1.3 Overview of Blockchain: Types of Blockchain

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18 Terms

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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.

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Virtual Machine

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

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Node Application

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

4
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Shared Ledger

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

5
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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

6
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Virtual Machine

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

7
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Many to One

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

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One to One

Used for applications that involve financial contracts between two entities

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Name the 3 types of Blockchain

Public, Private, Consortium

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Define Public blockchain

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

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Define private blockchain

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

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Define Consortium blockchain

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

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Node Application

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

14
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Shared Ledger

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

15
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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.

16
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Virtual Machine

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

17
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Many to One Blockchain Application Template

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

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One to One Blockchain Application Templates

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