Intro
In the past few years the term of cryptocurrency, web3, NFT and blockchain have popular around the net, in this article i will explain what is Blockchain and what are the use cases for it.
Hmmm... so what is Blockchain?
Blockchain is not a program or a tool, its a technology that can maintain records of information that cant be manipulated by other people, so we can define it as a transaction record database that is distributed, validated and maintained around the world by a network of computers. Instead of a single central authority such as a bank, a large community oversees the records in Blockchain, and no individual person has control over these records.
Blockchain is based on decentralized technologies. This functions as a peer-to-peer (P2P) network.
Blockchain can be defined as “A peer-to-peer, decentralized, distributed ledger that records transactions efficiently, and in a verifiable and robust fashion.”
History of Blockchain
In 1991, researcher scientists named Stuart Haber and W. Scott Stornetta introduce Blockchain Technology, However, this Technology became unused when Patent came into existence in 2004. However, in the same year 2004, Cryptographic activist Hal Finney introduced a system for digital cash known as “Reusable Proof of Work”.
4 Main types of Blockchain network
there are 4 types of Blockchain network and the first two are the most common popular around.
- Public Blockchain
- Privet Blockchain
- Hybrid Blockchain
- Consortium Blockchain
Public Blockchain
Public blockchains are permissionless in nature, allow anyone to join, and are completely decentralized. public blockchains are primarily used for exchanging and mining cryptocurrency. You may have heard of popular public blockchains such as Bitcoin, Ethereum, and Litecoin.
Privet Blockchain
Privet Blockchain is deferent then public Blockchain since it run and operated by an entity. for example Hyperledger and XRP.
Hybrid Blockchain
The hybrid blockchain is best defined as the blockchain that attempts to use the best part of both private and public blockchain solutions. In an ideal world, a hybrid blockchain will mean controlled access and freedom at the same time.
The hybrid blockchain architecture is distinguishable from the fact that they are not open to everyone but still offers blockchain features such as integrity, transparency, and security.
Consortium Blockchain
also known as a federated blockchain, is similar to a hybrid blockchain in that it has private and public blockchain features. But it's different in that multiple organizational members collaborate on a decentralized network.
What Can I Store in the Blockchain?
you can store any digital assets in the blockchain as listed below:
- images
- Documents
- Audios
- Videos
- Certificates
- Tokens
- Tickets and the list go on, basically anything consist of data can be stored in the blockchain.
What is the use cases for the blockchain?
the first uses of the blockchain started in the financial industry by intruding the Bitcoin in 2008 but now it have a lot of uses as shown below:
- DeFi
- sport
- Music
- Voting
- Games
- Real estate
- Supply chain
- Medical record
- intellectual property
conclusion
the blockchain has been created in 90` but the it did not been used until the bitcoin come in the 2008, and the real application for it come 2016 with invent of the smart contract. the blockchain still growing strongly with new uses in the real world, i hope this article give you some insight in the blockchain technology.