Blockchain Explained

Blockchain is a relatively new tech for some people. An emerging technology that we, Dar Blockchain, are specialized in.

In this article, we will be explaining this technology in simple terms and showing some of its use cases.

What is Blockchain?

Blockchain is a system where information is collected and secured, making any hacking or editing attempt impossible to realize. In more technical terms, a blockchain is a database in which we find encrypted blocks chained together to maintain a secure and decentralized record of transactions. Using this technology, you won’t need a third party like banks or the government to secure or store your data. Information stored in these blocks can be shared and recorded. However, no one can edit or delete them: transactions will always be traceable.

The first release of a blockchain was back in 2009, back when Nakamoto, the blockchain designer(s) who developed Bitcoin and authored the Bitcoin white paper in 2008 implemented the first blockchain as the public ledger for transactions made using bitcoin, named Genesis Block which held 50 bitcoins. Then, in 2015, the Ethereum blockchain emerged which was a bit different from Bitcoin, used not only for specific cryptocurrencies but also as a platform for decentralized applications (dApps), blockchain-based applications, and smart contracts.

Types of Blockchain

There are many types of blockchains though everyone agrees on the importance of 4 of them:

• Public blockchain: any user can access a blockchain app and be part of the blockchain network. As a user of a public blockchain, you can find past and present records, do mining, do proof-of-work for an incoming block, etc. This type of blockchain is used for cryptocurrency exchanges.
• Private blockchain: is used in a private network. Only selected members of the network can access that blockchain network. Permissions, security, and authorizations are in the hands of the organization. Private blockchain networks are deployed for voting, supply chain management, digital identity, asset ownership, etc.
• Consortium Blockchain: is a semi-decentralized type of blockchain; the permissions and controls are held by more than one organization. They are usually used by governments, banks…
• Hybrid Blockchain: venturing private and public blockchains. It uses a system that can be used for both types. Users can control who gets access to data stored in the blockchain. Only a selected section of data or records from the blockchain can be allowed to go public, keeping the rest confidential in the private network, therefore, it upgrades the security and transparency of the blockchain network.

What makes blockchain important is the fact that it accelerates transactions, and keeps traceability and verification easy. Blockchain technology uses high-level security algorithms so you won’t need to worry about the information you store there. Knowing that you won’t need to have a third party to stock whatever it is that you want it to be recorded, the blockchain will save you a lot of money since it’s much cheaper than using any third party. Its use cases are not exclusive to businesses, it is advised to use it in healthcare, property and real estate, media, etc.

At Dar Blockchain, we have a qualified team, the first in North Africa, of developers specialized in Dapps. You can contact us here for a consultation.