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Blockchain (Characteristics (Transactions (Almost permanent with history,…
Blockchain
Characteristics
Distributed data structure
Controlled by a networkof
independent parties
Store & share information
Create data ledger
Cryptographic security
No need of central authority
to enforce rules
Transactions
Almost permanent
with history
Change only if large
portion of community agrees
Users with validation
control verify changes
Full nodes = computers
that make up the network
Network doesnt
get corrupted
Decentralized
Use cryptocurrency
Digital token
with market value
Trustlessness
Types
Public
e.g. Bitcoin, Ethereum
Participation = open
Size = large
Token = native
Code = open source
Everyone can write data
Permissioned
e.g. Ripple, Hyperledger
Size = large
Participation = controlled
Token = native
Code = open source
or not
Private
Size = small
Token = none
Participation = controlled
Code = ???
Few people can write data
Terms
Closed
Few people can read data
Open
Everyone can read data
Database
Create data
Read data
Not Update data
Not Delete data
Immutable
Data stored on multiple node
Structure
Block
Record of data
(Movement of
cryptocurrency)
Chain
Hash that links blocks
Created from data
in previous block
Network
Made of full nodes
(computers)
Uses
Moving money
Software security
Decentralized
autonomous
organizations
Advantages
Unlimited fault tolerance
No single point of failure