Lecture 8: Types of Blockchain | Consensus Algorithm Blockchain | Blockchain vs Traditional Database

[@muhammadirfanmalik]

Applications of Blockchain | Complete Playlist: kzbin.info/www/bejne/iKbXlmScmMpkpaM

[@MADCARLOZ]

Certainly! Let's break down each of these topics related to blockchain technology, including the types of blockchain, consensus algorithms, and the comparison between blockchain and traditional databases. ### Types of Blockchain 1. **Public Blockchain**: - **Definition**: A decentralized network where anyone can join, participate, and validate transactions. - **Characteristics**: - Open to all users. - Transparent, with all transactions visible to everyone. - Examples: Bitcoin, Ethereum. 2. **Private Blockchain**: - **Definition**: A restricted network where only authorized participants can join and validate transactions. - **Characteristics**: - Controlled access. - Higher privacy and security. - Used by organizations for internal purposes. - Examples: Hyperledger Fabric, R3 Corda. 3. **Consortium Blockchain**: - **Definition**: A semi-decentralized network where multiple organizations govern the blockchain. - **Characteristics**: - Permissioned access and control shared among several organizations. - Faster transaction speeds compared to public blockchains. - Used in industries like finance and supply chain. - Examples: Energy Web Foundation, IBM Food Trust. 4. **Hybrid Blockchain**: - **Definition**: A combination of public and private blockchains, allowing the benefits of both types. - **Characteristics**: - Some data is kept private while other data is public. - Flexibility in governance and access control. - Suitable for businesses that need both transparency and privacy. ### Consensus Algorithms in Blockchain Consensus algorithms are mechanisms used to achieve agreement among distributed systems or nodes on a single data value or a single state of the network. Here are some common consensus algorithms: 1. **Proof of Work (PoW)**: - **Description**: Miners solve complex mathematical problems to validate transactions and create new blocks. - **Example**: Bitcoin uses PoW. - **Pros**: High security and decentralization. - **Cons**: High energy consumption and slower transaction speeds. 2. **Proof of Stake (PoS)**: - **Description**: Validators are chosen to create new blocks based on the number of coins they hold and are willing to "stake" as collateral. - **Example**: Ethereum 2.0 plans to use PoS. - **Pros**: More energy-efficient and faster than PoW. - **Cons**: Possibility of centralization if wealth is concentrated. 3. **Delegated Proof of Stake (DPoS)**: - **Description**: Coin holders vote for a small number of delegates who validate transactions and create blocks on their behalf. - **Example**: EOS uses DPoS. - **Pros**: Faster transactions and reduced resource consumption. - **Cons**: Can lead to centralization of power among few delegates. 4. **Practical Byzantine Fault Tolerance (PBFT)**: - **Description**: A consensus algorithm designed to function in systems where participants may fail or act maliciously. - **Example**: Hyperledger Fabric uses PBFT. - **Pros**: High throughput and low latency. - **Cons**: Limited scalability as it requires communication among all nodes. 5. **Proof of Authority (PoA)**: - **Description**: A consensus model where a limited number of validators are given the authority to validate transactions. - **Example**: Used in private blockchains. - **Pros**: Fast transaction times and low computational costs. - **Cons**: Centralized control, which can undermine trust. ### Blockchain vs Traditional Database | Feature | Blockchain | Traditional Database | |------------------------|-------------------------------------------------|----------------------------------------------| | **Data Structure** | Immutable ledger of transactions (blocks) | Structured data stored in tables | | **Control** | Decentralized and distributed | Centralized control (admin manages access) | | **Transparency** | High transparency; all transactions visible | Limited transparency; access control managed | | **Security** | Cryptography ensures security; resistant to tampering | Security relies on access control and backups | | **Trust Model** | Trustless environment; participants do not need to trust each other | Trust is established through a central authority | | **Transaction Speed** | Generally slower due to consensus mechanisms | Typically faster with optimized queries | | **Use Cases** | Cryptocurrencies, supply chain, voting | Banking, ERP systems, CRM applications | ### Summary - **Types of Blockchain**: Public, Private, Consortium, and Hybrid blockchains cater to different use cases and access levels. - **Consensus Algorithms**: Mechanisms like PoW, PoS, DPoS, PBFT, and PoA ensure agreement among nodes in a blockchain network

[@اکنیاخواب]

hamisha ki tarhan sikhanay k andaz bohat zayada behtreen sir g si g.....ab tk kuch aisa nahi hai jo samjh na aaya ho itna asan tarikay say samjhaya hai k dosri dafa daikhnay ki zarorat nahi rahi hai bohat zayada interest paida ho gaya hai

[@muhammadirfanmalik]

Glad you are understanding the concepts.

