Distributed Ledger vs. Conventional Database

  1. Network architecture
    Whereas databases use a client-server network, blockchain functions in a peer-to-peer environment.
  2. Data administration
    A traditional database is normally stored on the central server administered and controlled by an authorized person. Administration of a blockchain is decentralized and distributed among multiple nodes globally.
  3. Data management
    A client is usually allowed to perform four key functions with a database: create, read, update and delete, known as CRUD commands. A distributed ledger implies that its users can only view and add information, and once the data is entered, it can be neither changed, nor deleted.

Types of Blockchain

  • Private blockchains are faster and more efficient than public
  • Public networks bring together the most talented developers from all over the world so that they could improve and upgrade the system collectively
  • Public networks are more secure and hackproof as there are more validators in the system

Blockchain Core Components

Chain of Blocks

  • Transaction details (date, time, amount, etc.)
  • Transaction parties (since anonymity is one of the best-known declared blockchain advantages, the actual names are replaced in the network with unique digital codes)
  • A unique identifier called “hash” to tell apart one block from another

Reaching a Consensus

Smart Contracts

Can I Build A Blockchain?

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Ruhani Rabin

Ruhani Rabin

5.6K Followers

Ruhani Rabin being a tech and product evangelist for almost 20 years. He was VP, CPO for various digital companies. Plays with Drones in his free time.