Blockchain Explained In Plain English

Blockchain Explained In Plain English

  1. Types of Blockchain Networks – There are several ways to build a blockchain network. They can be public, private, permissioned, or built by a consortium. Public Blockchain Networks A public blockchain is one that anyone can join and participate in, such as Bitcoin. Disadvantages include the computing power required, little or no privacy for transactions, and low security. These are important considerations for enterprise blockchain use. Private Blockchain Networks A private blockchain network, similar to a public blockchain network, is a decentralized peer-to-peer network. However, the network is managed by an organization that controls who can participate, executes a consensus protocol, and manages the shared ledger. Depending on the use case, this can significantly strengthen trust between participants. A private blockchain can operate behind an enterprise firewall and even be hosted on premises. Permitted Blockchain Networks Companies that set up a private blockchain typically set up a permitted blockchain network. It is important to note that public blockchain networks can also be permissioned. This limits who can participate in the network and in what transactions. Participants must obtain an invitation or permission to participate. Consortium Blockchains Multiple organizations can share responsibility for maintaining a blockchain. These pre-selected organizations determine who can submit transactions or access the data. A consortium blockchain is ideal for organizations when all participants need permission and share responsibility for the blockchain. Blockchain Security Risk Management Systems for Blockchain Networks When building an enterprise blockchain application, it is important to have a comprehensive security strategy that leverages cybersecurity frameworks, assurance services, and best practices to mitigate the risks of attacks and fraud. Learn more about blockchain security

2. There are several ways to build a blockchain network. They can be public, private, permissioned, or built by a consortium. Public Blockchain Networks A public blockchain is one that anyone can join and participate in, such as Bitcoin. Disadvantages include the computing power required, little or no privacy for transactions, and low security. These are important considerations for enterprise blockchain use. Private Blockchain Networks A private blockchain network, similar to a public blockchain network, is a decentralized peer-to-peer network. However, the network is managed by an organization that controls who can participate, executes a consensus protocol, and manages the shared ledger. Depending on the use case, this can significantly strengthen trust between participants. A private blockchain can operate behind an enterprise firewall and even be hosted on premises. Permitted Blockchain Networks Companies that set up a private blockchain typically set up a permitted blockchain network. It is important to note that public blockchain networks can also be permissioned. This limits who can participate in the network and in what transactions. Participants must obtain an invitation or permission to participate. Consortium Blockchains Multiple organizations can share responsibility for maintaining a blockchain. These pre-selected organizations determine who can submit transactions or access the data. A consortium blockchain is ideal for organizations when all participants need permission and share responsibility for the blockchain. Blockchain Security Risk Management Systems for Blockchain Networks When building an enterprise blockchain application, it is important to have a comprehensive security strategy that leverages cybersecurity frameworks, assurance services, and best practices to mitigate the risks of attacks and fraud.

3. Blockchain FAQ What is the difference between blockchain and Bitcoin? Bitcoin is an unregulated digital currency. Bitcoin uses blockchain technology as a transaction ledger. The IBM blockchain platform is powered by Hyperledger technology. With this blockchain solution, any developer can become a blockchain developer. Visit the Hyperledger website for more information. Learn more about Hyperledger Can I deploy on any cloud? IBM Blockchain Platform software is optimized for deployment on Red Hat® OpenShift®, Red Hat’s state-of-the-art enterprise Kubernetes platform. This means you have more flexibility in choosing where to deploy your blockchain network components, whether on-premises, in public clouds, or in hybrid cloud architectures. Deploy in the cloud of your choice I need more specific information. Where are they? For a more detailed look at how a blockchain network works and how you can use it, see Introduction to Distributed Ledgers. Learn more in the Blockchain Tutorial at IBM Developer Explore the capabilities of the IBM blockchain platform, the only fully integrated, enterprise-ready blockchain platform that helps you accelerate the development, management, and operation of a cross-institutional enterprise network. Register to download the whitepaper IBM Blockchain Platform. Learn more about Hyperledger Fabric and discover what makes it unique, why it’s important for enterprise networks, and how you can use it. Visit the Hyperledger page on IBM Developer The Quick Start Guide for Developers explains how to build a Kickstarter blockchain network and start coding with the IBM Blockchain Platform Starter Plan.

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Anthony Aries