{"id":1016,"date":"2022-04-30T06:24:20","date_gmt":"2022-04-30T06:24:20","guid":{"rendered":"https:\/\/uplatz.com\/blog\/?p=1016"},"modified":"2023-03-26T08:26:43","modified_gmt":"2023-03-26T08:26:43","slug":"what-is-blockchain-types-working-applications","status":"publish","type":"post","link":"https:\/\/uplatz.com\/blog\/what-is-blockchain-types-working-applications\/","title":{"rendered":"What is Blockchain : Types, Working, Real Life Examples, Applications"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1017\" src=\"https:\/\/uplatz.com\/blog\/wp-content\/uploads\/2022\/04\/blockchain-g465caa063_1920.jpg\" alt=\"\" width=\"1920\" height=\"1202\" srcset=\"https:\/\/uplatz.com\/blog\/wp-content\/uploads\/2022\/04\/blockchain-g465caa063_1920.jpg 1920w, https:\/\/uplatz.com\/blog\/wp-content\/uploads\/2022\/04\/blockchain-g465caa063_1920-300x188.jpg 300w, https:\/\/uplatz.com\/blog\/wp-content\/uploads\/2022\/04\/blockchain-g465caa063_1920-1024x641.jpg 1024w, https:\/\/uplatz.com\/blog\/wp-content\/uploads\/2022\/04\/blockchain-g465caa063_1920-768x481.jpg 768w, https:\/\/uplatz.com\/blog\/wp-content\/uploads\/2022\/04\/blockchain-g465caa063_1920-1536x962.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/strong><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"color: #0707ab;\">What is blockchain<\/span><\/h2>\n<p><span style=\"color: #000000;\">A Blockchain collects and gathers the information in groups, known as blocks. Generally, Block can be used to hold the sets of information. Blockchain is otherwise known as Distributed Ledger Technology(DLT). The main aim of the blockchain is to allow digital information to be distributed and recorded.<\/span><\/p>\n<h2><span style=\"color: #0707ab;\">Types of blockchain<\/span><\/h2>\n<ol>\n<li><span style=\"color: #000000;\">public Blockchain,<\/span><\/li>\n<li><span style=\"color: #000000;\">private Blockchain,<\/span><\/li>\n<li><span style=\"color: #000000;\">Consortium Blockchain and<\/span><\/li>\n<li><span style=\"color: #000000;\">Hybrid Blockchain.<\/span><\/li>\n<\/ol>\n<h2><span style=\"color: #0707ab;\">public Blockchain<\/span><\/h2>\n<p><span style=\"color: #000000;\"> Generally, a public blockchain is used for exchanging and mining cryptocurrency. a public blockchain is permissionless, allowing all blockchain nodes to access the blockchain.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Advantages of public blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">It is completely independent of the organization.<\/span><\/li>\n<li><span style=\"color: #000000;\">It is safe and secure.<\/span><\/li>\n<li><span style=\"color: #000000;\">The main advantage of a public blockchain is the network&#8217;s transparency.<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">Disadvantages of public blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">The main disadvantage of using a public blockchain is the network is very slow.<\/span><\/li>\n<li><span style=\"color: #000000;\">Public blockchain doesn&#8217;t scale at all.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #0707ab;\">Private blockchain<\/span><\/h2>\n<p><span style=\"color: #000000;\">It is a permission blockchain and is controlled by a single organization. a private blockchain is partially decentralized because public access to the blockchain is restricted.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Advantages of the private blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">private blockchains are very fast and can process transactions more quickly.<\/span><\/li>\n<li><span style=\"color: #000000;\">It also prevents third parties from accessing certain information.<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">Disadvantages of private blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">It is less secure.<\/span><\/li>\n<li><span style=\"color: #000000;\">A private blockchain is more challenging to achieve trust in the information.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #0707ab;\">Consortium blockchain<\/span><\/h2>\n<p><span style=\"color: #000000;\">It is a permission blockchain by a group of organizations. It is more secure and enjoys decentralization than the private blockchain. A popular set of consortium blockchain solutions for the financial services industry has been developed by the enterprise software firm R3.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Advantages of Consortium blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">It is more secure, scalable, and efficient than a public blockchain.<\/span><\/li>\n<li><span style=\"color: #000000;\">It also offers access controls.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><strong>Disadvantages of Consortium blockchain<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">It is less transparent than the public blockchain.<\/span><\/li>\n<li><span style=\"color: #000000;\">It can impair the functionality of the network.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #0707ab;\">Hybrid blockchain<\/span><\/h2>\n<p><span style=\"color: #000000;\">It is controlled by a single organization required to perform certain transaction validations. The IBM Food Trust was developed to improve efficiency.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Advantages of Hybrid blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">It also protects privacy but allows for communication with third parties.