Blockchain is a distributed ledger of transactions or digital events that is shared among participants in a network. Each transaction is verified by consensus of participants and stored in a chronological and immutable chain of blocks. Blockchain technology was introduced with Bitcoin in 2008 as a way to record cryptocurrency transactions in a verifiable and permanent way without the need for a central authority. Common applications of blockchain include cryptocurrencies, smart contracts, supply chain management, digital identity, and decentralized systems.

1. Blockchain could be a data structure that could be a growing list of information
blocks. The knowledge blocks area unit coupled along, such recent blocks can’t
be removed or altered. Blockchain is the backbone Technology of the Digital
Cryptocurrency Bitcoin.
What is Blockchain?
The blockchain is a distributed database of records of all transactions or digital
events that have been executed and shared among participating parties. Each
transaction is verified by the majority of participants of the system.
It contains every single record of each transaction. Bitcoin is the most popular
cryptocurrency an example of the blockchain. Blockchain Technology first came to
light when a person or group of individuals name ‘Satoshi Nakamoto’ published a
white paper on “Bitcoin: A peer-to-peer electronic cash system” in 2008.
Blockchain Technology Records Transaction in Digital Ledger which is distributed
over the Network thus making it incorruptible. Anything of value like Land Assets,
Cars, etc. can be recorded on Blockchain as a Transaction.
How does Blockchain Technology Work?
One of the famous uses of Blockchain is Bitcoin. Bitcoin is a cryptocurrency and is
used to exchange digital assets online. Bitcoin uses cryptographic proof instead of
third-party trust for two parties to execute transactions over the Internet. Each
transaction protects through a digital signature.
Blockchain can be defined as the Chain of Blocks that contain some specific
Information. Thus, a Blockchain is a ledger i.e file that constantly grows and keeps
the record of all transactions permanently. This process takes place in a secure,
chronological (Chronological means every transaction happens after the previous one)
and immutable way. Each time when a block is completed in storing information, a
new block is generated.

2. Blockchain Decentralization
There is no Central Server or System which keeps the data of the Blockchain. The
data is distributed over Millions of Computers around the world which are connected
to the Blockchain. This system allows the Notarization of Data as it is present on
every Node and is publicly verifiable.

3. Blockchain nodes
A node is a computer connected to the Blockchain Network. Node gets connected
with Blockchain using the client. The client helps in validating and propagating
transactions onto the Blockchain. When a computer connects to the Blockchain, a
copy of the Blockchain data gets downloaded into the system and the node comes in
sync with the latest block of data on Blockchain. The Node connected to the
Blockchain which helps in the execution of a Transaction in return for an incentive
is called Miners.

4. Disadvantages of the current transaction system:
 Cash can only be used in low-amount transactions locally.
 The huge waiting time in the processing of transactions.
 The need for a third party for verification and execution of Transactions
makes the process complex.
 If the Central Server like Banks is compromised, the whole system is
affected including the participants.
 Organizations doing validation charge high process thus making the
process expensive.
Building trust with Blockchain: Blockchain enhances trust across a business
network. It’s not that you can’t trust those who you conduct business with it’s that
you don’t need to when operating on a Blockchain network. Blockchain builds trust
through the following five attributes:
 Distributed: The distributed ledger is shared and updated with every
incoming transaction among the nodes connected to the Blockchain. All
this is done in real time as there is no central server controlling the data.
 Secure: There is no unauthorized access to Blockchain made possible
through Permissions and Cryptography.
 Transparent: Because every node or participant in Blockchain has a copy
of the Blockchain data, they have access to all transaction data. They
themselves can verify the identities without the need for mediators.
 Consensus-based: All relevant network participants must agree that a
transaction is valid. This is achieved through the use of consensus
algorithms.
 Flexible: Smart Contracts which are executed based on certain conditions
can be written into the platform. Blockchain Networks can evolve in pace
with business processes.
What are the benefits of Blockchain?

