Different department (same or different geography contact with each other). Each department will have a node representation, data can be shared almost real time. Blockchain dependency easy to implement and test. Automation workflow management.
Different entity involves in business will connect in a network. External entities agreement and identification of implementation area needs mutual agreement. Medium complexity of implementation and test.
Private, Permission / Public Blockchain
Diverse categories of entities connecting with each other in same network. Due to external entities dependency difficult to implement and scale and test blockchain.
Private, Permission / Public Blockchain
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Enhanced Security / Greater Transparency / Instant Traceability / Automation
In 2009, Satoshi Nakamoto introduced Bitcoin, the first implementation of a protocol that enables the issuance of a currency(crypto) without a trusted third party, using a ledger replication system that has come to be known as a “Blockchain.”
How Blockchain works?
- Fault-Tolerant- Blockchain is a Peer to Peer system based on Distributed Ledger Technology (DLT). In case of failure of a node, the system will still be available.
- Disintermediation-Transactions/records kept at multiple places unlike the traditional Ledger method, where transactions/records are placed at centralized places. This eliminates the requirement of a central trusted authority to maintain a central repository.
- Data Immutability- Transactions are append-only, once these transactions are recorded inside a Block, details can’t be changed, that’s why information is immutable in Blockchain.
- Consensus-Transactions are validated based on an agreed consensus mechanism(Mining).
- Cryptography- In Blockchain blocks contain digitally signed transactions using Private and Public Keys, making the system secure.
- Blockchain Types- Public, Private, Permissioned
Client-Server & Peer-to-Peer Model
- In the Client-server network all Systems/nodes/machines connected with a central entity/server.
- In this type of network, one system sends a request to the server to process, the server processes this request and sends a response back to the requesting system. There will always be a dependency on central entities.
- If there is any issue with the server the entire system will be impacted
- In Peer to Peer network all Systems/nodes/machines connected with each other
- In peer-to-peer models, it’s more like a gossip network where each peer has 100% of the data (or as close to it as possible), and updates are shared around.
- Each peer is more independent and can continue operating to some extent if it loses connectivity to the rest of the network.
- Peer to Peer networks are more robust, as there is no central server that can be controlled, so closing down peer-to-peer networks is harder.
Blockchain Application Areas
Real Estate Management, Pere to Peer Transaction, Supply Chain Management, Digital Identity, Currency Exchange, Healthcare Management, Authentication System, Gaming, Trade Finance
Blockchain Delivery Capabilities
Ethereum, Hyperledger Fabric, R3 Corda, Quorum, Another platform like EOS and Multichain
