Flavors of Blockchain!

Many of you who is reading this woud probably know the history of bitcoin and its underlying tech The Blockchain.Yes the events of 2010 which led the discovery of blockchain is now a “history” in this fast growing tech world.

In this short note you will get acknowledged with differrent flavours in which blockchain comes .

Lets get Started :-

Blockchain as a Distributed Ledger:

This defination of blockchain states that a blockchain is a chain of blocks containing an ordered list of atomic transection.An atomic transection is an event whose sub-event parts make no sense in isolation.So this defination make sence for financial transctions. So a distributed ledger is suitable for a financial institutions like Banks.

Current System in Banks for handling finencial transections:

As each bank use their own set of SQL database for table of accounts,managing and updating differrent DBs for a single transaction is a time consuming tasks.That’s one reason why transactions between banks, especially if in different countries, take so long and is expensive too.

Blockchain on the otherhand offers the promise to optimize banking by consolidating the table of accounts of all participating banks.Therefore a single transaction can update tables of accounts for the whole network of participating banks.Banks view this technology, as an opportunity to reduce operational costs by using a distributed common ledger with their peers.

Blockchain -A new way of Computing.

A program or a set of statements runs in an ordered and deterministic fashion.The sequence of execution of the codes determines the state of the system.

The above statement is true for both Blockchain(Ethereum) and Non Blockchain System.The difference arises with the introduction of Smart Contracts in the Blockchain .Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.If a smart contract is deployed in a Blockchain there is noway to alter the codes unlike in traditional systems.If modification need to be made than one need to deploy another contract in accordance with the previous one.

Data Storage on Blockchain.

The concept of Distributed Databases are now been realised all because of the cryptographic encryption provided by the Blockchain.

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