Types of Blockchains include Public, Private, and Hybrid.
- Public: Available to anyone .i.e. participants of the system. Example: Bitcoin, Ethereum, e.t.c.
- Private: The access to a Private Blockchain will be limited to the parties involved in the creation of that particular network, or those granted access to it by the creating parties.
- Hybrid: Connection of various Public, Private networks. E.g. of hybrid blockchain: 1) XDC, created by a Singaporean company XinFin 2) Hyperledger, a common initiative of IBM, Intel and R3CEV.