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Block Chain

Block chain
NovemcontrolsBlock chain

Block Chain

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network. As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The system has built-in mechanisms that prevent unauthorized transaction entries and create consistency in the shared view of these transactions.

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Public Blockchain

A public blockchain is a decentralized, permissionless ledger system that anyone can join and participate in. It's a non-restrictive network that allows anyone with an internet connection to: send transactions, read the data, participate in transaction validation, and audit the ongoing activities.

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Private Blockchain

A private blockchain is a distributed ledger that limits access to only those who have been given permission to join. Private blockchains are permissioned, meaning that network administrators invite participants to join, and access is restricted to specific users.

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Hybrid Blockchain

Hybrid BlockChain : A hybrid blockchain is a combination of the private and public blockchain. It uses the features of both types of blockchains that is one can have a private permission-based system as well as a public permission-less system.

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Novemcontrols

Consortium Blockchain

A consortium blockchain is a hybrid model of blockchain that combines features of both public and private blockchains. It's a semi-decentralized network that allows multiple organizations to collaborate and work together while maintaining control over the network.