A blockchain is a network that shares all data among its
peers, storing this data chronologically in blocks. This means that once
something occurs in a blockchain network (for example, a transaction or a data
exchange), it’s shared with all members of the network, and everyone has a
record of this action on their own devices.
To set up a blockchain, you’ll need from a few gigabytes to
a terabyte of storage space. Since mobile devices don’t have so much space,
DApps usually function on just a part of a chain.
There are two types of
blockchains based on the type of network.
A permissionless
blockchain is accessible to all members of the network and is
available on any device. Every user can access the code, verify transactions,
interact with others, and stay anonymous. Bitcoin, for example, is
permissionless.
Permissioned blockchain technology allows
only authorized, participants. All users have roles and permissions. A
permissioned blockchain has rules that regulate transactions between network
members. This type of blockchain is great for managing operations within
organizations.
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