Blockchain

blockchain-wallet-image

Blockchain Wallet

All of us own a wallet and we store cash in it. So, when we hear ‘Blockchain Wallet’, it seems so justified to assume that it holds cryptocurrency. Right? WRONG! A Blockchain wallet is a software that holds and manages keys that belong to a user. The keys are pair of public and private keys. …

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Challenges in Blockchain

With the promise of being a revolutionary technology, Blockchain suffers few limitations. This technology is still in its infancy stage and needs to mature before it can experience the sunshine of acceptance by the masses. The following are some of those surmountable challenges. Scalability A block in a blockchain is created only after the transaction …

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blockchain-consensus-mechanism

Consensus Mechanisms

Consensus, in English, is simply a general agreement. In the context of blockchain, the meaning is not very different. Consensus in blockchain implies nodes of the network agreeing to the same state of blockchain. In other words, when the same version of the truth is agreed upon by all nodes of blockchain, the consensus is …

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Types of Blockchain

Public Blockchain This is, well, the blockchain for the public at large. In public blockchain, everyone is invited to join by becoming a node and thus a decision-making entity in the network. There is no governing authority overlooking the blockchain for decision making process or anything else. Decision making is done via decentralized consensus protocols …

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Benefits of Blockchain

Blockchain is a relatively new technology that is gaining traction slowly. Introduced as a backbone of Bitcoin cryptocurrency, it has evolved to achieve much more. Be it automating the decisions using smart contracts or reducing costs by eliminating intermediaries, all flavors of blockchain applications share some common characteristics. The following are some of the benefits …

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