What Is Blockchain, The Four Types Of Blockchain Networks, How Blockchain Technologies Will Revolutionize Industries, And The Benefits Of Companies Leveraging Blockchain Technologies

This essay sheds light on what is blockchain, delineates the four types of blockchain, explicates how blockchain will revolutionize industries, and demystifies the benefits of companies leveraging blockchain. Blockchain serves as a digital, decentralized, distributed ledger which is able to archive the provenance of digital assets. Blockchain can also be deemed an immutable ledger which is able to archive transactions. Blockchain cannot only serve as digital decentralized, distributed, immutable ledger that documents digital proof of ownership and transfer of value, but is also a digital decentralized, distributed, immutable ledger that is able to provide simplified transparency to transactions. A blockchain network renders it possible for blockchain network members to be able to track orders, payments, and accounts. A blockchain can only be appended with the addition of new data blocks annexed to the blockchain as new data entries. Data blocks on the blockchain are not deemed modifiable. A blockchain is not limited to being defined as a digital, decentralized, distributed ledger which is able to archive the provenance of digital assets A blockchain can also be deemed chain of data that is comprised of data blocks which archive details of transactions. The blockchain serves as a digital decentralized, distributed, immutable ledger which provides simplified transparency to transactions and documents digital proof of ownership and transfer of value so that it is demonstrably clear who is the owner of assets. Blockchains have practical applications since they cannot only provide simplified transparency to transactions and archive digital proof of ownership and transfer of value, but can also alleviate flustration as it appertains to the ownership of assets by being able to demystify the owners of assets. Blockchain networks can also be accessed remotely from anywhere in the world that has an internet connection. People can view the transactions that are archived on a blockchain network via a smart phone, computer, or tablet. The blockchain serves as a digital decentralized, distributed, immutable ledger which is also able to be "shared among the nodes of a computer network. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party". Blockchain technologies are unequivocally innovative technologies. Blockchain immensely "differs from a" conventional database. "Blockchain is a type of shared database that differs from a typical database in the way that it stores information. Blockchains store data in blocks that are then linked together via cryptography". Whenever a new data block is added to the block chain, it not only provides details of the transaction that it is archiving to the blockchain as a new data entry to the block chain, but also has an exact time stamp associated with it so that the time that the data block was added to the blockchain can be easily ascertained. In the digital era, blockchain technologies have been more popular primarily due to the appeal of "cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts" among investors. There are a myriad of disparate types of blockchain networks. The four types of blockchain networks encompass the public blockchain network, the private blockchain network, the consortium blockchain network, and the hybrid blockchain network. The data entries of a public blockchain network are viewable by members of the public. Anyone can access a public blockchain network and is able to add data entries to the public blockchain. A public blockchain requires a substantial amount of processing power in order to be able to maintain a distributed ledger. A public blockchain is often deemed to be more secure than a private blockchain due to its decentralized nature. A public blockchain is also less impervious to data breaches and hazard

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