BLOCK CHAIN use to protect personal data. In article we provide a small introduction about Block Chain. Before going toward the term block chain first we must know what are blocks and what are chains?
Block: Are growing list of records, which are linked using cryptography.
Each block contains encryption hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).
So, we can say that the block is like a page or ledger or record book. Each time a Block is Complete, it moves to the next block in the block chain.
The article just give a small introduction about Block chain
Major type of Block chain:
Public Block chain:
The Public block chain is number of marks which is the start of the major types of block chain which we are known today.
In the public block chain transaction can send and received from anyone to anyone all over the world. the power transmission took all the nodes
So each node will be the power to audit the transaction. In fact, like to public consensus process. The total constituent nodes need to be authorize a transaction for it to become valid.
As long as this remains so, the transactions of the node will be eligible for validation and subsequent addition to the chain. Because of all the nodes have equal transmission and receipt power.
The below graphic explains the difference between distributed, centralized, and decentralized. For many, the attribute of decentralized and distribution are considered to be the major benefits offered by the public block chains.
Then again, not all reflection of this sentiment. More than decentralization and distribution, though, the benefits of public block chains that really stand out are the transparency and security offered by them.
In fact, it is the transparency of the public block chain network that make them secure.
In Pubic transaction type of block chain can audited by anyone which make it corrupt activities difficult to go and undetected by them. Different type of block are into peer-to-peer transaction are setup.
For the synchronize and Validate can be need for each block in case of transaction. In that the node of given block will be added to the sytem
All the time someone sets up a new node in the network, and using a computer and internet connection.
Public Blockchain’s history completely synced with node. Public block chain is not without drawbacks.
Being highly transparent doesn’t mean that it’s completely immune to unethical manipulations and security neglect.
It is very hard to give 100% guarantee to any technology for security, its means that make your system to avoid who’s creating disturbances in the system.
Another disadvantage of the public block chains is the very expensive transaction processing in which the time terms, money and energy.
it’s easy to see how the energy costs and time wasting quickly multiply In the public block chain are an appropriate option. When the benefits that one needs are that of decentralization, having full ledger transparency and private anonymity.
Private Block chain:
It is up to the block chain developers to decide which node gets and what the rights transaction is.
But one may that without decentralization. Such as important of the standard block chain, in the purpose of the block chains might be worthless.
But it is important to note that block chains are more than just tools that offer decentralization.
By the way qualities of audit ability and cryptographic security are also worth remarking. When it comes to these attribute.
it might not be reliable of block chain, but its still are vast improvement over the traditional system. That we have been using this far like data achieving, voting, accounting systems.
Say a company wants a business solution that’s only available to its employees. In such a scenario would demand the use of a closed network like private block chain. Something that’s accessible to only select group of members.
No one outside the company needs to be a part of this private business networks. The private block chains prove definitely to more efficient against public block chain in this use case.
So, for companies that just need a solution within the scope of their own business, they can certainly benefit from using private block chains.
The private block chain typically requires a dependable agent to reach the consensus even when using the same block chain technology. For which effect consensus object different from the public block chain.