Understanding the Blockchain

What is a Blockchain?
A Blockchain is a distributed database that handles a rigorous list of records, (termed as blocks), safe from tampering.

Blockchain public ledgers record transactions between two parties in a verifiable and permanent manner. Blockchain’s design is secure with distributed computing system obeying fault tolerance. Blockchain records, documents, events, identity management, management activities, medical records, and transaction processing. Join Blockchain Training and become proficient in mastering Blockchain Technology.

The origination of the blockchain made it the primary digital currency far away from the central server. This design later turned as an inspiration for other applications.

Architecture of Blockchain

Important design aspects in the architecture of a Blockchain are –

  • Blockchain platform

  • list itemNodes

  • list itemNetwork Platform Stack

  • Transactions

Blockchain Platform:
The Blockchain runs on distributed servers. The Blockchain data is stored either in a flat file or in a RDB based on the choice of the user.

The Blockchain software operation is so massive that it is impossible to hack into the application. The nodes within the network use peer-to-peer IP network to verify transactions. When numerous nodes have the same blocks within their databases, they are regarded to be in consensus.

Nodes in the Blockchain:
Blockchain network is a peer to peer working on the IP protocol of the internet with a specific server node.

Each node forms a replicated copy of the database along with the information of the owner. The consensus mechanism specifies the blockchain updates. Each node plays a specific role based on its business intention. Every node joins the network accordingly.

Network Protocol Stack:
Once nodes get booted up, they conduct a peer discovery using a port over TCP. The Blockchain Network Architecture maintains the standard semantics to enable multiple types of blockchains co-exist with management abstraction.

Thanks for the quick explainer @azharuddin . I'd be really interested to hear what your opinion is on the various types of block validation and consensus. I think PoW is an economic drain on its currency, and there are other options now like PoS. Do you have a favourite that looks like it efficiently meets everyone's needs?

@azharuddin Do you have any blockchain development experience?

Supply chain security issues are far too complicated to tackle with passwords, access cards, and software suites alone and Blockchain is the best solution for Supply Chain security.

Developed originally as a type of distributed database, blockchain is a shared database system through which digital records can be stored, viewed, and updated by multiple users through a decentralized network on the Internet.

Complex logistics processes, a lack of uniform digital infrastructure, and several intermediate players between a shipment’s source and final destination make it difficult to guarantee transparency and accountability in a large supply chain network.

The accuracy and security of information logs in a modern supply chain is essential, especially when it comes to identifying who is liable.

The complications (and sometimes lack) of effective information sharing and trust in supply chains is what’s fueling interest in supply chain blockchain technology and its potential to improve data sharing and visibility in the logistics and supply chain industry.

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Great! Let's see some more blockchain-based applications.

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Hi everyone, forgive me if my question will seem a bit stupid, but I am a newbie and I want to understand 🙂 How come blockchain is rapidly expanding all over the world, and cryptocurrencies, its pioneers, fall in terms of price daily?

@cryptojane said in Understanding the Blockchain:

How come blockchain is rapidly expanding all over the world, and cryptocurrencies, its pioneers, fall in terms of price daily?

Blockchain is a very successful and rapidly developing technology, it will surely remain an integral and stable part of our society for a long time to come. Blockchain-based digital money offers the potential of neutral stores of value that offer no bias or advantage to any one group, and seek to usher in a new era of borderless equality-of-value for all societies and nations throughout the world.

Would be great if you could compare it with Tangle

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