Elements that make a blockchain
Blockchain is a powerful, decentralized, revolutionary technology that can overpower the existing computing technologies. Built upon a peer to peer framework, this disruptive technology assures infallible security, transparency and immutability. Moreover, the characteristics of blockchain make interoperability possible across networks enabling instantaneous communications beyond the geographical confines.
Thus the question arises: What are those underlying components residing at the core that form the basis of the outstanding features of this promising technology?
The blockchain infrastructure is a mishmash of hardware and software, core elements that are the fundamentals of distributed ledger technology. The multi-layered technology has certain vital elements that are crucial to the working of proof of stakes blockchain networks, which are.
- Nodes and clients
- Consensus algorithms such as Proof of Work and Proof of Stake
Blockchain elements are intervening components that work as well oiled machines with a secured framework and mammoth-sized data storage systems. This is where cloud computing and cloud storage figure in. The malleable cloud technology has wholly outfitted the computing operations enabling users to access and manage data hosted on remote servers. Merging blockchain technology with cloud systems helps successfully implement blockchain solutions and upgrade the functionality and security of the DLT. Blockchain Platform-as-a-service providers play a crucial role in catering to both requirements – infrastructural hardware and software on the cloud, leaving developers without a worry about installing and maintaining blockchain infrastructure and data access and storage issues.
Nodes and Clients
Node is a high-powered electronic device connected to a blockchain network in simpler terms. It can be any device like a computer, phone, or tablet. Blockchain aims to store and manage data accessible to all parties involved while ensuring the security of the highest order. But to prove and ensure data credibility, it is stored across multiple sys