There are mainly four types of Blockchain
Blockchain Types
Public Blockchain
Public blockchain is one of the different types of blockchain technology. It can be adopted by any person, and allows all of the network participants to do transactions within a blockchain system. It can be accessed via an internet connection. Within a public blockchain system, there are no restrictions for anyone. The transactions containing ledger is shared with each system participant.
First time, this system was used within BITCOIN (BTC) cryptocurrency, which allowed everyone to do transportable, secured transactions within a decentralized system.
Verification process is done by consensus algorithms such as Proof-of-Work (PoW), Proof-of-Stake (PoS), and so on. It is used within voting and fundraising.
Real life used-cases:
a. Voting
b. Fundraising
Private Blockchain
Private blockchain is one of the different types of blockchain technology. It cannot be adopted by anyone. It can be accessed by only a limited number of participants. Private blockchain can be defined as a blockchain system that works in a restrictive environment. Unlike public blockchain, it has a closed network. It is a permissioned blockchain system, which is controlled under an entity.
Private blockchain is used by private entities or organizations for internal uses. Through effectively use of blockchain, you can do secured deals, and it also allows a few participants to access the blockchain network.
It differs itself on the basis of accessibility. Otherwise, it offers same features of public blockchain system (transparency, trust and secured) to the selected participants.
Real life used-cases:
a. Internal Voting
b. Supply Chain Management
c. Asset Ownership
Hybrid Blockchain
Hybrid blockchain is one of the different types of blockchain technology. As the name suggests itself, it can be defined as the combination or hybrid of private and public blockchain systems. If you want to have maximum advantages of both private and public blockchain with minimal
It is used in those entities which neither want to deploy a private blockchain nor public blockchain. It is used in those cases where entities want to hind some information and also want to access the whole use for personal updates or uses.
Real life used-cases:
a. Real-Estate
b. Retail
c. Highly regulated markets
Consortium Blockchain
Consortium blockchain is one of the different types of blockchain technology. It is also known as federated blockchains. The visibility of the chain can be limited to validators, viewable to authorized individuals, or by all. Provided the validators can reach consensus, changes can be easily rolled out.
the visibility of the chain can be limited to validators, viewable to authorized individuals, or by all. Provided the validators can reach consensus, changes can be easily rolled out.
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