What is the Best Blockchain?

Abstract

Blockchain is one of the most essential technologies in the 21st century. It has practical applications across many areas and has introduced a new paradigm, which is distinct from the conventional database system. Furthermore, blockchain’s impact on the foundation of cryptocurrencies has brought more attention to it and revealed other ways it could be implemented and explored. Innovation-wise, blockchain provides a faster and more accurate delivery system of any information within the nodes of a computer network, which eliminates the need for a central clearing authority in its business network. Blockchain is known as a distributed ledger technology, because it allows digital information to be stored on an immutable ledger, which makes it a reliable way of maintaining a secure and decentralized record of transactions. As of January 2022, there are over 10,000 cryptocurrencies built on blockchain. However, each cryptocurrency’s efficiency, runtime to process transactions, and levels of security vary, depending on the type of blockchain it is based on.

Keywords: Blockchain