1.3 Overview of Blockchain: Types of Blockchain

Consensus Algorithm

Consensus Algorithm

________: It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application.

Virtual Machine

________: An abstraction of an instruction- operated machine implemented as a part of node application.

Node Application

Each node has to install and run a computer application definitive to the ecosystem

Shared Ledger

A ledger is managed inside the node application whose contents can be viewed once the application is running

Consensus Algorithm

It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application

Virtual Machine

An abstraction of an instruction-operated machine implemented as a part of node application

Many to One

Used for applications where a user sets up the contracts for a specific purpose

One to One

Used for applications that involve financial contracts between two entities

Name the 3 types of Blockchain

Public, Private, Consortium

Define Public blockchain

Ledgers are publicly available to verify or add blocks to the Blockchain.

Define private blockchain

A blockchain that only authorized users can add or verify the blocks, but anyone can view them.

Define Consortium blockchain

Semi centralized Blockchain in which only a predefined set of nodes has permission to write the block.

Node Application

Each node has to install and run a computer application definitive to the ecosystem.

Shared Ledger

A ledger is managed inside the node application whose contents can be viewed once the application is running.

Consensus Algorithm

It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application.

Virtual Machine

An abstraction of an instruction-operated machine implemented as a part of node application.

Many to One Blockchain Application Template

Many to One: Used for applications where a user sets up the contracts for a specific purpose.

One to One Blockchain Application Templates

One to One: Used for applications that involve financial contracts between two entities.