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Blockchain is a progressing technology that gained a huge reputation for implementing different types of cryptocurrencies such as bitcoins, lithium, Ethereum and so on. The online platform is best to be used to develop decentralized apps and for data storage. It is a complicated subject and students will have to study this extensively. Students who lack knowledge of the concepts would face issues in completing the assignments. We have a team of experts who are educated and have good knowledge of blockchain technology to complete the task. With this technology, you can share information over the network safely while maintaining transparency. The blockchain will store the data in the form of a block and it is linked to each other in the chain format.
The data would be consistent as you cannot modify or delete the information from the network without the agreement. Blockchain technology can be used to create a ledger which is immutable to track orders, payments, accounts and various other transactions. The built-in mechanism would prevent unauthorized entries in the transaction and maintain consistency in the transaction you view.
The following are the different types of blockchain networks available:
Public blockchain network
A public blockchain network does not have any permission and everyone is allowed to join this network. Every person in the blockchain would hold the right to read, edit and verify the blockchain. Many people will use the public blockchain to transfer as well as mine cryptocurrencies which will include bitcoin, Litecoin and Ethereum.
Private blockchain network
The organization will have control over the private blockchain, which is also known as the managed blockchain. The authority will decide who can be the member and the rights they hold on the network. These networks are decentralized partially since they will be having access restrictions. The best example of a private blockchain network is Ripple.
Hybrid blockchain network
A hybrid blockchain will be a combination of both the public as well as the private blockchain network. Companies will be able to set up permissions to the public system. With these permissions, companies will be able to have control over specific data that is stored on the blockchain while exposing the rest of the data to show to the public. The smart contracts will be used to let public members in the group see if the private transactions have been completed or not. The best example of the hybrid blockchain would be to give access to the public to digital currency while keeping the currency that the bank holds private.
Consortium blockchain network
There will be multiple organizations that would form a group for the blockchain network. The companies will be sharing the responsibilities to maintain the blockchain network and give access rights. Companies that have a common goal would go for the consortium blockchain network. The best example would be maritime industry operators.
Blockchain technology is being used by many industries such as retail, finance, healthcare, government, travel and so on. The best thing about this technology is that it would streamline the whole process related to asset management and payments by offering an automated trade lifecycle where everyone who is taking part will have quick access to the data related to a transaction. It involves no broker or intermediaries and assures you of high transparency and effective management of data related to a transaction.
Blockchain plays a key role in the healthcare sector since it offers high privacy, enough security and excellent interoperability of the data related to the patients. The best thing is that it can address the challenges related to interoperability and allow you to share the healthcare data between entities and people who are involved throughout the process. It cuts down the third-party interference and overhead expenses involved. With blockchain, it would be easy for you to store healthcare records in the databases by encrypting them with a digital signature to assure high privacy.
Blockchain technology is also used by government services. There are a lot of data transactional challenges. When there is a proper linkage and sharing of data with Blockchain, you can effectively manage data between various departments. This increases transparency and lets you monitor audits effectively.
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