Blockchain 101: Definitions




DEFINITION OF BLOCKCHAIN


Blockchain is a term that denotes literally a chain of blocks, where block is a bundle of confirmed transactions and additional features that ensure blocks cannot be skipped or reordered in the future.

DEFINITION OF BLOCK TIME


Block Time can be defined as the average time that is taken for generating an extra block in the block chain.

Bitcoin Block Time: For Bitcoin 10 minutes will be the block time.

DEFINITION OF PRIVATE, PUBLIC AND CONSORTIUM BLOCKCHAIN


Blockchains are functioning under the peer to peer networking method. As it is a straightforward phenomena: Not involving any third person into the transaction process.

Private blockchains are similar to decentralized databases and may have its use as an internal tool for organizations and businesses where member parties do not want to trust each other.

Bitcoin is a public blockchain, meaning the use of it is not restricted to anybody. The transactions on Bitcoin blockchain cannot be deemed as canceled nor taken back. This is known as “Reversibility of Transactions”. This is to be noted that majority of the users have lost their Bitcoins, just because of their sheer negligence while transacting.

A semi decentralized blockchain is known as the “Consortium Blockchain”. The users will be restricted by the administrators of this blockchain, since only the faithful nodes are enabled for executing the consensus protocol.





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