Blockchain is a distributed ledger that makes it more easier to record transactions and manage assets in a business network. It's a distributed database that's shared among computer network nodes. A blockchain is a database that stores data in a digital manner. On a blockchain network, virtually anything of value may be monitored and traded.A blockchain network can be used to track orders, payments, accounts, production, and much more. You can see all of the details of a transaction from beginning to end.

A blockchain's data structure differs from that of a regular database. A blockchain divides data into blocks, each of which contains a collection of information. When a block is filled, it is closed and linked to the previous block, forming a data chain known as the blockchain. All new information added after that freshly added block is compiled into a new block, which is subsequently added to the chain after it is filled.

Each successive block reinforces the prior block's verification, and hence the entire blockchain. This reduces the danger of tampering by a malicious actor and establishes a secure transaction record for you and other network users.

Features and Uses of Blockchain Technology

Security

All network transactions are immutable since they are forever recorded. No one has the ability to undo a transaction.

Decentralized system

Normally, transactions require the approval of regulatory bodies like as a government or a bank; but, with Blockchain, transactions are completed through user consensus, resulting in faster transactions.

Secure

The blockchain network must verify the legitimacy of a transaction after it has been recorded. Thousands of computers on the blockchain verify the data. After a machine has validated the transaction, it is added to the blockchain block. It is impossible for other users to corrupt or change an individual's data without a distinct digital signature.

Types of Blockchain Network

Public Blockchain Network

A public blockchain is one that anyone can join and build a node on without restriction. Bitcoin and other cryptocurrencies got their beginnings on public blockchains. A consensus procedure is used to confirm the veracity of information; proof of stake (PoS) and proof of work (PoW) are two regularly utilised consensus algorithms.

Private Blockchain Network

A private blockchain network, like a public blockchain network, is a decentralised peer-to-peer network. The network, on the other hand, is administered by a single organisation that selects who is authorised to participate and maintain shared ledger.

Permissioned blockchain networks

Permissioned blockchain networks are private blockchains that provide privileged access to those who have been authorised. Organizations typically set up these types of blockchains because they provide better structure for determining who may participate in the network and what transactions they can perform.

Consortium blockchains

The upkeep of a blockchain can be shared across multiple companies. These pre-selected organisations decide who can submit transactions or access data. A consortium blockchain is ideal when all members need to be permissioned and share responsibility for the blockchain.

Conclusion

Blockchain is now establishing a reputation,with a lot of practical applications already being implemented and investigated. With Bitcoin and other cryptocurrencies using this technology it is gaining popularity exponentially. This decade will be of critical importance for Blockchain as we see rapid expansion in the coming decades.