Types Of Blockchain

Parul Khurana Feb 10 2021 · 1 min read
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What is Blockchain?

Blockchain is an open  source and distributed ledger that can is used to record the  transactions between two parties. This way of recording the transaction is both permanent as well as verifiable, which makes it one of the best ways to keep the record of  transactions. Blockchains are built on the open-source platform. Hence different versions of these blockchains are possible, which are developed as per the needs of different industries and use cases.

Blockchain Transactions are between only two parties, and no other parties are involved, this results in lower cost, and once a transaction is performed, it cannot be changed under any circumstances which leads to better security.

Types Of Blockchain

  • Public Blockchain
  • Private Blockchain
  • Consortium / Hybrid Blockchain
  • Public Blockchain

  • Blockchains that are publicly accessible ae called public blockchains.
  • There is no restrictions on the participatory and validator.
  • Ensures that the data is secure and helps in the immutability of the records.
  • Advantages

    uncontrollability of the blockchain which means that nobody will have complete control over the network.

     Private Blockchain

  • They have a network administrator who take care of the user permissions in case any particular user requires additional authority on the go.
  • Private Blockchain is used in private organizations to store sensitive information about the organization.
  • Consortium / Hybrid Blockchain

  •  It is divided into two different types, where some nodes are private, while the other nodes are public. 
  • Some of the nodes will be allowed to participate in the transactions. 
  • Other nodes are to control the consensus process.
  • In this all the nodes can access the blockchain, whereas the level of  the information that can be accessed will depend on the node accessing that particular data.
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