Where is Blockchain used?

A blockchain development company is a distributed, append-only database (ledger), maintained by a decentralized computing network running software that determines the consensus state of the database. That software may process transactions or run stored procedures (“smart contracts”), and it uses proof-of-work with monetary incentives, or some other similar mechanism, to protect against cheating (e.g. a Sybil attack). This is necessary since any number of unauthenticated participants may participate in the network.

For our purposes, it’s easiest just to consider a blockchain as a decentralized database, where there's no central administrator, but every the computer within the network keeps a full copy of the database and processes every transaction.

To break this down a touch, a blockchain is:

• a database that
• is append-only (immutability)
• is readable by all parties involved (transparency)
• is not controlled by any one party (decentralization)

Note that other technologies have some of the same attributes. For example, we will build databases that are publicly readable or verifiably append-only. We can run procedures and store the results in databases. We have decentralized networks. And we have consensus mechanisms for systems with a known set of participants. We are even having systems like Trillian that provide append-only, transparent, decentralized data storage for a known set of participants much more efficiently than blockchain (and we believe these are severely underappreciated and doubtless what 9 out of 10 people actually need once they think they have a blockchain).

The main primary best blockchain development company in India differentiator is that it allows for fully decentralized databases ones with arbitrary numbers of unknown participants.