THE SIGNIFICANCE OF BLOCKCHAIN, ELEMENTS, TYPES, AND BENEFITS OF BLOCKCHAIN

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A significant feature that differentiates cryptocurrency from other currencies available in the world is that it is not issued by any central authority. Moreover, it is immune to government interference.

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1. What is Blockchain?
2. Elements of Blockchain
  2.0.1. 1. Distributed ledger technology
  2.0.2. 2. Immutable records
  2.0.3. 3. Smart contracts
3. Benefits of Blockchain
  3.0.1. 1. Greater trust
  3.0.2. 2. Decentralised structure
  3.0.3. 3. Maximum security and privacy
  3.0.4. 4. Reduced cost
  3.0.5. 5. Speed
  3.0 6. 6. Individual control of data
  3.0.7. 7. Visibility and traceability
  3.0.8. 8. Immutability
  3.0.9. 9. Innovation

Table of Contents :

1. Distributed ledger technology
2. Immutable records
3. Smart contracts

1. Greater trust
2. Decentralised structure
3. Maximum security and privacy
4. Reduced cost
5. Speed
6. Individual control of data
7. Visibility and traceability
8. Immutability
9. Innovation

Benefits of Blockchain

Elements of Blockchain

1. Data
2. The hash of the block
3. The previous block’s hash

How Does Blockchain Work?

1. Public blockchain network
2. Private blockchain network
3. Permissioned blockchain network
4. Consortium blockchains

Types of Blockchain Networks

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