<\/span><\/li>\n<li><span style=\"color: #000000;\">It is cheap and fast and offers better scalability than a public blockchain network.<\/span><\/li>\n<li><span style=\"color: #000000;\">Disadvantages of Hybrid blockchain :<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">Disadvantages of Hybrid blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">It is completely transparent.<\/span><\/li>\n<li><span style=\"color: #000000;\">There is no incentive for users to participate in the network.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #0707ab;\">Working procedure<\/span><\/h2>\n<p><span style=\"color: #000000;\">\u00a0Blockchain is also known as Distributed Ledger Technology(DLT). Blockchain helps in verification and traceability. It provides secure transactions to reduce the cost and speed of data transfer processing. At first user requests for the transaction, after the request, a block representing the transaction is created. Then the block is broadcasted to all the nodes in the network, and all the nodes in the network validate the block and transaction. After validation and transaction, the block can get added to the chain. Finally, the transaction gets verified and executed.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Advantages of blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">High level of security.<\/span><\/li>\n<li><span style=\"color: #000000;\">Safe and faster transactions.<\/span><\/li>\n<li><span style=\"color: #000000;\">Increased transparency of transactions.<\/span><\/li>\n<li><span style=\"color: #000000;\">Reduces costs.<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">Disadvantages of blockchain<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Needs large energy consumption.<\/span><\/li>\n<li><span style=\"color: #000000;\">Data is immutable.<\/span><\/li>\n<li><span style=\"color: #000000;\">It is complex and inefficient.<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #0707ab;\">Some Real-Life Examples of How blockchain is changing our world<\/span><\/h2>\n<p><span style=\"color: #000000;\">A company called Guardtime is continually changing our world by using blockchain technology to create a &#8220;Keyless&#8221; signature system that secures the health records of over one million citizens. and there is also another company <strong>REMME<\/strong> which makes decentralized authentication systems that aim to replace logins and passwords with SSL certificates stored on a blockchain.<\/span><\/p>\n<p><span style=\"color: #000000;\">In the Media sector, there are lots of companies which is now start using blockchain a lot to automate the media sector for example <strong>kodak<\/strong>. Kodak is a company that sends its stock soaring by developing a blockchain system for tracking intellectual property rights, payments of photography, etc.<\/span><\/p>\n<p><span style=\"color: #000000;\">Retail has also begun using blockchain technology there is a loyalty framework that uses blockchain technology to combine trade loyalty and rewards in new ways, and retailers are offering more sophisticated packages. Also, Blockchain.io provides retailers with the ability to build payment systems around blockchain currencies such as bitcoin, and there&#8217;s OpenBazaar for trading goods and services without a middleman.<\/span><\/p>\n<p><span style=\"color: #000000;\">Healthcare, Financial Services, Manufacturing, Industrial, Government, Charity, Real Estate, Transport, and Tourism are just a few sectors that adopt blockchain technology.<\/span><\/p>\n<h2><span style=\"color: #0707ab;\">Some Applications of blockchain<\/span><\/h2>\n<ul>\n<li><span style=\"color: #000000;\">Money transfer.<\/span><\/li>\n<li><span style=\"color: #000000;\"> Payment Processing.<\/span><\/li>\n<li><span style=\"color: #000000;\">Digital Voting.<\/span><\/li>\n<li><span style=\"color: #000000;\">Secure personal information.<\/span><\/li>\n<li><span style=\"color: #000000;\">Data Storage.<\/span><\/li>\n<li><span style=\"color: #000000;\">Financial exchanges.<\/span><\/li>\n<li><span style=\"color: #000000;\">Lending.<\/span><\/li>\n<li><span style=\"color: #000000;\">Insurance.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What is blockchain A Blockchain collects and gathers the information in groups, known as blocks. Generally, Block can be used to hold the sets of information. Blockchain is otherwise <span class=\"readmore\"><a href=\"https:\/\/uplatz.com\/blog\/what-is-blockchain-types-working-applications\/\">Read More &#8230;<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":1017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[130],"tags":[],"class_list":["post-1016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Blockchain : Types, Working, Real Life Examples, Applications | Uplatz Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uplatz.com\/blog\/what-is-blockchain-types-working-applications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Blockchain : Types, Working, Real Life Examples, Applications | Uplatz Blog\" \/>\n<meta property=\"og:description\" content=\"&nbsp; What is blockchain A Blockchain collects and gathers the information in groups, known as blocks. 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