What are the key elements in blockchain?
Immutable – A Data integrity of a system cannot be broken in terms of tampering the record’s entry or order.
Smart contract – A technical entity in the world of Blockchain, where the business rules are automatically executed based on agreement when defined terms are matched.
Consensus mechanism – A verification mechanism that is used in blockchain to facilitate a level of agreement & validation on the state of data and network among competing entities (different source systems, process & agents).
Block – A container that can store information in terms of defined characteristics as a transaction.
What is difference between Blockchain and Cryptocurrency?
Blockchain is a shared ledger specifically handle the recording of transactions that includes real-life and digital assets tracking.
Cryptocurrency is a digital or virtual currency which is supported by blockchain technology.
Can we use blockchain without cryptocurrency?
Yes, we can use blockchain without cryptocurrency.
E.g. IBM Food Trust (Which connects participants across the food supply through a permissioned, permanent and shared record of food system data).
Is Blockchain and Bitcoin same?
No, Blockchain is a form of distributed ledger technology, underlying framework to develop a cryptocurrency such as Bitcoin.
New to Blockchain platforms?
Know more about how to choose the blockchain platform for your use case
What are the types of Blockchain?
Public – A Blockchain that can allow all the participants to validate a transaction across the network, in scenarios will evolve into Private Blockchain.
Private – A Blockchain that accommodates only verified and trusted participants to validate or execute a transaction, based on privileges.
What are the blockchain platforms that Enterprises can benefit from?
- Hyperledger Fabric: A open-source project from The LINUX Foundation for cross domain systems.
- R3 Corda: Specifically for Banking & Finance.
- Quorum: Customised Enterprise platform derived from Ethereum Blockchain.
