In recent years, Blockchain Technology - Blockchain is becoming a hot trend worldwide. Bitcoin is the first application of Blockchain; its application in industries from finance, manufacturing, commerce, and energy, ... has brought significant achievements in revenue and keeping up with the changes of the industrial revolution 4.0.
Blockchain is a technology that encodes all data into blocks and connects them to form a long chain. Every time new information or a transaction occurs, the old information is not lost; instead, the further information is saved into a new block and, in turn, appended to the old block to form a new chain.
In addition, Blockchain information is not only located on a single server. Still, it is automatically distributed and backed up on many different servers connected to the Blockchain system so that everyone can view and check the transactions. This can prevent modification or fraud and ensure transparency and information security.
Blockchain technology systems are divided into three main types:
Public: Everyone has the right to read and write data. The transaction validation process requires thousands of thousands of participating nodes. Therefore, it is tricky for hackers to attack this system due to the high cost.
Private: The user only has permission to read data. This organization may or may not allow users to read data in some cases. Since this is a Private Blockchain, the transaction confirmation time is relatively fast because it requires a small amount of equipment to participate in transaction validation.
Permissioned: A form of private but adds certain features.
Global Newswire's Global Blockchain Market Report 2021 announced that the global Blockchain technology market size is expected to reach $72 billion by 2026, growing at a market growth rate of 51.8