About The Speaker
HashLynx will dramatically improve the efficiency and transparency of capital markets with our leading-edge blockchain solutions and financial expertise. Currently, computing architecture is performed on a central server. This is what is referred to as a Centralized system. Blockchain is a decentralized database; there is no central point of control. Blockchain algorithms enable transactions to be constructed to form a series of incremental blocks of data. Each block is identified by a cryptographic hash of its predecessor block to ensure the construction of a chain. The hash represents the larger store of data and it is used to locate the data. All transactions are stored on a distributed ledger which ensures their authenticity. The transactions are secure in their virtual wallet, which is the address of their location.
Basically, blockchains can be classified into two types. The first is a Permissionless Blockchain, in which anyone can have access to the blockchain. The second is a Permissioned Blockchain, in which there is access only by known, trusted participants. There are also Private Blockchains and Public Blockchains. There can be multiple types of blockchains, and it is possible to have hybrids of these. Each type has its strengths and purposes. Each business, after careful consideration, should determine which is the most suitable option for their respective business.
Blockchains are comprised of a network of distributed nodes. Every node stores an exact and unchanging copy of the entire blockchain. The nodes validate and relay transactions to reach a consensus. The consensus is an important aspect of the blockchain. It is an agreement that the transaction actually happened. There is never a question of whether or not an agreement has occurred. The transaction is executed when consensus is reached.