However, the Lightning Network would, again, require a change to the existing Bitcoin protocol. (Though again it would be a “soft fork,” i.e. the existing blockchain would remain fully valid.) And/or — you guessed it — a Lightning sidechain. What’s more, one of the changes it requires, the elimination of transaction malleability, is handled by the Segregated Witness work in Sidechain Elements. (correction: all of of the changes required are incorporated into Elements Alpha — it’s Lightning-ready out of the box.)
Step back from the details for moment and consider what’s been described.  We now have a way to move coins from Bitcoin onto another platform (a sidechain) and move them back again.   That’s pretty much what we do when we move them to a wallet platform or an exchange.  The difference is that the “platform” they’ve been moved to is also a blockchain… so it has the possibility of decentralised security, visibility and to gain from other innovation in this space.
State of the art public Blockchain protocols based on Proof of Work (PoW) consensus algorithms are open source and not permissioned. Anyone can participate, without permission. (1) Anyone can download the code and start running a public node on their local device, validating transactions in the network, thus participating in the consensus process – the process for determining what blocks get added to the chain and what the current state is. (2) Anyone in the world can send transactions through the network and expect to see them included in the blockchain if they are valid. (3) Anyone can read transaction on the public block explorer. Transactions are transparent, but anonymous/pseudonumous.
A company called Blockstream has been focusing on these developments and has announced the release of Sidechain Elements, which is an open-sourced framework for sidechain development. It includes a functioning code and a testing environment for working with sidechains with several components: the core network software to build an initial testing sidechain, eight new features not currently supported by bitcoin, a basic wallet and the code for moving coins between blockchains.
Federated Blockchains operate under the leadership of a group. As opposed to public Blockchains, they don’t allow any person with access to the Internet to participate in the process of verifying transactions. Federated Blockchains are faster (higher scalability) and provide more transaction privacy. Consortium blockchains are mostly used in the banking sector. The consensus process is controlled by a pre-selected set of nodes; for example, one might imagine a consortium of 15 financial institutions, each of which operates a node and of which 10 must sign every block in order for the block to be valid. The right to read the blockchain may be public, or restricted to the participants.
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Saying that, Interoperability has been the missing link in conquering the obstacles faced by both private and public blockchains by empowering them to interact and exchange values across platforms seamlessly. Developers use of the Gallactic blockchain technology, that allow for private and public blockchains within its eco-system, will drive the potential to combine both public and private blockchains with innovative new solutions, designed to accomplish cross-chain exchange and greater compatibility is the way forward for all parties and their concerns.
If one group of nodes continues to use the old software while the other nodes use the new software, a split can occur. For example, Ethereum has hard-forked to "make whole" the investors in The DAO, which had been hacked by exploiting a vulnerability in its code.[31] In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. In 2014 the Nxt community was asked to consider a hard fork that would have led to a rollback of the blockchain records to mitigate the effects of a theft of 50 million NXT from a major cryptocurrency exchange. The hard fork proposal was rejected, and some of the funds were recovered after negotiations and ransom payment.[32]
By the end of this post, you’ll be able to freely participate in conversations like the above. This is not a coding tutorial, as we’ll just be presenting important concepts at a high level. However, we may follow up with programming tutorials on these ideas. This article will be helpful to both programmers and non-programmers alike. Let’s get going!

Bitcoin’s block interval is ten minutes so it takes about five ten minutes on average for a new transaction to find its way into a block, even if it pays a high fee. This is too slow for some people so they have experimented with alternative cryptocurrencies, based on the Bitcoin code-base, which employ quicker block intervals   [UPDATED 2014-10-27 to correct my embarrassing misunderstanding of mathematics…]


Walmart recently filed patents that could allow the retailer to store vendor and consumer e-commerce payment data using blockchain technology to improve security. This application would encrypt payment information in digital shopping systems and create a network able to automatically conduct transactions on behalf of a customer. The payments would be received by one vendor or more, depending on the services and who provided them.
When blockchain technology was introduced to the public in 2008 (via Satoshi Nakamoto’s famous white paper), it would have been hard to predict that private or consortium blockchains would become popular. But recently, there’s been a lot of buzz about this in the digital currency community. Many companies are beginning to experiment with blockchain by implementing private and consortium chains, although some people are critical of this. This discussion not only centers on use cases and benefits, but whether non-public blockchains are an appropriate application of the protocol to begin with.
A public blockchain has absolutely no access restrictions. Anyone with an internet connection can send transactions[disambiguation needed] to it as well as become a validator (i.e., participate in the execution of a consensus protocol).[84][self-published source?] Usually, such networks offer economic incentives for those who secure them and utilize some type of a Proof of Stake or Proof of Work algorithm.

Jump up ^ Redrup, Yolanda (29 June 2016). "ANZ backs private blockchain, but won't go public". Australia Financial Review. Archived from the original on 3 July 2016. Retrieved 7 July 2016. Blockchain networks can be either public or private. Public blockchains have many users and there are no controls over who can read, upload or delete the data and there are an unknown number of pseudonymous participants. In comparison, private blockchains also have multiple data sets, but there are controls in place over who can edit data and there are a known number of participants.
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Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for the better world. Blockchain council creates an environment and raise awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally.    
Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for the better world. Blockchain council creates an environment and raise awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally.    
Public blockchains are also expensive, and not just in terms of money. The time and energy required to process transactions on public chains is more intensive than that of non-public chains. This is because every single node on the chain must authorize each new transaction before it is added to the chain, which requires a large amount of electricity and time (not to mention money).
The ethereum-based app builder has a dedicated team of experts looking at all varieties of fiat cash on distributed ledgers, and it's working with UnionBank of the Philippines to create a low-cost tokenized fiat solution for rural banking. In time, this could be extended to cover a larger network of banks and perhaps even the central bank, ConsenSys says.
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