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Blockchain

How Blockchain works
  • Fault-Tolerant- Blockchain is Peer to Peer system based on Distributed Ledger Technology(DLT). In case of failure of a node, the system will still be available.
  • Disintermediation-Transactions/records kept at multiple places unlike the traditional Ledger method, where transactions/records are placed at centralized places. This eliminates the requirement of a central trusted authority to maintain a central repository.
  • Data Immutability- Transactions are append-only, once these transactions are recorded inside a Block, details can’t be changed, that’s why information is immutable in Blockchain.
  • Consensus-Transactions are validated based on an agreed consensus mechanism(Mining).
  • Cryptography- In Blockchain blocks contain digitally signed transactions using Private and Public Keys, making the system secure.
  • Blockchain Types- Public, Private, Permissioned
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Client-Server & Peer-to-Peer Model
  • In the Client-server network all Systems/nodes/machines connected with a central entity/server.
  • In this type of network, one system sends a request to the server to process, the server processes this request and sends a response back to the requesting system. There will always be a dependency on central entities.
  • server. If there is any issue with the server the entire system will be impacted
  • In Peer to Peer network all Systems/nodes/machines connected with each other
  • In peer-to-peer models, it’s more like a gossip network where each peer has 100% of the data (or as close to it as possible), and updates are shared around.
  • Each peer is more independent and can continue operating to some extent if it loses connectivity to the rest of the network.
  • Peer to Peer networks are more robust, as there is no central server that can be controlled, so closing down peer-to-peer networks is harder.
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Business Need Blockchain, IF?
  • The business has or Interact with multiple Databases?
  • Internal & external entities access Database?
  • Do Trust and transparency need improvements?
  • Data availability will help in improving business and customer experience?
  • Data Reconciliation is required due to multiple data sources?
  • Planning to implement & test Cryptocurrencies, Tokens, IoT, Data Analytics? Peers implementation status of Blockchain?
  • If the answer is yes …….We recommend the business to implement a Blockchain Use Case.

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