What is a Blockchain?
Blockchain is a distributed ledger used for the explicit validation and verification of all (financial and non-financial) transactions. It’s a peer to peer network maintained through the assembly of information on a chain of blocks, with each block linked to the previous one. The information on the blocks can range from monetary transactions to digital contracts and have a time and date stamp marked on them.
Blockchain is enabling business do the impossible
A public blockchain is a decentralized ledger that provides access of information to the public and allows them to read and write the data saved on the blockchain.
The data on the blockchain allows its users enjoy an equal right of accessibility and connection to the other users on the network, they can read and verify the information before its put on the block, so the security and authenticity of the data are never compromised.
The most relatable examples of a public ledger are Ethereum and Bitcoin, which maintains that its users can view the transactions themselves and erase the need for an intermediary or a third party to serve as a vendor.
Because of its indispensable need for verification from thousands of users from around the globe and storage of data in a distributed form, the process to hack any data on the blockchain can be arduous and extremely time-consuming.
A private blockchain keeps the written data secured on a centralized network exclusive to one organization. A private blockchain possesses the quality of managing applications like database, internal audit, viewable by the members of the respective ledger only.
This is a permissioned blockchain where an invitation to become a participant in the private blockchain acts as a prerequisite for the entry in the system. The invitation must carry a validation from the blockchain starter and should meet all the protocols set by the starter. The entering entity can start activity of maintenance in the system only when the permission has been granted to it.
A private blockchain allows participation of only the verified members, therefore the system is safe and consists of changes made by only the reliable and genuine members of the system.