The blockchain is a distributed ledger technology that underlies cryptocurrencies like Bitcoin and platforms like Ethereum. It provides a way to record and transfer data that is transparent, safe, auditable, and resistant to outages. Source of Information: https://goo.gl/tt3EaV

1. GUIDE TO BLOCKCHAIN
TECHNOLOGY

2. Blockchain, the technology which is about to set a new era of
transaction through digitalisation, is actually not so new to the world
of internet. This most discussed topic of present-day which was
actually invented in late 2008 by a person or group of people known
by the professional name, Satoshi Nakamoto

3. What is Blockchain Technology?
A blockchain in the simplest way can be defined as a list of digital
records which are called blocks and are chained together. A
blockchain is like a distributed ledger which is shared with all
computers ( which is generally called here as Nodes) with an internet
connection.

4. A blockchain is more or less like a shared Google Doc which is shared
with millions of computers on the internet. This is a decentralised,
distributed and highly encrypted ledger which securely records
information across a peer to peer network.

5. Types of Blockchain
There are four types of blockchains. All of them are created differently
on the basis of ‘consensus’. The literal meaning of consensus is getting
a ‘public agreement’ and the case of a blockchain also there is no
difference.

6. There are four main methods of finding consensus in a blockchain.
 The Practical Byzantine Fault Tolerance Algorithm (PBFT)
 The Proof-of-Work Algorithm (PoW)
 The Proof-of-Stake Algorithm (PoS)
 The Delegated Proof-of-Stake Algorithm(DPoS)

7. 1)Public Blockchain

8.  This type of blockchain is based on Proof of Work (PoW) consensus
algorithms.
 Once a node is connected to a chain, they can add
blocks(information), validate transactions happening in the chain,
thus participating in the consensus process.
 Every transaction happens here is a public transaction hence one can
claim those transactions to be transparent.
 Your data is highly secured using cryptography and consensus
protocol.

9.  A public blockchain is a decentralised ledger where anyone from
any corner of the world can audit, transact or add blocks only if
other nodes in the chain authenticate the same.
 The first ever cryptocurrency, Bitcoin is working with the same kind
of blockchain which is open to all.
 The other examples of public blockchain are – Ethereum, Monero,
Dash, Litecoin, Dodgecoin etc

10. 2) Consortium Blockchain

11.  Consortium Blockchain is owned by a group of people or a corporation
by whom the consensus process is controlled.
 This kind of blockchain is generally used in business. Consortium
Blockchains are ‘permissioned blockchain’ where the right to read can
be given to the public or only to the members of the chain.
 Such types of chains are considered to be better secured as the
consensus process is controlled by a selected number of nodes.

12. 3) Private Blockchain

13.  A Private Blockchain is a centralised chain where the chief control
of the chain is in the hand of a single entity.
 The read permission may be given to the public or may not be
given.
 A private blockchain owner can easily change the rules of a
blockchain, revert transactions, modify balances etc.
 Faster transaction can be done as the consensus has to be given by
the single entity who owns the chain.

14. 4) Semi-private blockchain

15.  Semi-private blockchains are run by a single company where access
to that chain is given to the person or a company if he fulfils the
criteria mentioned by the owner of the blockchain.
 Such type of blockchains are neither entirely decentralised nor a
private one.
 This type of blockchain is mostly used by business to business cases or
government applications.

17. This ingenious invention of blockchain technology is the
brainchild of this person/ group to make the first ever
cryptocurrency Bitcoin be secured from hackers.