This article is part of Blockchain tutorials series that helps you to understand blockchain and its concepts.
Blockchain Tutorial - Introduction
Blockchain is combination of two words, Block and chain so blockchain is chain of blocks and each block store transaction. Each block in blockchain store more than transaction and that transaction count vary for public and private blockchain. In this blockchain tutorials we describe everything about blockchain.
- Blockchain is said to be Bigger than Web so it is going to impact everyone’s life.
- Blockchain will change how we do business today. Blockchain brings more trust and transparency.
- As per recent study, blockchain is going to add $3.1 trillion to the business which is huge
- Blockchain brings transparency mainly in government services and that bring more trust.
In this Blockchain tutorial we explain Blockchain possesses multiple features, that makes it one of the top skills and most popular amount latest technologies.
- Blockchain is Decentralized:
Blockchain is peer to peer network that means many people across the globe connect to each other and that makes peer to peer network.
With peer to peer network, blockchain is purely decentralized and ensure that no one has control on the network and network is maintained and managed by peers.
- Blockchain is High Available
Blockchain is one of the high available networks as blockchain network is peer to peer network. There are high chances of failure and breakdown in case you have centralized system but blockchain network is not centralized rather decentralized so in case on of the peer goes down then other will be available so at given time, your network will be always available.
- Blockchain brings Transparency and Trust
Blockchain brings transparency as blockchain is immutable that means once you write the information to blockchain then you don’t have any way to change or alter that information. You can only add or append the information to blockchain so that ensure that the information stored in blockchain is tamper proof.
In case of public blockchain, information is visible to everyone so that brings transparency which in turn more trust. Imagine a government department that make each transaction that they do make available for public to view, that for sure bring more trust to that government service.
- Blockchain save the cost
Middleman play very important role in today business and middleman cost always add some cost to business so every organization trying to find out the way to eliminate them so that cost can be saved.
Blockchain helps to eliminate middleman which in turn save cost for business.
- Blockchain automate the manual processes
One of the main features explained in this blockchain tutorials is that the blockchain is to automate the manual process. Imagine a property transfer transaction that generally takes a week to month time but with the implementation of blockchain this whole transaction can be completed within a few hours.
Common in Blockchain and Database?
One thing, that is common in Blockchain and Database at very high level is that both are used to store some transnational data.
Now question comes why there is need to have Blockchain if we already have Database?. What all features Blockchain provide that we don't have in database.
Let's understand that in this blockchain tutorials post and see the key differences between Database and Blockchain.
What is difference between Database and Blockchain?
Database is a centralized storage maintained by database administrator. Anyone who has administration access or required access, can delete, update, insert and query the records.
Blockchain is decentralized storage maintained by peer network. No one can delete or update the records in Blockchain rather you can append or query the data. In Blockchain, data stored in block where block is linked to previous block.
|It is centralized storage||It is decentralized storage as this is peer to peer network and same information is replicated on each node|
|Delete, Update, Insert and Query operation supported||Only append and query operation possible|
|Data can be changed later point of time based upon the access||It is immutable, means we can't change the data once written to blockchain|
|Not highly available||Highly available as this is peer to peer network and there are thousands of nodes running across glob. In case one node goes down, that does not impact the network.|
|Data is not secured, anyone who has access can read the data and misuse that.||Data is secured with the help of cryptography and stored in secured manner|
|Data is stored without any consensus||Data is stored after reaching consensus among the peer nodes in network|
|Data stored in ordered/unordered flat files, ISAM, heap files, hash buckets, or B+ trees form||Data stored in block where current block has reference to previous block|