The Role of Fault Tolerance for Blockchain

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Blockchain is a distributed ledger technology that creates a permanent, sequenced, tamper-resistant, and continuously growing list of records that is linked and secured using cryptography. With blockchain any system of record can be replicated, shared, and synchronized across multiple locations without the need for a trusted third party for verification or authentication. While all blockchains achieve the aforementioned outcome, the architecture of blockchains depends on the use case and can range from a public permissionless to a private permissioned design. Public blockchains, popularly represented by Bitcoin and other cryptocurrencies, are often considered to be inherently fault tolerant by virtue of wide decentralization and methods of achieving consensus.  Private blockchains designed for business applications (commonly referred to as enterprise blockchain) are more consolidated architectures that function with a greater dependency on individual participating nodes to maintain the integrity of the ecosystem.