WHAT IS HYBRID BLOCKCHAIN? HOW CAN IT HELP TO SOLVE EVERYDAY PROBLEMS?

1
(No Transcript)
2
What is Hybrid Blockchain?How can it solve
Everyday problems.

• Blockchains are gaining popularity for their
  applications in both public and private
  enterprise. Privately, individuals can use
  blockchains as a store of wealth that is beyond
  the control of governments and hackers.
  Publically, blockchains are being used to design
  better systems for logistics, finance, and
  governance.

3

• The power is derived from the fact that the data
  stored on blockchains is resistant to tampering
  and is transparently available for all of the
  users to access. However, there remain some
  applications that are not covered by either
  public or private blockchains alone. Heres a
  look at why hybrid blockchains are required and
  how they can solve everyday problems.

4
The Basics - What are Hybrid Blockchains?

• Hybrid Blockchains lie somewhere between private
  and public blockchains, depending on their
  architecture. Therefore, to get a good
  understanding of hybrid blockchains, one must
  first understand the differences between private
  and public blockchains. As the name suggests,
  public blockchains are accessible to and managed
  by the public. Anyone can participate in the
  maintenance and governance of the blockchain. The
  most popular blockchain in the world, Bitcoin, is
  a public blockchain.

5

• Participators are typically rewarded in the form
  of block rewards for their contributions to the
  network to incentivise good behaviour on the part
  of network peers. Since millions of users manage
  a public blockchain across the world in real
  time, achieving consensus for a public blockchain
  is time-consuming and expensive. For instance,
  the consensus mechanism that Bitcoin uses, Proof
  of Work, relies heavily on wasteful computations
  for millions of devices to ensure security. By
  comparison, a private blockchain allows limited
  access to entities outside a trusted few who were
  involved in the creation of the private
  blockchain.

6

• Typically, private blockchains have
  administrators who can control permissions of
  adding or modifying data on a private blockchain.
  The most popular private blockchains include the
  hyperledger fabric which is being developed as a
  competitor to Ethereum by IBM and quorum, which
  is being developed by J.P. Morgan. Private
  blockchains are much faster than public
  blockchains because the network is managed by a
  handful for trusted nodes whose motives are
  clearly for the benefit of the network. Such
  trusted nodes typically belong to financial
  institutions or universities to maintain fairness
  and remain unbiased.
• .

7

• Now, it is clear that each type of blockchain has
  its strengths and weaknesses. Public blockchains
  while being transparent and resistant to
  tampering are slow and expensive whereas, private
  blockchains are somewhat centralised but can
  deliver much higher throughput and speeds. As a
  logical step, hybrid blockchains combine the
  benefits of both of the blockchains while trying
  to limit the disadvantages. Therefore, with
  hybrid blockchains, we can employ a public
  blockchain to make the ledger accessible to every
  single person in the world, with a private
  blockchain running in the background that can
  control access to the modifications in the
  ledger.

8
Hybrid Blockchains in the Real World

• One of the leading hybrid blockchain platforms,
  XinFin, has developed a unique network for Ramco
  Systems for the management of supply chain
  logistics. XinFin completed its ICO earlier this
  year and had since developed its public-private
  blockchain on Ethereum (public blockchain) and
  Quorum (private blockchain). There are numerous
  benefits to using a hybrid blockchain like the
  speed of private blockchains combined with the
  security of public blockchains. The private
  blockchain is used to generate a hash of
  transactions which is later verified using the
  public blockchain.

9

• Another real-world application of hybrid
  blockchains includes Ripple network and the XRP
  token. Ripple has regularly been criticised for
  its centralised nodes which can arbitrate
  transactions in the case of a dispute. But by
  adding a public blockchain to verify the
  operations of its private blockchain can make the
  network much more secure for its users.

10
Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Expertv2
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

11
(No Transcript)