What is Blockchain?
Blockchain is a DTL (decentralized distributed ledger) that enables smooth transaction recording processes of private and business data. The blockchain technology ensures all-out transparency of data assets while keeping them permanent and verifiable along the entire chain by means of secure cryptography algorithms with unique code hashing. Designed initially for serving as a cryptocurrency ledger technology like bitcoin, the blockchain has gone way further beyond digital crypto tokens. For now, advanced blockchain-based solutions are used wherever there is a need for keeping corporate datasets clear, consistent, and safeguarded throughout business pipelines.
Security Level: Blockchain Solutions Vs. Conventional IT Solutions
More secure
Same level of security
Less secure
Not sure
Blockchain history: Sneak peek
The term blockchain gained traction in 2016. It was inspired by the earlier works of Satoshi Nakamoto, which is presumably a generic name for a group of bitcoin developers. The idea of keeping blocks of data unchangeable and invulnerable via strong chain verification has gained positive feedback from the global economy. Introducing smart contracts was the next step in blockchain technology development. Smart contract management enabled businesses to streamline their workflow processes through a line of event-triggered activities supervised by blockchain. Today, blockchain technology evolves into holistic open-source projects while improving its efficiency and advantages for business through collaborative development and new 2020 tech advancements. One of the most stable enterprise-grade blockchain frameworks is Hyperladger Fabric, the potential of which is leveraged across HebronSoft blockchain-driven solutions.
How Blockchain works
1
New transaction has taken place
To be included into the blockchain, some new transactions should happen and be recorded for further network submission.
2
Verification of transaction data
Once the transaction has occurred, it takes a distributed P2P (peer-to-peer) network to validate and confirm the relevance of new data via consensus rules.
3
New block hashing
When the data is proved valid, it acquires a hash, its unique cryptographic code, along with the hash of the previous block.
4
Adding the block to the blockchain
Once hashed, the block is added to the most recent one to form an immutable integral chain of blocks known as the blockchain.
1
New transaction has taken place
To be included into the blockchain, some new transactions should happen and be recorded for further network submission.
3
New block hashing
When the data is proved valid, it acquires a hash, its unique cryptographic code, along with the hash of the previous block.
2
Verification of transaction data
Once the transaction has occurred, it takes a distributed P2P (peer-to-peer) network to validate and confirm the relevance of new data via consensus rules.
4
Adding the block to the blockchain
Once hashed, the block is added to the most recent one to form an immutable integral chain of blocks known as the blockchain.
Types of Blockchain
Public blockchain
A type of permissionless blockchain allowing every user to partake in the consensus protocol and validate new blocks of transactions. So, the public blockchains are:
- Open source
- Transparent
- Highly decentralized
- Censorship resistant
- Assets are tokenized
Private blockchain
Private blockchains are run wherever the privacy of data matters. Usually deployed across enterprises, private blockchains ensure the sharing and keeping of business assets without any data exposure to the public. A bevy of private blockchain features:
- Permissioned (only some nodes are authorized)
- Governed by blockchain owners only
- More secured, albeit less transparent
- High transactions throughput
- Tokenization is not necessarily
Consortium blockchain
A consortium is much like a traditional private blockchain, except it is governed by a group of business entities. Some open-source modular blockchain frameworks, like Hyperledger Fabric, provide businesses with a robust platform for creating consortium blockchains of their own. As a new blockchain type, consortium blockchains enjoy a range of competitive advantages:
- Low latency and high transaction speed
- More trusted consensus
- Semi-decentralized
- Collaborative model
- Only stakeholders can confirm new blocks
Consortium blockchain
A consortium is much like a traditional private blockchain, except it is governed by a group of business entities. Some open-source modular blockchain frameworks, like Hyperledger Fabric, provide businesses with a robust platform for creating consortium blockchains of their own. As a new blockchain type, consortium blockchains enjoy a range of competitive advantages:
- Low latency and high transaction speed
- More trusted consensus
- Semi-decentralized
- Collaborative model
- Only stakeholders can confirm new blocks
Public blockchain
A type of permissionless blockchain allowing every user to partake in the consensus protocol and validate new blocks of transactions. So, the public blockchains are:
- Open source
- Transparent
- Highly decentralized
- Censorship resistant
- Assets are tokenized
Consortium blockchain
A consortium is much like a traditional private blockchain, except it is governed by a group of business entities. Some open-source modular blockchain frameworks, like Hyperledger Fabric, provide businesses with a robust platform for creating consortium blockchains of their own. As a new blockchain type, consortium blockchains enjoy a range of competitive advantages:
- Low latency and high transaction speed
- More trusted consensus
- Semi-decentralized
- Collaborative model
- Only stakeholders can confirm new blocks
Private blockchain
Private blockchains are run wherever the privacy of data matters. Usually deployed across enterprises, private blockchains ensure the sharing and keeping of business assets without any data exposure to the public. A bevy of private blockchain features:
- Permissioned (only some nodes are authorized)
- Governed by blockchain owners only
- More secured, albeit less transparent
- High transactions throughput
- Tokenization is not necessarily
Consortium blockchain
A consortium is much like a traditional private blockchain, except it is governed by a group of business entities. Some open-source modular blockchain frameworks, like Hyperledger Fabric, provide businesses with a robust platform for creating consortium blockchains of their own. As a new blockchain type, consortium blockchains enjoy a range of competitive advantages:
- Low latency and high transaction speed
- More trusted consensus
- Semi-decentralized
- Collaborative model
- Only stakeholders can confirm new blocks
What industries can capitalize on Blockchain?
Nearly every single industry can leverage the solutions driven by the blockchain technology. The main areas where the blockchain provides a game-changing disruption are:
- Transport & Logistics
- FinTech
- HealthTech
- EdTech
- FunTech & Media
- Cybersecurity
- Supply Chain, Logistics & Procurement
- eCommerce & Marketplaces
- Real Estate
- IoT Product Development
- Cloud Computing & Storage
Blockchain: Enterprise use cases
Blockchain use cases
Digital currency
Data access/sharing
Data reconciliation
Identity protection
Payments
Track-and-trace
Asset protection
Asset transfer
Certification
Record reconciliation
Revenue sharing
Tokenized securities
(equity, debt,and derivatives)
Top advantages of Blockchain for business
The benefits of applying blockchain technology across organizations are quite obvious. Based on platforms like Hyperledger Fabric, private and consortium blockchains enable enterprises to streamline their corporate operational efficiency. The most beneficial features of blockchain systems for business transactions are:
- Rock-solid Security
- Strong Data Immutability
- Enhanced Accuracy
- Greater Development Cost Reduction
- Improved Transparency & Privacy
- Permissioned Validation
- Higher Transaction Throughput Rates
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