5.  Time-saving: No central Authority verification is needed for settlements
making the process faster and cheaper.
 Cost-saving: A Blockchain network reduces expenses in several ways. No
need for third-party verification. Participants can share assets directly.
Intermediaries are reduced. Transaction efforts are minimized as every
participant has a copy of the shared ledger.
 Tighter security: No one can tamper with Blockchain Data as it is shared
among millions of Participants. The system is safe against cybercrimes
and Fraud.
 Collaboration: It permits every party to interact directly with one another
while not requiring third-party negotiation.
 Reliability: Blockchain certifies and verifies the identities of every
interested party. This removes double records, reducing rates and
accelerating transactions.
Application of Blockchain
 Leading Investment Banking Companies like Credit Suisse, JP Morgan
Chase, Goldman Sachs, and Citigroup have invested in Blockchain and are
experimenting to improve the banking experience and secure it.
 Following the Banking Sector, the Accountants are following the same
path. Accountancy involves extensive data, including financial statements
spreadsheets containing lots of personal and institutional data. Therefore,
accounting can be layered with blockchain to easily track confidential and
sensitive data and reduce human error and fraud. Industry Experts from
Deloitte, PwC, KPMG, and EY are proficiently working and using
blockchain-based software.
 Booking a Flight requires sensitive data ranging from the passenger’s
name, credit card numbers, immigration details, identification,
destinations, and sometimes even accommodation and travel information.
So sensitive data can be secured using blockchain technology. Russian
Airlines are working towards the same.
 Various industries, including hotel services, pay a significant amount
ranging from 18-22% of their revenue to third-party agencies. Using
blockchain, the involvement of the middleman is cut short and allows
interaction directly with the consumer ensuring benefits to both parties.
Winding Tree works extensively with Lufthansa, Air France, Air Canada,
and Etihad Airways to cut short third-party operators charging high fees.
 Barclays uses Blockchain to streamline the Know Your Customer (KYC)
and Fund Transfer processes while filling patents against these features.
 Visa uses Blockchain to deal with business-to-business payment services.
 Unilever uses Blockchain to track all their transactions in the supply chain
and maintain the product’s quality at every stage of the process.
 Walmart has been using Blockchain Technology for quite some time to
keep track of their food items coming right from farmers to the customer.
They let the customer check the product’s history right from its origin.
 DHL and Accenture work together to track the origin of medicine until it
reaches the consumer.

6.  Pfizer, an industry leader, has developed a blockchain system to keep
track of and manage the inventory of medicines.
 The government of Dubai looking forward to making Dubai the first-ever
city to rely on entirely and work using blockchain, even in their
government office.
 Along with the above organizations, leading tech companies like Google,
Microsoft, Amazon, IBM, Facebook, TCS, Oracle, Samsung, NVIDIA,
Accenture, and PayPal, are working on Blockchain extensively.
Is Blockchain Secure?
Nowadays, as the blockchain industry is increasing day by day, a question arises is
Blockchain safe? or how safe is blockchain? As we know after a block has been
added to the end of the blockchain, previous blocks cannot be changed. If a change
in data is tried to be made then it keeps on changing the Hash blocks, but with this
change, there will be a rejection as there are no similarities with the previous block.
Just imagine there is a who hacker runs a node on a blockchain network, he wants to
alter a blockchain and steal cryptocurrency from everyone else. With a change in the
copy, they would have to convince the other nodes that their copy was valid.
They would need to control a majority of the network to do this and insert it at just
the right moment. This is known as a 51% attack because you need to control more
than 50% of the network to attempt it.
Timing would be everything in this type of attack—by the time the hacker takes any
action, the network is likely to have moved past the blocks they were trying to alter.
Blockchain project ideas
Here are a few project ideas for beginners looking to learn more about blockchain
technology:
1. Cryptocurrency Wallet: Create a simple cryptocurrency wallet
application that allows users to send and receive digital assets.
2. Blockchain Explorer: Develop a web-based application that allows users
to view and search the transactions on a specific blockchain.
3. Smart Contract: Implement a simple smart contract on the Ethereum
blockchain that can be used to manage a digital token or asset.
4. Voting System: Create a blockchain-based voting system that allows for
secure and transparent voting while maintaining voter anonymity.
5. Supply Chain Management: Develop a blockchain-based system for
tracking the movement of goods and services through a supply chain,
providing greater transparency and traceability.
6. Decentralized marketplace: Create a decentralized marketplace using
blockchain technology where the goods and services can be directly
bought by the customers without any intermediary.
7. Identity Management: Create a decentralized digital identity
management system that allows users to control their personal information
and share it securely with others.
These are just a few examples, there are many other possibilities to explore within
Blockchain technology.
Future Scope of Blockchain Technology

