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The blockchain network was originated from the Internet financial sector as a decentralized, immutable ledger system for transactional data ordering. Nowadays, it is envisioned as a powerful backbone/framework for decentralized data processing and data-driven self-organization in flat, open-access networks. The blockchain is a distributed, decentralized system that maintains a shared state. The blockchain is inefficient and redundant, and, that is by design, it gives us is an extreme level of fault tolerance. In particular, the plausible characteristics of decentralization, immutability, and self-organization are primarily owing to the unique decentralized consensus mechanisms introduced by the blockchain network. In this system, messages may subject to loss, damage, latency, and repetition. Also, the sending order may not necessarily be consistent with the receiving order of messages. The activities of nodes could be arbitrary, they may join and quit the network at any time; they may also dump and falsify information or simply stop working. Blockchain is a distributed ledger technology that creates a permanent, sequenced, tamper-resistant, and continuously growing list of records that is linked and secured using cryptography. With blockchain, any system of record can be 266replicated, shared, and synchronized across multiple locations without the need for a trusted third party for verification or authentication. While all blockchains achieve the aforementioned outcome, the architecture of blockchains depends on the use case and can range from a public permission less to a private permission design. Public blockchains, popularly represented by Bitcoin and other cryptocurrencies, are often considered to be inherently fault-tolerant by virtue of wide decentralization and methods of achieving consensus. |
