How does the blockchain work?

The first block of the blockchain is the Genesis block. After that, every new block added to the blockchain is linked to the Genesis block through an iterative process. And thus, in this way, the blockchain keeps on expanding. Every transaction is ‘digitally signed’ using the sender’s wallet private key.

What is the role of miners in a blockchain?

The miners act as modern clerks who record transactions and collect transaction fees. All participants across the network reach a consensus on who owns which coins, using blockchain cryptography technology. What is the difference between a database and a blockchain?

What is IBM Blockchain platform?

The IBM Blockchain Platform is powered by Hyperledger technology. This blockchain solution can help turn any developer into a blockchain developer. Visit the Hyperledger website for details. Can I deploy on any cloud I want?

What are the different types of blockchains?

Other types of blockchains include consortium blockchains and hybrid blockchains, both of which combine different aspects of public and private blockchains. Research from the McKinsey Technology Council suggests that by 2027, up to 10 percent of global GDP could be associated with blockchain-enabled transactions.