Blockchain Technology with the two authenticate spares. 

Blockchain Ecosystem: Types and Components 

Ledger in accounting terms, is a book for recording all transactions. Now, talking about blockchain ledger, it is the same in cryptocurrencies records keeping. The difference is the blockchain ledger is made available to everyone who is part of the blockchain and so it is very secure and transparent. 

What is the Blockchain Ecosystem? What are its types?

Blockchain is a type of database scattered and stored in an inflexible form by the developers. It has a chain of four- developers, miners, nodes and stakeholders. 

People all over the world have always struggled with keeping records personal and safe. 

And thus, the success rate for financial security increases with a few inches/notches by this technology. The blockchain ecosystem helps in maintaining all the objectives of business, like smart contracts, individuals participation, motives of business, improving operations, etc.

Types of blockchain ecosystem  

There are 3 types of blockchain ecosystem- SingleParty (private), Public, Consortium and Hybrid Blockchain ecosystem. In order to integrate across the enterprise it leads a good path.

In order to keep your database secure and very decentralized it is the best way to keep  it and it helps in keeping historical transactions as well.

Transparency or trust or both?Talking about its transparency and work of trust it’s proven because its main function is to keep it inflexible so that no other person can access or change the entire database of the blockchain. It has a feature of transparency because it is not centralized; it is scattered in every node of the miner or stakeholder.

Components of Blockchain Ecosystem

There are mainly four components- Nodes, Digital ledger, Virtual machine and Consensus Algorithm.Nodes application is the peer-to-peer network that creates a good network for the miners/ validators.

The digital ledger is the blockchain ledger which is not centralized and it’s not flexible and it is a permanent type of storage of the database  in the decentralized form.

 So if talking about the form of the  database storage it is inflexible and a good way to keep it secured by attackers and hackers of the modern world. 

Digital ledger and decentralized ledger are same just as smartphones to computers. The next component of the blockchain is virtual machines,  these machines help in  the process of booking new tokens, purchasing new tokens,etc.  

The last is the Consensus Algorithm, which is developer of the nodes and the blockchain ecosystem. Blockchain is developed by the developers and therefore it’s the most important part of the ecosystem .

It also consists of blocks, peer-to-peer networks, hashes, public keys, private keys, nodes etc. Now talking about the most important part of the blockchain is that it provides the access to the user with safe database plans.

 Being rigid in nature it provides good security code having a good control over the codes and private keys. The biggest blockchain is Ethereum Blockchain in the blockchain ecosystem.

Therefore it is important to note that there is a little difference between the digital ledger and the decentralized blockchain. But it is similar to a smartphone as part of a computer.