What is Emerging blockchain technology!
So this thing gives ease of accessing data or any information in a specific region or place. So the block means a particular area or location where this system applies, and chain means they are connected like a Normal chain. This is the essence of emerging blockchain technology.
Be connected with Privacy.
In this system, the people are connected and access data and edit them all on time. So this saves time and also provides security.
Most importantly this system can be applied worldwide or in a specific place like schools, hospitals, or any department where people want to be connected.
How does this Emerging blockchain technology work?
Firstly, this is a private server sort of work that a university would like to adopt, and they will need a good team to manage this work. The operation of this technology is both simple and complex if no persons are unfamiliar with it
Moreover, Only an authorized person can access data on a blockchain under this system since people are connected. For example, if a person uploads a critical file and wants to discuss it, he may simply post it to that system, where other people can readily access it and change it.
Are there different types of Emerging blockchain technology?
Yes, there are four types of blockchain technology. These types are just privacy base types like what system you want to make. So they are listed below:-
- Public blockchain.
- Private blockchain.
- Hybrid blockchain.
- Consortium blockchain.
In Public blockchain, cryptocurrencies like bitcoin originated and helped to popularize in this system. This system is non-restrictive and has no permission request; as a result, anyone can access and make any changes to that system. It has less transparency and is less secure.
Public blockchain technology.
This system is independent of any organization. For example, If a person enters that system, it is possible to access records and interface in that record that can cause a lot of damage depending on the data, which is a disadvantage of that system. This system also has a lot of bugs like anyone can permit any things.
In Private blockchain, this system is for a single entity or, like many people, access. So as it is limited for many people, it is small and only used on a small scale. This can use for a small school small department where a few members have access to that system. This system is independent, so it is more secure and much faster.
Provide more privacy blockchain technology.
Moreover, this system has more transparency which means it is more stable and has a secure environment. So This system is also trusted, and people adopt this system easily. This system work in a restrictive environment like a close network.
This system can also have a setting that an owner of that system can permit to access data trusted for him. Moreover, it is small in size, limited, faster than a public blockchain.
In the hybrid blockchain, this technology is used by a large organization. This system can b capable of connecting both the public and private blockchain. So it means it is faster than both systems.
This can give a huge range of advantages like privacy and more things to make this privacy better. This system can provide access to some specific person who can access the allowed file and give a range of data that allows for a public.
The transaction is cheap and fast.
In this, the transaction can be done more privately, and it also can allow for a public which is not a common thing. In this, a user has full access to the network. This system provides a user-friendly ecosystem.
This system has a 51% chance of not be hacked. But if we want to upgrade, this causes some challenges.
For the topic on Emerging technologies like 5G click the link: https://techdisquss.com/emerging-5g-technology-a-new-era-of-the-internet/
This type is also named federated blockchain; it has something like hybrid blockchain. But the difference is that multiple organizations can come to collaborate.
Give better banking communication.
This is even more secure, scalable, and more good and efficient than a public blockchain network. But it is less transparent than a public blockchain. This system is mainly used for banking where all the banks are connected—moreover, used for research and supply chain.
What are advantages of blockchain technology
- Time saving.
- Enhance the banking system.
- Provide accuracy.
- Connect people to each other.
- Fast and reliable.
- Enhance the organizations connectivity.
Most importantly, this technology enhances the banking system where people’s privacy is very important, as is their account details. Transaction of people is more important, so this blockchain technology connects with other banks and provides a friendly environment. At present, we can see an example of blockchains like ATM Machines in every mall and petrol pumps.
Disadvantages of blockchain technology
- It can be hacked.
- Not much faster.
- Some alternative which are more reliable.
- Scalability issues.
- Not completely secure.
- High cost.
- Not much mature.
This technology is not completely secure. So this technology has some drawbacks like it can have a chance to be hacked, and all the user’s information can be leaked. This system is also costly for the user as well as for the organization too. There is some alternative which is the better option but can be expensive.
Alternative of blockchain Technology
Yes, there are alternatives in the field of blockchain technology which as Hashgraph, which promises more privacy and provides more efficient data communication. Moreover, this is faster and easier than blockchain technology, but it can be more costly than blockchain technology.