7. Finance, supply chain management, and the Internet of Things are just a few of the
sectors that blockchain technology has the power to upend (IoT). The following are
some potential uses for blockchain in the future:
 Digital Identity: Blockchain-based digital IDs might be used to store
personal data safely and securely as well as offer a means of establishing
identity without the need for a central authority.
 Smart Contracts: A variety of legal and financial transactions could be
automated using smart contracts, self-executing contracts with the terms
of the agreement put straight into lines of code.
 Decentralized Finance (DeFi): Using blockchain technology, decentralized
financial systems might be built that support peer-to-peer transactions and
do away with conventional intermediaries like banks.
 Supply Chain Management: Blockchain technology can be applied to a
permanent record of how goods and services have been moved, enabling
improved openness and traceability across the whole supply chain.
-Internet of Things (IoT): Blockchain technology may be used to build
decentralized, secure networks for IoT devices, enabling them to exchange
data and communicate with one another in an anonymous, safe manner.
In general, blockchain technology is still in its early stages and has a wide range of
potential applications.
Advantages of Blockchain Technology:
1. Decentralization: The decentralized nature of blockchain technology
eliminates the need for intermediaries, reducing costs and increasing
transparency.
2. Security: Transactions on a blockchain are secured through cryptography,
making them virtually immune to hacking and fraud.
3. Transparency: Blockchain technology allows all parties in a transaction to
have access to the same information, increasing transparency and reducing
the potential for disputes.
4. Efficiency: Transactions on a blockchain can be processed quickly and
efficiently, reducing the time and cost associated with traditional
transactions.
5. Trust: The transparent and secure nature of blockchain technology can
help to build trust between parties in a transaction.
Disadvantages of Blockchain Technology:
1. Scalability: The decentralized nature of blockchain technology can make it
difficult to scale for large-scale applications.
2. Energy Consumption: The process of mining blockchain transactions
requires significant amounts of computing power, which can lead to high
energy consumption and environmental concerns.
3. Adoption: While the potential applications of blockchain technology are
vast, adoption has been slow due to the technical complexity and lack of
understanding of the technology.
4. Regulation: The regulatory framework around blockchain technology is
still in its early stages, which can create uncertainty for businesses and
investors.

8. 5. Lack of Standards: The lack of standardized protocols and technologies
can make it difficult for businesses to integrate blockchain technology into
their existing systems.
6. Overall, the advantages of blockchain technology are significant and have
the potential to revolutionize many industries. However, there are also
several challenges and disadvantages that must be addressed before the
technology can reach its full potential.
History of Blockchain
Let’s discuss the timeline of blockchain evolution:
Timeline Blockchain Bitcoin Ethereum
1991
Stuart Haber and Scott
Stornetta Work on The
First Blockchain
NA NA
1992
Merkle Trees formed a
legal corporation using a
system developed by
Stuart Haber and W.
Scott Stornetta
NA NA
2000
Stefan Konst published
his theory of
cryptographic secured
chains
NA NA

9. Timeline Blockchain Bitcoin Ethereum
2004
Cryptographic activist
Hal Finney introduced
“Reusable Proof of
Work”.
NA NA
2008
Satoshi Nakamoto
conceptualized the
concept of “Distributed
Blockchain” in his white
paper: ”A Peer to Peer
Electronic Cash System”.
NA NA
2009
 James Howells
was an IT
worker in the
United
Kingdom, who
starts mining
bitcoin.
 Satoshi
Nakamoto
Releases
Bitcoin White
Paper
NA
2014 Blockchain 2.0 is born. NA
Ethereum
Blockchain Is
Funded By
Crowdsale
2015
Linux Foundation
launched the Hyperledger
project.
NA
Ethereum
Frontier
Network was
launched
2016
Blockchain is accepted as
a single word instead of
two different concepts
Bitfinex bitcoin exchange
was hacked resulting in
120,000 bitcoin being
stolen.
NA
2017
Block.one company
introduced the EOS
Japan recognized Bitcoin
as a legal currency.
NA

10. Timeline Blockchain Bitcoin Ethereum
blockchain operating
system.
2018
Google, Twitter, and
Facebook banned the
advertising of
cryptocurrencies.
Bitcoin turned 10 in the
year 2018.
NA
2019 NA NA
Ethereum
network
transactions
exceeded 1
million per
day.
2020 Stablecoins saw a rise. NA
Ethereum
launched
Beacon Chain
in preparation
for Ethereum
2.0.
2022 NA NA
Ethereum
Merge.
Ethereum’s
consensus
mechanism is
now PoS.
Features of Blockchain
Let’s have a look at the primary features of the blockchain technology:
1. Immutable

