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00:00So, as it stands, there are three types of blockchains available, and all three have
00:08their own positives as well as negatives.
00:12So we have public blockchains, consortium blockchains, and we also have private blockchains.
00:19So let's kick this lecture off with public blockchains.
00:23Now these blockchains are most commonly known due to the masses and the rise of the likes
00:31of Bitcoin and Ethereum.
00:34So with Bitcoin and Ethereum, as they're based on the public blockchains, anyone in the world
00:40can download the blockchain and essentially read the data.
00:46With Bitcoin, you can see the amount of Bitcoin sent to and from certain addresses and so
00:52on.
00:53So what I'm trying to get across here with public blockchains is that it's public, but
01:00that doesn't mean it's insecure, as it is secured by the power of cryptography.
01:08It's part of the fully decentralised nature of blockchain technology.
01:14Now I'd like to move on to consortium blockchains.
01:18Now this sort of blockchain isn't fully public.
01:22So as me, or you, or anybody, we can't just get involved with it.
01:28A consortium blockchain is controlled by a pre-selected set of nodes, i.e. computers.
01:35The best way to visualise a consortium blockchain is to let's say imagine 10 banks that are
01:42running this blockchain.
01:44All of them have been pre-approved as it's a consortium blockchain, not a public blockchain.
01:51And for any blocks to be processed by the chain, a minimum of say 6 banks must sign
01:58that transaction off.
02:00It can then be added to the chain.
02:03But remember, only those 10 banks can sign the transaction, no others.
02:10Now these consortium blockchains are considered partially decentralised, not fully decentralised,
02:17as with public blockchains are.
02:20And finally we have private blockchains.
02:24This is actually sort of a taboo topic, as many don't feel that these are actually legitimate
02:31blockchains.
02:32So let's talk a little more about these now.
02:37So private blockchains are as they say, private.
02:41All permissions for the blockchain are kept centralised.
02:46So let's do the bank example again.
02:49All permissions will be kept to that one bank.
02:53Now blockchain technology is decentralised.
02:58So essentially centralising it brings out the critics.
03:02These are the sort of blockchains that banks are testing with.
03:06So the private blockchains are kind of the key blockchains that banks are trying to work
03:10with.
03:12The most likely applications for these private blockchains include the likes of database
03:17management, auditing and basically anything that is internal to that specific organisation.
03:26So when the critics do come out on the topic of private blockchains, the opposing party
03:31generally tend to express their views as well of it being necessary to be private.
03:38So that's a run through of the three types of blockchains that you need to be aware of.
03:44Private blockchains, consortium blockchains and private blockchains.