The Impact of Block Chain in Digital Transaction

A block chain is not as difficult to understand as you might have thought. It is just a series of blocks joined together in a network by what is called nodes.  The primary function of the block chain is to store data or details of digital transactions. Thanks to the block chain. All the digital transactions that take place on earth today are recorded and stored away in a block chain. As a result, the block chains make it easy to trace the details of digital transactions and anyone that has the private or public key can easily access the details of the transactions recorded in the blockchain.

In the remaining part of this write-up, we will show you a couple of things you need to understand about the block chain network.

Various types of block chain

The division of block chain is based solely on their network building process.  Establishing a block chain network can be done in different ways, which are highlighted below:

  • Consortium
  • Permissioned
  • Private
  • Public

Among the various types of blockchain networks highlighted above, the most acceptable of them all is consortium. The model is easy and it has all the features desired in a block chain network.

What is consortium block chain?

Consortium block chain is special in all sense of the word and it is the most acceptable model of block chain as hinted earlier. In a consortium block chain, the consensus in the associated process can be easily controlled by various organizations at the same time.  The concerned organization can easily share the various responsibilities that have to do with the maintenance of the block chain.

Other types of block chain are also important in their own ways, but none of them can measure up to the consortium form of block chain in terms of popularity and acceptability.

News Reporter