Blockchain Training in Chennai

First, the Bitcoin network that keeps track of our transactions and balances, and second, the currency that we use as the unit of value when we transact. We'll cover both here.
Bitcoin's payment network (also called the bitcoin blockchain) makes it possible for us to transact with one another. The network uses distributed consensus to verify and confirm transactions, and consensus is reached via a large global network of high-performance computers i.e miners,which runs the bitcoin software. If someone sends a transaction it's broad casted instantly to the network and verified by the miners, those who constantly works to confirm individual transactions and include them in the next block of transactions in the chain. When we verify a new block, all the transactions within it are permanently recorded on the blockchain. Rewards are paid out in bitcoin to miners who confirm transactions and verify the next block as a way to incentivize productivity on the network. Those who participates in the mining process will have an identical up-to-date copy of the blockchain or public ledger, which is comprised of record of all the transactions in bitcoin history. The copy of the ledger is updated every time when a new block is found.

The unit of value that we send and receive on the Bitcoin network is also referred to as bitcoin, or bitcoins. Bitcoin is completely digital, that means we can't physically hold it in our hand. It's also portable, divisible, fungible, and irreversible.

Public Block Chain

Private Block Chain

Consortium Block Chain

Hybrid Block Chain

The analysis of public blockchains has become increasingly important with the popularity of bitcoin, Ethereum, Litecoin and other cryptocurrencies.

Ethereum is an innovative block-chain based virtual machine and cloud 2.0 platform.The developers are working on a system allowing the exchange of complex contracts.More sophisticated interactions between the users will allow the conclusion of digital contracts according to Distributed ledger model.It amounts to an extension of crypto-economy, beyond virtual monetory exchanges towards the establishments of the nexus of digital contracts pertaining to all areas of life.

The block chain finds an unexpected application, a Grid-coin with peer-to-peer internet based crypto-currency that aims to provide real benefits to humanity by compensating miners for participating in BOINC projects. It is an Open-source middleware system for volunteer and Grid computing. It is the first Crypto-currency that successfully converts the wasted energy into useful scientific research and provides greater efficiency using normal consumer grade hardware.

The real potential of the crypto-currencies may be the streamlining of the transfer of value.The Ripple labs with Ripple technology is a major player in the payment revolution.It builds a global payment protocol.Ripple enables peer-to-peer server architecture to facilitate the movement of value among financial institutions. This server enables the financial companies to make payments directly. It consists of real-time gross settlement system, securing instant and free payments, currency exchange and remittance,regardless of size.