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record transactions across many computers so that the record cannot be altered retroactively without
the alteration of all subsequent blocks and the consensus of the network.
PoW: Proof-of-Work (PoW) is a mechanism Bitcoin uses to regulate the creation of blocks and the state
of the blockchain. Proof-of-Work provides an objective way for all members of the Bitcoin network to
agree on the state of the blockchain and all Bitcoin transactions.
3) List the types of Blockchain we have and write a short note on each
• Public blockchain:
A public, or permission-less, blockchain network is one where anyone can participate without
restrictions. Most types of cryptocurrencies run on a public blockchain that is governed by rules or
consensus algorithms.
A private, or permissioned, blockchain allows organizations to set controls on who can access blockchain
data. Only users who are granted permissions can access specific sets of data. Oracle Blockchain
Platform is a permissioned blockchain.
A blockchain network where the consensus process (mining process) is closely controlled by a
preselected set of nodes or by a preselected number of stakeholders.
• Creation errors: Sometimes, there may be security glitches or errors during creation of blockchain. This
may be more common with larger, more intricate blockchains.
• Insufficient security: Many blockchain hacks have happened on exchanges, which is where users can
trade cryptocurrency. If the security practices surrounding the exchanges are weak, hackers will have
easier access to data.
• During the verification process, individuals referred to as “miners” will review the transactions to
ensure they are genuine. When one or more hackers gain control over half of the mining process, there
can be extremely negative consequences.