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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