11. Immutability means that the blockchain is a permanent and unalterable network.
Blockchain technology functions through a collection of nodes. Once a transaction is
recorded on the blockchain, it cannot be modified or deleted. This makes the
blockchain an immutable and tamper-proof ledger that provides a high degree of
security and trust.
 Every node in the network has a copy of the digital ledger. To add a
transaction every node checks the validity of the transaction and if the
majority of the nodes think that it is a valid transaction then it is added to
the network. This means that without the approval of a majority of nodes
no one can add any transaction blocks to the ledger.
 Any validated records are irreversible and cannot be changed. This means
that any user on the network won’t be able to edit, change or delete it.
2. Distributed
All network participants have a copy of the ledger for complete transparency. A public
ledger will provide complete information about all the participants on the network and
transactions. The distributed computational power across the computers ensures a
better outcome.
Distributed ledger is one of the important features of blockchains due to many
reasons like:
 In distributed ledger tracking what’s happening in the ledger is easy as
changes propagate really fast in a distributed ledger.
 Every node on the blockchain network must maintain the ledger and
participate in the validation.
 Any change in the ledger will be updated in seconds or minutes and due to
no involvement of intermediaries in the blockchain, the validation for the
change will be done quickly.
 If a user wants to add a new block then other participating nodes have to
verify the transaction. For a new block to be added to the blockchain
network it must be approved by a majority of the nodes on the network.
 In a blockchain network, no node will get any sort of special treatment or
favors from the network. Everyone will have to follow the standard
procedure to add a new block to the network.
3. Decentralized
Blockchain technology is a decentralized system, which means that there is no central
authority controlling the network. Instead, the network is made up of a large number
of nodes that work together to verify and validate transactions. Each and every node
in the blockchain network will have the same copy of the ledger.
Decentralization property offers many advantages in the blockchain network:
 As a blockchain network does not depend on human calculations it is fully
organized and fault-tolerant.

12.  The blockchain network is less prone to failure due to the decentralized
nature of the network. Attacking the system is more expensive for the
hackers hence it is less likely to fail.
 There is no third-party involved hence no added risk in the system.
 The decentralized nature of blockchain facilitates creating a transparent
profile for every participant on the network. Thus, every change is traceable,
and more concreate.
 Users now have control over their properties and they don’t have to rely on
third-party to maintain and manage their assets.
4. Secure
All the records in the blockchain are individually encrypted. Using encryption adds
another layer of security to the entire process on the blockchain network. Since there
is no central authority, it does not mean that one can simply add, update or delete data
on the network.
Every information on the blockchain is hashed cryptographically which means that
every piece of data has a unique identity on the network. All the blocks contain a
unique hash of their own and the hash of the previous block. Due to this property, the
blocks are cryptographically linked with each other. Any attempt to modify the data
means to change all the hash IDs which is quite impossible.
5. Consensus
Every blockchain has a consensus to help the network to make quick and unbiased
decisions. Consensus is a decision-making algorithm for the group of nodes active on
the network to reach an agreement quickly and faster and for the smooth functioning
of the system. Nodes might not trust each other but they can trust the algorithm that
runs at the core of the network to make decisions. There are many consensus

13. algorithms available each with its pros and cons. Every blockchain must have a
consensus algorithm otherwise it will lose its value.
6. Unanimous
All the network participants agree to the validity of the records before they can be
added to the network. When a node wants to add a block to the network then it must
get majority voting otherwise the block cannot be added to the network. A node cannot
simply add, update, or delete information from the network. Every record is updated
simultaneously and the updations propagate quickly in the network. So it is not
possible to make any change without consent from the majority of nodes in the
network.
7. Faster Settlement
Traditional banking systems are prone to many reasons for fallout like taking days to
process a transaction after finalizing all settlements, which can be corrupted easily.
On the other hand, blockchain offers a faster settlement compared to traditional
banking systems. This blockchain feature helps make life easier.
Blockchain technology is increasing and improving day by day and has a really bright
future in the upcoming years. The transparency, trust, and temper proof characteristics
have led to many applications of it like bitcoin, Ethereum, etc. It is a pillar in making
the business and governmental procedures more secure, efficient, and effective.
Different Version of BlockChain:--



