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what is blockchain technology and how does it work distributed system.

Welcome to the first part of the economics of the Bitcoin Bitcoins value with bitcoin price history.To understand distributed system blockchain and blockchain meaning we need to grasp the concept of various systems to understand blockchain definition. so blockchain explained and also what is blockchain technology and how does it work and Blockchain Distributed Systems.

what is blockchain technology and how does it work and Blockchain Distributed Systems

The USP of Rocky lies in that it uses a distributed system. We need to understand the different types of systems the pros and cons of systems are relevant in society and indeed management in society. You can think of governments wide in database management. You can think of servers that store information let’s start with understanding the concept of authority.

There are some common definitions that you would find on the Internet and in various dictionaries such as the power our right to give orders make decisions and enforce obedience or the person or organization having power or control in a particular typically political or administrative sphere and the power to influence others.

what is blockchain technology and how does it work and Blockchain Distributed Systems

 Especially because of one’s commanding manner or once you recognize knowledge about something the centers of authority is what differentiates the three systems from one another. So let’s start with the first type centralized systems not centralized systems have just one point of authority. And this is where all the control is concentrated.

All the processes and all the decisions are carried out in a single location. However, this system makes it extremely susceptible to collapse meaning any disruption and that one single center of authority can collapse the whole system.

Let’s start with the advantages of this.

First it is really easy to implement and this makes decision-making much faster. Since that is just one authority that single authority takes the decision and there is no consensus required.

The second is that economics of scale reduces the duplication of work which is seen sometimes with multiple authorities because you have just one single authority. You do not have the chance of multiple points of authority performing the same function and this gives you economies of scale.However, this also comes with 7 Conte’s the first and the most obvious one is that there is dependence on one single authority for data and society.

Think of dictatorships.

Not this makes the system unsafe as any attack on that sole authority shall destabilize the system. Think about a server system. If you attack the primary source of information then there is no backup. So that information is lost or in a government in a dictatorship. If the dictator is taken down there is no new leader. A new form of government and thus that system is destabilized.

The second is it’s bureaucratic in nature and thus it adds many layers and hierarchy. The third is that it is not transparent and thus prone to fraud. Low transparency makes it prone to fraud. The lack of transparency will induce irresponsibility at the top level since that’s where the power is concentrated.

Some examples of these are a banking system of food franchises like McDonald’s or Silversea use not do the second type of system the decentralized systems that there are several points of authority in decentralized systems and thus power is more diversified. This makes the system less susceptible to downfalls as the fall of a single point of authority wants to bring down the system. The hierarchy is thus. FLATOW compared to a centralized system.

Now let us look at the rules of this.

The decisions are now made much closer to the consumer. Thus the decision-making authorities have more information about the end users of either the product or in a government of all the people. Second, the system is less susceptible to collapse because now there are multiple points of authority. The downfall of one point is not going to bring about a destabilization of the system as we saw in centralized systems.

However, the drawbacks are that there are still economies of scaleAs of now with multiple authorities, you may have a duplication of dusk problem. And second, although they are safer than the centralized systems they are still susceptible to collapses. Thus they’re not completely safe.

blockchain distributed system with examples.

A few examples of these are supply chains like Johnson and Johnson’s governments where you have a centralized authority and a state authority and cloud databases. And this finally brings us to the third type of systems which is distributed systems in distributive systems. Everyone is an authority thus they are virtually unsusceptible to collapse. Now, this doesn’t mean that the system’s going to be hacked. However to bring down a system one must control or alter more than 50 percent of the points of authority. The cost of doing this itself will erase most gains and this will make it economically viable to have these systems and finally, the hierarchy is not completely flat.

Every point of authority is equal to one another and every person every participant in the system is a point of authority. So everyone is equal to everyone and thus this brings about a flat hierarchy. Now, what are the benefits of the system? The biggest benefit that distributive systems introduce is that it removes the need for intermediaries. Second as discussed before that is economical and viable to bring down.

And this makes them extremely safe. The safest of the three options that we’ve seen today. And finally this complete transparency makes the chance of someone committing fraud highly unlikely and very difficult. There are a few drawbacks, however. These include the fact that these systems are still new and the technology is still innocent. It will still take a lot of time to stabilize and they require a massive capital investment to set up. There will be economies of scale as time goes on.

But to start the distributed system is very expensive. A few examples of these are cryptocurrencies and blockchain networks. This brings us to the end of the first article on distributed systems and types of systems and blockchain future .

Now that we know what distributed systems are and how they differ and the advantages that they offer we can now move on to understanding blotching and why it is being called the most disruptive technology of the century.i hope you get blockchain info also you understand blockchain  real estate.

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