[@sulemanmehmood7444]

After listening to this lecture, I did a little research on consensus mechanism. Read the article. Watch some videos and come back and listen to this lecture in its entirety. So far this course is going very well. Hope to complete this course

[@muhammadirfanmalik]

Excellent!

[@BachaSaid-sf8yu]

سمجھانے کا خوبتر انداز۔

[@zainab-dm6mq]

Thnku so much sir 🌠 Ap hr topic k 7 jab Examples dete hen to har chez bht achi trha clear ho jati h 🌠

[@maazkhaan05official.]

Bohat zayda informative video hay sir. Abi to dar sa laga hay Facebook WhatsApp in app say hum nay ye kabi socha he nahi kay hamra data is trah hum say zaya hota hay thanks🥰🥰 sir Allah apko wo kamyabi day jis ki apko tamana ho.

[@Anam_Zulfiqar]

Sir Irfan's teaching method effectively simplifies complex topics, making learning a breeze , Jazak Allah .

[@nazirakbar3888]

Nice way to elaborate the concept Mashallah

[@khadijasiddiqui7754]

Amazing sir, you are a born teacher. MN NY teaching ki training li hey, internship bhi ki hey but I don't know how you read your student's mind this much clearly KY unky zhn MN kia sawal hy and kesy smjhany chye.just amazing

[@muneebmehar9172]

thank you for creating ragular uploads

[@kalsoomzahra5289]

Mne google pe content read kia jisa AP ne smjha ya aisa Kahi nhi seekhaya gia so interested simple way teaching I proud of you 👌👌

[@bilqeesshaikh7366]

excellent, sir you make it understanding easier amazing and interesting, awesome highly appreciated.

[@engineermuhammadqureshi9499]

Outstanding explanation This is the way that how to teach all types of viewers....thanks alot sir

[@getglow4444]

Great effort sir well done

[@gurugaming2938]

Amazing Very Good Knowledge

[@ahtishamafzaal4314]

Respected Sir, literally each lecture you deliver, develop more interest toward learning💫. Thank you for such a valuable content♥️

[@muhammadirfanmalik]

All the best

[@duaa1827]

Ma shaa Allah sir very well explain in easy words thanks

[@umar6705]

MashAllah very interesting class.

[@hamza77v]

God bless you sir

[@mianarhamlatif5259]

Sir ap ko Pakistan ka no 1 teacher hona chahiye ❤️

[@maazkhaan05official.]

Sir ak video say dosra video zayda mazaya ka aa raha hay banday ko khud apnay tarf kyenchta hay.

[@malikahmed4392]

Sir apka samjhane ka andaz bhot acha ha jesa ke Dr javed iqbal shb ka bhi ha. InshAllah will Continue learning from your lectures. Aadil Maqsood from jeddah KSA. Telecom company.

[@muhammadirfanmalik]

JazakAllah, Good Luck

[@karimullah5933]

Thank you sir for this valuable lecture♥️

[@muhammadirfanmalik]

JazakAllah

[@Tipsshamsamanzoor5172]

Excellent Explanation.

[@ovatec007]

jazzak Allha sir g

[@Naumanrasheed85]

Beautifully Explained ❤

[@hadiquafazal7613]

very easy explanation of consensus

[@naeemabbas2516]

Well done

[@muhammadishaq-re2eq]

Very informative

[@naqeebktk5599]

Sir really really appreciatable Bundles of thanks

[@goodsoldier9964]

Superb - Many thanks for explaining everything in such a simple way. Excellent.

[@muhammadirfanmalik]

Glad it was helpful!

[@mehdi256]

Super easy👍👍👍

[@saeedranjha5352]

Sir you are great great and great!

[@MujtabaCheema-512]

🎉🎉🎉🎉🎉 8 lecture complete

[@DilawarShahzad-t7k]

Great ❤❤

[@ghulamnazik6204]

Good Malik sb.

