Blockchain’s attack into the IT industry with Bitcoin
changed the way the world saw online transactions. As Blockchain going
intimate, people cleared that Blockchain can be surpassing Bitcoin. Over the
years, numerous industries such as Real Estate, politics, Healthcare, etc.,
have been trying to utilize Blockchain Technology. And because most of the
industry doing there work with a unique style, Blockchain had to evolve into
different types.
Depending on the need of the application, There are divided
into three types of blockchain.
1. Public blockchains like Bitcoin and Ethereum
2. Private blockchains like Hyperledger and R3 Corda
3. Consortium block chains like dragon chain
What is a public blockchain?
Public blockchains are the allowable source. They allow
everyone to join as users, miners, developers, or organization members. All
transactions that take place on public blockchains are fully genuine, meaning
that anyone can examine the performance details.
Public blockchains are designed to be fully decentralized,
with no one individual or gather controlling which transactions are recorded in
the blockchain or the order in which they are concocted.
Public blockchains can be extremely censorship-resistant,
since anyone is open to join the network, regardless of location, nationality,
etc. This makes it very hard for authorities to shut them down.
Finally, public blockchains all have a sign associated with
them that are typically designed reward and bonus members in the network.
What is a private blockchain?
Private blockchains, also known as permission blockchains,
possess a number of notable differences from public blockchains.
Participants need consent to join the networks
Transactions are private and are only available to the ecosystem
participants that have been given permission to join the network
Private blockchains are more centralized than public
blockchains
Private blockchains are valuable for enterprises who want to
collaborate and share data, but don’t want their sensitive business data
visible on a public blockchain. These chains, by their nature, are more
centralized; the entities running the chain have significant control over
participants and governance structures. Private blockchains may or may not have
a token involved with the chain.
What is a consortium blockchain?
Consortium blockchains are sometimes considered a separate
designation from private blockchains. The main difference between them is that
consortium blockchains are governed by a group rather than a single entity.
This approach has all the same benefits of a private blockchain and could be
considered a sub-category of private blockchains, as opposed to a separate type
of chain.
This collaborative model offers some of the best use cases
for the benefits of blockchain, bringing together a group of
"frenemies"- businesses who work together but also compete against
each other.
They are able to be more efficient, both individually and
collectively, by collaborating on some aspects of their business.
Participants in consortium blockchains could include anyone
from central banks to governments, to supply chains.
Conclusion:
Hence, in this discussed above content, I hope you learned
about the types of Blockchain Technology. Moreover, we saw Blockchain types: Public
Permissioned, Private Permissioned, Consortium Permissioned & how
to use them. Along with this, how all the three have their significant usages
according to their needs.
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