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Block Chain Types and Technology

The document discusses different types of blockchains including public, private, and consortium blockchains. It explains the key characteristics of each type and provides examples. The document also covers how blockchain technology works using principles like cryptographic keys, identity, and distributed networks. It discusses blockchain security and popularity.

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Arne
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55 views

Block Chain Types and Technology

The document discusses different types of blockchains including public, private, and consortium blockchains. It explains the key characteristics of each type and provides examples. The document also covers how blockchain technology works using principles like cryptographic keys, identity, and distributed networks. It discusses blockchain security and popularity.

Uploaded by

Arne
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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J. Donald Raymonds et al.

; International Journal of Advance Research, Ideas and Innovations in Technology

ISSN: 2454-132X
Impact factor: 4.295
(Volume 4, Issue 5)
Available online at: www.ijariit.com
Block chain types and technology
Donald Raymonds J. Gokul S. Naveen H.
[email protected] [email protected] [email protected]
Sri Krishna Adithya College of Arts and Sri Krishna Adithya College of Arts Sri Krishna Adithya College of Arts
Science, Coimbatore, Tamil Nadu and Science, Coimbatore, Tamil Nadu and Science, Coimbatore, Tamil Nadu

ABSTRACT anyone wants to access the service provided by the network can
download the protocol locally without having to reveal the
Nowadays blockchain technology is one of the fast growing identity of the user or meet predetermined criteria. In public
technologies. Blockchain technology is the growing list of blockchain, anyone can download a code and run on their local
records called blocks which are linked using cryptography. device. A public blockchain has absolutely no access
The blockchain is a way for one internet user to transfer a restriction. In public blockchain, anyone can send the
unique piece of digital property to another internet user, such transaction to it as well as become a validator by using an
kind of transfer is said to be secure and safe. In blockchain internet.
technology, each node is connected to another node for data
transaction.
Keywords— Cryptography, Digital property, Nodes,
Cryptocurrency
1. INTRODUCTION
A blockchain is a digitized, decentralized, and public ledger of
all cryptocurrency transactions. A blockchain is a distributed
ledger or database of records or public ledger of the transaction
of the digital event which is maintained by a network node. Fig. 1: Public Blockchain
Blockchain which is readable by humans is widely used by
cryptocurrencies. In a blockchain technology, each node is a 2.2 Private blockchain
block where each block contains a cryptographic hash of In private blockchain, the members of the network should be
previous block timestamp and transaction data. The blocks are selected before the user able to download the protocol and to
inserted by cryptography, ensuring that they remain the same. use the proposed service by the network. The mining
The data can be distributed to another node but not copied by capabilities and the system of consensus as a whole are
the user. Every time a new transaction is initiated a block is centralized within the same entity. One cannot join private
created with the transaction details and broadcast to all the blockchain unless the user is invited by the network
nodes. Once the verification process is done the transaction is administrators. Participant and validator are restricted. Private
established that the block is linked to a previous block to create Blockchain is considered as a centralized for the user’s that
a blockchain. Data that are stored through the blockchain they are interested in the blockchain technology but are not
cannot be modified, only it can be viewed. Blockchain comfortable with a level of quality offered by public networks.
technology was originally developed to use the digital
BITCOIN. But blockchain technology and bitcoin are two
different technologies, where blockchain is used for peer-to-
peer payment, supply chain tracking but bitcoin is an encrypted
currency. The blockchain is a special instance of DLT almost
all of which have risen in bitcoins wake. [1]

2. TYPES OF BLOCKCHAIN
 Public blockchain
 Private blockchain Fig. 2: Private blockchain
 Consortium blockchain
2.1 Public blockchain 2.3 Consortium blockchain
A blockchain is said to be public when anyone can become a A consortium blockchain is also called as semi-decentralized. It
member of the network without the condition of admission. If is also permission but instead of a single organization
© 2018, www.IJARIIT.com All Rights Reserved Page | 222
J. Donald Raymonds et al.; International Journal of Advance Research, Ideas and Innovations in Technology
controlling it, a number of companies might each operate a 4. BLOCKCHAIN SECURITY
node on such a network. Consortium blockchain works under The blockchain is one of the growing technologies which
the leadership of a group of a single entity. It is considered support the bitcoin known as digital currencies it almost
partially decentralized. Instead of allowing any person to performs on a decentralized platform which secures
participate in the verification of transaction who are with an transactions process through encryption. This technology which
internet connection, the user can process a few selected nodes cannot be used by any one user or person or company who has
are predetermined. [2] the ability to access or view the blockchain state at any time.it
has become a newly growing protocol and infrastructure which
have a great impact on business, industry and among society
and governments. Using protocol we can achieve the security
and vulnerability.
It has the ability of business process by eliminating the political
and the economic risk factors with a trusted system of
centralization.in blockchain trust and transparency are run
together to check its validity.

Fig. 3: Consortium blockchain 4.1 Blockchain data security


The blockchain technology needs for the driving factors like
3. WORKING OF BLOCKCHAIN TECHNOLOGY confidentiality, integrity, and authentication of related
Blockchain technologies are created by the combination of five information through finance. Through cryptography and
principles. encryption, the blockchain can pass through the process and
storing of data. The cryptographic technique consists of a
 Cryptographic keys mathematical algorithm to encrypt and decrypt data. The
The main purpose of this component is to create a secure blockchain is helping the individual, government, and
reference to a digital identity. The identity is based upon businessmen to overcome the fraud, hacking and malicious
combinations like private and public cryptographic keys. The actors.
combinations of these keys are extremely used and useful in
digital signature and the digital signature is used for 5. BLOCKCHAIN POPULARITY
providing the control of ownership. The global financial system has become wide enormous to
transfer the money. How we send the mail through the world in
 Identity
a second but at first transferring money takes so many days or
The ownership not based on only giving the secure digital
weeks to arrive destination. Financial intermediate which is
transactions. But also when authentication is solved, it paves
required to transfer a lot of money which will take a service
the way for providing transactions and permissions. It also
charge. The financial officials are always victims of the fraud
begins with a distributed network.
which takes place in the economy, it also results in a greater
 A Distributed Network increase in higher costs for all parties who were involved will
The blockchain has a major category as a larger network. definitely get a reduce costs. It also increases the cash flow and
Each larger network is divided into small networks after capital investments and the velocity of the transaction of money
gathering of required data all the small networks are grouped faster and efficient.
as larger networks this subdivision of networks is also called
a distributed network. 6. CONCLUSION
Blockchain will predict the reduction of inefficiencies in the
 System of record financial marketplace. Each and every banking & financial
The cryptographic keys are super useful one of interactions market will take a lot of blockchain benefits and make the
with digital emerges. Each process begins with a private key advanced implementation of fintech startups. Banking fraud
by sorting in case of Bitcoin. In which we are sending it in a and costs for the consumers will get reduced. [4]
sum of cryptocurrency and we attach it to a blockchain public
key. 7. REFERENCES
[1] https://www.Forbes.com
 Protocol [2] https://www.Blockchainhub.com
It is also a block which is used to send emerging information [3] https://www.coindesk.com
to all nodes. The protocol is used to eliminate the process of [4] https://www.bookinbug.com
separate transactions at the same time using bitcoins. In such
a way it is very difficult to detect. If we understand the
protocol we can use it in a perfect way. [3]

© 2018, www.IJARIIT.com All Rights Reserved Page | 223

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