A blockchain is a collection of distributed ledgers of records that are linked together through cryptographic hashes. The records are known as blocks and the hashes ensure secure linkages. In Blockchain, every block contains a cryptographic hash of the previous block, a timestamp, and transaction details. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Due to this, blockchain transactions are irreversible. Once they are recorded in the platform, the records in a block cannot be modified retroactively without altering all subsequent blocks. Blockchains are usually managed through a peer-to-peer (P2P) network.

In Blockchain, every additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain system tamper-evident, delivering the key strength of immutability.

Due to its existence on a P2P network, Blockchain is a shared, immutable ledger system that facilitates the process of recording transactions and tracking assets within a system. The system can be used to track virtually any item of value such as goods, services, assets etc. This technically reduces the risk of data loss and saves costs.

Blockchain is ideal for delivering critical records because it provides immediate, shared, and observable information that is stored on an immutable ledger that only gives permission to profiled network users. A blockchain network can track shipments, payments, orders, production etc.

Due to its unique characteristics, blockchain users share single view of the data assets, while viewing details of transactions end to end.

Types of Blockchain Networks

Public Blockchain Network

Private Blockchain Network

Permissioned Blockchain Network

Consortium Blockchains