unknowingly gains such network influence. It can result in control of

the network if an entity can control 5 1%

or more of the network

devices. By doing so, they can modify the data in the ledger and also

do double-spending. This is possible on networks where the control of

miners or nodes is possible. This means that private networks are more

likely to be safe from 5 1%

of attacks, whereas public ones are more

vulnerable to this.

Complexity: The implementation and management of a blockchain

proj ect are hard, requiring thorough knowledge from the business to

go through the whole process giving rise to the need of hiring multiple

experts in the blockchain field, leading to the problem and hence is a

limitation. They need to train their existing professionals on how to

utilize blockchain and then ensure that the complexities and outcomes

of a blockchain-powered business are understood by the management

team. It is in this way that they would understand their requirements

and help in transforming their business processes to utilize blockchain.

Blockchain developers and specialists are harder to find and cost more

due to their demand and supply ratio.

Crowd consensus: A fault-tolerant mechanism used in blockchain

systems to achieve the necessary agreement on a single data value or a

single state of the network among distributed processes or multi-agent

systems, such as with cryptocurrencies, is the mechanism of crowd

consensus.

Conclusion

This chapter introduced you to DLT, a novel and fast-evolving approach to

record and shared data across multiple data stores and BC, a data structure

used in distributed ledgers, which store and transmit data in packages called

“blocks” that are connected to each other in a digital chain. A comparison

of blockchain and distributed ledger as well as the benefits of DLT and BC,

are discussed. The process of BC formation and BC specialty are discussed

next. Blockchain types—

public, private, hybrid, and consortium are

explained in detail together with ownership/ transaction/ order integrity.

We next discuss conflict and its resolution. The fork that arises when the

BC in a distributed ledger splits into two competing paths forward, which

then need to be resolved together with Fork types, is explained. The j ourney