Crypto Academy Week 9 - Homework Post for @alphafx

A block chain is a chain of block that contains information.It is a distributed ledger that is opened to everyone.

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Once a data has been recorded in a block chain it becomes verydifficult to change it.Each block in a block chain contains a data ,hash and also hash of the previous block.The data stored in a inside a block depends on the type of block chain ,for example the Bitcoin block (which was adapted by Satoshi Nakomoto in 2009) stored the details of the transaction such as the sender, receiver and the amount of coins.
A block also has a hash which identifies the block and all it content just like a fingerprint.Once a block is created the hash is been calculated,changing something inside the block could make the hash to change.Hashes are very useful when you want to detect changes to block.If a fingerprint of a block changes it is no longer a block
The hash of a previous block effectively creates the chain and this make the change so secure by changing a single block will make all foreign block valid.
A block chain has a proof of work which is known as a mechanism that has slow down creation of new block.In a case of Bitcoin,it takes about 10 minutes to calculate the required proof of work and add a new block to the chain.Thus mechanism has made it difficult to tamper with the block because if a block is tampered with,all foreign blocks will be needed for recalculation.The security of a block chain comes from it's creatives l us e of hashing and the proof if work mechanism
Block chain has also secured themselves by been distributed instead of using central entity to secure the chain.Block chain uses a P2P network which allows every individual to participate.
Once a participant in the network, he gets a full copy of the block chain,the node can be use identify that everything is in order.For example,when someone creates a block,the block is sent to everyone in the network, each node verify the block to check if it has not been tampered with.After the verification,each node will add it to their respective block chain.All nodes in this node then create a consensus to agree on which block is valid and which is invalid.
When a block is tampered with all nodes in the network will reject it.For successful tampering to take place with a block chain,All block of the chain will have to be tampered with,redo the proof of work for each block and take control of at least half of the P2P network,Only then will your tampered network be accepted by all and this is difficult or almost impossible to do due to the long process which will take time and effort.
Block chain are aslo evolving, One of the recent developments is the creation of the smart contract.Smart contract are simple program that are stored in block chain and can be used to automatically exchange coin based on certain conditions.The creation of block chain technology took the interest of a lot of people.
Sooner or later,this technology can be used to store a lot of things like medical records, creating digital e-notary, collection of taxes and so many other benefits.
Block chain is a transformational technology that has revolve the financial industry.It provides a secure and private to manage the finance in the web and allow businesses to experiment through what is possible in areas like digital management, processing of transaction and so on.Examples of block chain platforms include IOTA(which protect the integrity and verifiability of data), Quorum, Hyperledger sawsooth,open chain,EOS,Ripple,Ethereum,IBMblock chain.
Openchain is a public block chain platform which designed by coin prism and it help company create fantastic system for great experimentation and it can be used by everyone,less cause to worry about.They are open source distributed ledger technology which are suited for organization wishing to issue and manage digital assess in a secure,large and better way.

The administrator of an open chain defines the rules of ledger,the end users can exchange value on the ledger according to the given rules.Each transaction on the ledger is digitally signed like with Bitcoin.Some of their features include free transaction, securable, decentralised, privacy and so on.
Quorum is another block chain platform which offers faster and more efficient for commissioning.Their objective bis to promote block chain solution for businesses, create a trusted technology suit that put block chain to work for your business.
According to Ethereum, quorum is an open source block chain platform that combines the innovation of the public Ethereum community with the boost to support enterprise needs.Quorum mission is to make adopting block chain seamless process and they are not only just creating a platform but also providing full service support.
They are made for businesses by adding privacy, strong permissions to Ethereums robust care and are directly proportional to Ethereum and block chain mature.They are also of the production of consensus algorithm choices, privacy options and deployment configuration in a versatile, scalable platforms nso that business owner can solve their business needs exactly as they see fit.
Quorum involve in the production with the confidence that their core developer are on hand to support business personnel professional, enterprise grade service and are solution modifier Ethereum structure.It is a great route for those that want to manage large transaction and comes with support..
The comparison between this two block chain platforms we could depict that each platform has an objective of your developing the business personnel to make their company easier to operate and also to make it easier for similar organization across the globe to make transaction even without seeing each other and it will be secure,private and profitable.
Also they want to make the easy for everyone to operate and to be able to regulate the platform so it can be free from cyber crime like hacking and the likes.
Normally these two block chain platform are just trying to suit any organization for their needs to enhance their financial industry.
IBM block chain is still the leading business operations after Ethereum but all other platform are trying to provide solution to the problems in the financial industry.