BlockChain is buzzword in today’s technology. Thus, a BlockChain is defined as
the digital record of transaction which is stored in the Chain of Blocks.
Each time a block is completed by storing Information, the next new block is
created to store further information. BlockChain is a secure technology in which
third party intermediary are not allowed. For example: in money transfer banks
interference are not allowed. BlockChain technology is used in various fields like
Banking, Finance, Government, Insurance, Healthcare, retail etc.
Different Versions of BlockChain :
There are Three Version’s of BlockChain as depicted below :

14. 1. BlockChain 1.0 (Cryptocurrency) –
BlockChain Version 1.0 was introduced in 2005 by Hall Finley, who implements
DLT (Distributed Ledger Technology) represents its first application based on
Crypto currency. This allows Financial Transaction based on BlockChain
technology or DTL which is executed with the help of BitCoin. This type of
Version is permissionless as any participant will perform valid transaction of
Bitcoin. This type is mainly used in Currency and Payments. Blockchain 1.0 or
Blockchain Version 1.0 aimed to introduce a transparent, publicly accessible,
completely decentralised, immutable ledger and distributed system of
transactions in the global financial market. Blockchain 1.0 is developed over the
idea and structure of Bitcoin. It primarily focused on the development and
creation of new cryptocurrencies. Blockchain 1.0 is often termed a digital,
decentralised, distributed ledger that records transactions in a database shared
by all nodes, updated by blockchain miners and maintained and monitored by
everyone with no individual ownership.
2. BlockChain 2.0 ( Smart Contracts) –
The new Version of BlockChain come because there is a problem in version 1.0
which was Mining of BitCoin was Wasteful and there was also lack of Scalability
of Network in it. So problem is improved in Version 2.0. In this version, the
BlockChain is not just limited to Cryptocurrencies but it will extend up to Smart
Contracts.
Thus, Small Contracts are Small Computer’s which live in the Chains of Blocks.
These Small Computer’s are free computer programs that executed
automatically, and check the condition defined earlier like facilitation,
verification or enforcement and reduce transactions cost efficiency.
In BlockChain 2.0, BitCoin is replaced with Ethereum. Thus, BlockChain 2.0 was
successfully processing high number of Transactions on Public network rapidly.
3. BlockChain 3.0 (DApps) –
After Version 2.0, new version was introduced which includes DApps which is

15. known as Decentralized Apps. A DApp is like a conventional app, it can have
frontend written in any language that makes calls to its backend, and its backend
code is running on decentralized Peer-To-Peer Network. It makes use of
decentralized storage and communication which can be Ethereum Swarm etc.
DApps is decentralised, i.e. no single owner/authority that ensures transparency,
improved security, data accessible to all, no censorship and flexible development.
DApps brings many benefits such as zero downtime, ensuring privacy, data
integrity and trustless yet secure communication (business, transaction, etc.).
There are many decentralized Applications like BitMessage, BitTorrent, Tor,
Popcorn, etc.
Advantages :
 Transaction takes place without requiring and Third Party
Intermediary which ensures the security of Details and Data.
 BlockChain use Cryptography in order to make sure the information is
locked inside the BlockChain.
 BlockChain removes Double records which accelerates Transactions.
Disadvantages :
There is always risk of Error as long as human factor is evolved.
Transaction cost of BitCoin is quite Higher.
Blockchain technology is immutable it means we cannot make any
changes when data or information is inserted.
Types of Blockchain
There are 4 types of blockchain:
 Public Blockchain.
 Private Blockchain.
 Hybrid Blockchain.
 Consortium Blockchain.

16. Let’s discuss each of these topics in detail.
1. Public Blockchain
These blockchains are completely open to following the idea of decentralization. They
don’t have any restrictions, anyone having a computer and internet can participate in
the network.
 As the name is public this blockchain is open to the public, which means it
is not owned by anyone.
 Anyone having internet and a computer with good hardware can participate
in this public blockchain.
 All the computer in the network hold the copy of other nodes or block
present in the network
 In this public blockchain, we can also perform verification of transactions
or records
Advantages:
 Trustable: There are algorithms to detect no fraud. Participants need not
worry about the other nodes in the network
 Secure: This blockchain is large in size as it is open to the public. In a large
size, there is greater distribution of records
 Anonymous Nature: It is a secure platform to make your transaction
properly at the same time, you are not required to reveal your name and
identity in order to participate.