[@shahzaibawan1970]

Great sir❤️❤️

[@benzosky7706]

excellent

[@programmingholic]

Easy to understand sir, thanks for your contribution ❤

[@maliksohaib3623]

mashaAllah ❤

[@soberali6748]

Welcome sir

[@hafizmimran8539]

The way of teaching is so good ❤️❤️

[@khurramshehzad6051]

Boht khoob.. Blockchain se pak k general electrtions b ho skte hain!

[@uniquecollectionsandtoptre6093]

Great explaination thank you sir

[@ghulfamhusaain4456]

delivery method is great and motivate us more and more

[@muhammadirfanmalik]

Thanks a lot

[@mankuntomolafahazaalimola7165]

Thank you sir for this valuable lecture♥ Allah bless you ❤

[@mahwishgondal]

Thank you so much. Allah bless you.ameen.

[@hareshkumar5380]

Thank-you sir for Valuable lecture ❤

[@muhammadirfanmalik]

Most welcome

[@muhammadtariq9511]

Thank you sir for this motivation lecture.

[@umerjatt543]

sir g block chain ki community main jo member hain wo tu hamara data dek sakty hain tu fer hamara data safe tu na howa na?

[@umar6705]

Sir some information on share blockchain.but i want not see blockchain all team member.how can possible secrate

[@Bushra_Akram]

Thanks a lot sir

[@abulhassankazi2354]

Yesterday in digiskills pk is hands on exercise but I don't understand what I do?

[@sulemanmehmood7444]

Thank you sir

[@shahbazansari545]

Thanks 🙏

[@muhammedbilalmuhammedbilal2510]

thanks sair

[@SananAhmad-f3k]

Sir eill you teachs us advance blockchain

[@fizzafatima111]

Sir ap KZbin per 1 by 1 lecture upload Karen gy?

[@ritajpari809]

Sir, is it possible two different companies block chain work together in one block chain connection.or is it possible to combine them together in one link for processing .

[@adnanhussain737]

Thanks sir..

[@abulhassankazi2354]

Sir I need your guidance

[@masoodbhatti7534]

i had completed 7 lecture before and want to make further career in BC

[@khanismail5323]

As you explained, the majority of the people voted for a change. Therefore, the change has been implemented. However, if only three people voted 'yes' and the rest voted 'no', would the change still be implemented? if total people are supposed to be 6

[@naveedmagsi6162]

❤❤

[@MuhammadIsmail-kp4tn]

Thank u Sir... Finally new video upload ho gye

[@muhammadirfanmalik]

It takes time

[@ajayshivhare]

🙏

[@اکنیاخواب]

sir waiting next videos

[@ayeshashafeeq8337]

asslam alikum apki Blockchain application ki vedios hide hy please unhy unhide kr dejea

[@ArshadButt-nu2cw]

عرفان سر۔۔۔!!!!

[@sfh8000]

Consensus - Have few questions 1. Does the only "online" nodes participates in the consensus ? 2. How does a node update / synch its ledger, when it re-connect with the network ? 3. If 51% nodes goes offline and resume later. Which state will be consider as a valid state. Majority would be having incorrect or outdated information but consensus Favours the majority ? 4. Miner node and a non miner node. Do they have same weightage in voting for developing a consensus ? Kindly comment

[@shaistaqureshi7049]

Aoa present sir!!

[@Justffuunn]

Asslam o Alikum Sir, iss course k bad ham apni app bana sakte hain ya iss ki base py job mil sakti hai ?

[@Justffuunn]

Total 18 video hain , main daily 1 dekh ra hon 8 aj ho jae gi to ap muje guide karna

[@ParvinderSingh013]

please go with Javascript

[@hamzatahir9980]

Sir I have a question please reply sir. My question is from where I start either learning from MERN stack development , android/iOS development or Blockchain development?

[@iqrasafdar6306]

I am very serious in this non technical people awarens.

[@raohammadraza]

Thank you sir for this valuable lecture♥

[@arsmacrameworld]

Thank you sir for this amazing lecture

[@partabparmar5537]

thank u sir..

[@MaryamAffan107]

thank you sir for this course.

[@muhammadirfanmalik]

All the best

[@vakulsaxena2105]

❤❤