People sometimes confuse these concepts. In this article I will talk about the features of the blockchain and the distributed registry.
The distributed registry
Is a database that is distributed across multiple network nodes or computing devices. Each node receives data from other nodes and stores a complete copy of the registry. The updates of the nodes occur independently of each other.
A key feature of the distributed registry, there is no single control center. Each node is and writes updates to the registry independently of the other nodes. Then the nodes vote for the updates to be sure that most of the nodes according to the final version. Voting and consensus in respect of one of the copies of the registry called consensus, this process is performed automatically using the algorithm of consensus. Once consensus is reached, the distributed registry is updated, and the latest agreed version of the registry is stored in each node.
The technology of distributed registry significantly reduces the cost of trust. The use of distributed registries will help to reduce dependence on banks, government authorities, lawyers, notaries and regulatory bodies. An example of a distributed registry platform from Corda R3.
Distributed registries represent a new paradigm for the collection and transmission of information. They can radically change the interactions between individuals, enterprises and public authorities.
Blockchain is one of the types of the distributed registry. Not all distributed registries use a sequence of blocks to reach a reliable consensus in a distributed system is protected from abuse by the way.
The blockchain is distributed in a peer-to-peer network and is controlled via the network. Since this is a special case of the distributed registry, it can exist without a Central authority or command and control server, and the quality of data in the blockchain is provided by database replication and trust-based computing.
However, the structure of blockchain different from the structure of other types of distributed registries. The data in the blockchain are grouped and organized in blocks. The blocks are connected to each other and secured by cryptography.
In fact, the blockchain is a constantly growing roster of recordings. The blockchain can only add data. You cannot delete or change data stored in the previous blocks. So the blockchain technology is well suited for recording events, records management, transaction processing, tracking, operations, assets and voting.
For the first time, the blockchain technology was applied in crypto-currencies such as Bitcoin. The explosive growth of Bitcoin in the end of 2017 and the ensuing media frenzy has attracted public attention to the cryptocurrency. Now the government, business organizations, economists and enthusiasts looking for other ways to use the blockchain technology.
Each blockchain is a distributed registry, but not every registry a distributed blockchain. Both of these concepts mean decentralization and consensus between the nodes. In addition, the blockchain data is organized into blocks, and allowed only to add new data. Distributed registries in General and the blockchain in particular represent conceptual breakthroughs in data management that will find application in every sector of the economy.