|Mon, 31 May 2021 02:19:23 +0000
A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain).
The blockchain network has no central authority it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.
The MultiChain technology is a platform that helps users to establish a certain private Blockchains that can be used by the organizations for financial transactions. A simple API and a command-line interface are what MultiChain provides us. This helps to preserve and set up the chain.
Blockchain s visibility should always be actively kept within the chosen participants to avoid confusion so as to ensure stability and control over which transactions exist. The process of mining can be done more safely with help from proof of work as well as the cost associated with it. This Blockchain model whereas only transacts the accounts validated to the participants of this chain.
Multichain comprises of two very important Concepts which are:
MultiChain supports assets natively at the blockchain level. The identifiers and quantities of assets are encoded within each transaction output, alongside the quantity of the blockchain s native currency (which may be zero if it is not being used). Every MultiChain node tracks and verifies the number of assets in transactions, just as it is done with the native currency. Specifically, it checks that the total quantities of all assets in a transaction s outputs are exactly matched by the total in its inputs. MultiChain allows each transaction output can contain any number of different assets.
Streams provide a natural abstraction for blockchain use cases that focus on general data retrieval, timestamping and archiving, rather than the transfer of assets between participants. Streams can be used to implement three different types of databases on a chain:
A key-value database or document store, in the style of NoSQL.
A time-series database, which focuses on the ordering of entries.
An identity-driven database where entries are classified according to their author.
These can be considered as the what , when and who of a shared database.