Blockchain lets businesses use cloud-based solutions to build, host and use their own blockchain apps and infrastructure. It allows any business to access a blockchain network of desired configuration without having to build in-house expertise on the same. There are four types of blockchain- Public Blockchain, Private Blockchain, Hybrid Blockchain, and Consortium Blockchain.
The Blockchain is a list of records that are linked using cryptography. Each block has a cryptographic hash, transaction data, and timestamp. The Blockchain is resistant to changes in data. It is an open ledger that records transactions between two parties in a permanent and verifiable way. Blockchains are managed by a peer-to-peer network. Once the data has been recorded in any block it is not possible to alter that data; the consensus of the majority is required. The invention of Blockchain for bitcoin solved the problem of double-spending. The Blockchain is taken as a type of payment rail.
For business purposes, private Blockchains have been proposed. It is a decentralized, public digital ledger used for recording transactions across many computers. As a result of this, no record can be altered retroactively without changes in subsequent blocks. It is a decentralized, public digital ledger used for recording transactions across many computers. As a result of this, no record can be altered retroactively without changes in subsequent blocks.