17.  Decentralized: There is no single platform that maintains the network,
instead every user has a copy of the ledger.
Disadvantages:
 Processing: The rate of the transaction process is very slow, due to its large
size. Verification of each node is a very time-consuming process.
 Energy Consumption: Proof of work is high energy-consuming. It
requires good computer hardware to participate in the network
 Acceptance: No central authority is there so governments are facing the
issue to implement the technology faster.
Use Cases: Public Blockchain is secured with proof of work or proof of stake they
can be used to displace traditional financial systems. The more advanced side of this
blockchain is the smart contract that enabled this blockchain to support
decentralization. Examples of public blockchain are Bitcoin, Ethereum.
2. Private Blockchain
These blockchains are not as decentralized as the public blockchain only selected
nodes can participate in the process, making it more secure than the others.
 These are not as open as a public blockchain.
 They are open to some authorized users only.
 These blockchains are operated in a closed network.
 In this few people are allowed to participate in a network within a
company/organization.
Advantages:
 Speed: The rate of the transaction is high, due to its small size. Verification
of each node is less time-consuming.
 Scalability: We can modify the scalability. The size of the network can be
decided manually.
 Privacy: It has increased the level of privacy for confidentiality reasons as
the businesses required.
 Balanced: It is more balanced as only some user has the access to the
transaction which improves the performance of the network.
Disadvantages:
 Security- The number of nodes in this type is limited so chances of
manipulation are there. These blockchains are more vulnerable.
 Centralized- Trust building is one of the main disadvantages due to its
central nature. Organizations can use this for malpractices.
 Count- Since there are few nodes if nodes go offline the entire system of
blockchain can be endangered.
Use Cases: With proper security and maintenance, this blockchain is a great asset to
secure information without exposing it to the public eye. Therefore companies use
them for internal auditing, voting, and asset management. An example of private
blockchains is Hyperledger, Corda.
3. Hybrid Blockchain

18. It is the mixed content of the private and public blockchain, where some part is
controlled by some organization and other makes are made visible as a public
blockchain.
 It is a combination of both public and private blockchain.
 Permission-based and permissionless systems are used.
 User access information via smart contracts
 Even a primary entity owns a hybrid blockchain it cannot alter the
transaction
Advantages:
 Ecosystem: Most advantageous thing about this blockchain is its hybrid
nature. It cannot be hacked as 51% of users don’t have access to the network
 Cost: Transactions are cheap as only a few nodes verify the transaction. All
the nodes don’t carry the verification hence less computational cost.
 Architecture: It is highly customizable and still maintains integrity,
security, and transparency.
 Operations: It can choose the participants in the blockchain and decide
which transaction can be made public.
Disadvantages:
 Efficiency: Not everyone is in the position to implement a hybrid
Blockchain. The organization also faces some difficulty in terms of
efficiency in maintenance.
 Transparency: There is a possibility that someone can hide information
from the user. If someone wants to get access through a hybrid blockchain
it depends on the organization whether they will give or not.
 Ecosystem: Due to its closed ecosystem this blockchain lacks the
incentives for network participation.
Use Case: It provides a greater solution to the health care industry, government, real
estate, and financial companies. It provides a remedy where data is to be accessed
publicly but needs to be shielded privately. Examples of Hybrid Blockchain are Ripple
network and XRP token.
4. Consortium Blockchain
It is a creative approach that solves the needs of the organization. This blockchain
validates the transaction and also initiates or receives transactions.
 Also known as Federated Blockchain.
 This is an innovative method to solve the organization’s needs.
 Some part is public and some part is private.
 In this type, more than one organization manages the blockchain.
Advantages:
 Speed: A limited number of users make verification fast. The high speed
makes this more usable for organizations.
 Authority: Multiple organizations can take part and make it decentralized
at every level. Decentralized authority, makes it more secure.

19.  Privacy: The information of the checked blocks is unknown to the public
view. but any member belonging to the blockchain can access it.
 Flexible: There is much divergence in the flexibility of the blockchain.
Since it is not a very large decision can be taken faster.
Disadvantages:
 Approval: All the members approve the protocol making it less flexible.
Since one or more organizations are involved there can be differences in the
vision of interest.
 Transparency: It can be hacked if the organization becomes corrupt.
Organizations may hide information from the users.
 Vulnerability: If few nodes are getting compromised there is a greater
chance of vulnerability in this blockchain
Use Cases: It has high potential in businesses, banks, and other payment processors.
Food tracking of the organizations frequently collaborates with their sectors making
it a federated solution ideal for their use. Examples of consortium Blockchain are
Tendermint and Multichain.