Bitcoin is the first-ever decentralized cryptocurrency which follows a peer-to-peer networking system, Blockchain technology is the worlds leading software dealing with digital assets or transactions. Blockchain technology is usually considered to have the potential to lay new foundations for social and economic systems. Blockchain often lives in a state of consensus, blockchain is a set of hashed or encoded blocks.
The minimum time required to add an extra block to the blockchain technology is known as block time. Sometimes, block time is a measure of time taken by the hashing power of the network to find a perfect solution to the block hash and we can even consider block time as the time required by the blockchain miners to find a perfect solution to the block hash.
Blockchain stores all the transactions made using cryptocurrency, it acts as a backbone of the bitcoin as all the transactions are stored safely and are encrypted using cryptography. All the transactions are made only between the users without the interference of any central authority or third parties like banks or financial institutions.
For each transaction, a new block is added to the blockchain and for every transaction, a unique address is generated to maintain user anonymity. Cryptocurrencies are widely accepted in the online gambling industry by the bitcoin casinos, and many players prefer to play their favourite games at these crypto casinos. To have more detailed information on the blockchain technology have a look at the infographic
There are three types of blockchain technology
A public blockchain is the model of Bitcoin, Ethereum and Litecoin, and could be thought of as the original distributed ledger structure. For a number of reasons, it is still considered by many to be the prototype for all blockchains technology, although it is not without drawbacks. The public blockchains can receive and send transactions from anybody in the world.
They can also be audited by anybody, and every node has as much transmission power as any other. Before a transaction is considered valid, it must be authorized by each of its constituent nodes via the chain’s consensus process. As long as each node abides by the specific stipulations of the protocol, their transactions can be validated, and thus add to the chain
This is a closed network that offers constituents the benefits of the technology, but is not necessarily decentralized or distributed, even among its members. A private blockchain is intra-business: when a company decides to carry out blockchain as a business solution, they may opt for a chain to which only company members have access.
If the developers or proprietors want to change the cryptographic method which runs its consensus process, it is much easier to do this on a private blockchain than a public or consortium chain.
Companies that use private blockchains can ultimately save time and money, assuming there is no need for a public component to their blockchain. This may not be as wildly different from older digital structures as public blockchains, but it can still be extraordinarily powerful.
The consortium blockchain is part public, part private. This split works at the level of the consensus process: on a consortium chain, a pre-selected group of nodes control the consensus process, but other nodes may be allowed to participate in creating new transactions and/or reviewing it.
The specific configuration of each consortium chain (i.e., which nodes have the power to authorize transactions via the consensus process, which can review the history of the chain, which can create new transactions, and more) is the decision of each individual consortium. The right configuration depends on the needs and vision for each specific chain. Strategy and tailoring are always necessary to get the best solution.