Blockchain Basics
Blockchain Definition In Simple Words Blockchain can be described as a data structure that holds transactional records while ensuring security, transparency, and decentralization. You can also think of it as a chain or records stored in the forms of blocks which are controlled by no single authority. Once an information is stored on a blockchain, it is extremely difficult to change or alter it. Blockchain Definition In Technical Words As per Blockchain Council, “Blockchain is a consensus-based secure decentralised public/private database which stores information immutably over a peer-to-peer network”. Types Of Blockchain Public Blockchain 1. Public blockchains are designed to be fully decentralized 2. No one owns it 3. Anyone can read / write the transaction without any authorisation 4. Due to complexity, security is better 5. Computationally expensive to mine & add block 6. It is an open to join network 7.