Read about the various types of Blockchain in this comprehensive article.
The Blockchain has become integral to the most critical digital industries worldwide. Whenever we talk about digitalization, we cannot ignore the talk related to Blockchain technology. One primary reason behind the same is that many companies worldwide nowadays are using blockchain technology for better functioning. Moreover, these companies are using different types of Blockchain technology, making them even more effective in their work here. These companies are using blockchain technology to earn higher profits; apart from that, they are doing their functions better. So, the Blockchain is spread worldwide and in different industries, making it one of the most critical and mainstream technological developments in the past few years.
If you are curious about understanding cryptocurrency and the Blockchain market, you have landed on the right page today. We are glad to tell you that Blockchain technology is not as diversified as the cryptocurrency market. You will be surprised to know that the Blockchain market is more diversified than the cryptocurrency market. Cryptocurrencies are all about trading in a particular digital token and making money out of it But, Blockchain is more than that. Blockchain technology is about handling the data, keeping the data secure and much more. It is something that requires something to be highly advanced as well as responsible for everything. So, the Blockchain has a broader scope in many industries worldwide; therefore, it is one of the most critical and mainstream technological developments. If you want to understand Blockchain technology and types of Blockchain, keep reading further.
Types of Blockchain
- Public Blockchain
The first type of Blockchain you might always have come across in the market is permissionless Blockchain. Yes, the public Blockchain is also considered a permissionless network because it does not require any permission from the authorities. Even the person handling all the data is not responsible for providing you with permission to use the data. You can quickly access anything available on the public Blockchain, which is why it is available for everyone. Even though most of the technology in the Blockchain is referred to as public, this one is specifically designed for public purposes only. For instance, you can take an example of the networks which provide information to the public for understanding the public Blockchain.
- Private Blockchain
Nowadays, companies require new technology to help them stay discreet in their functioning. One of the primary reasons for staying discrete is that these companies do not want their competitors to know about what they are doing. So, by keeping everything discreet, these companies aim to make more money from the companies, which can be done with the help of the private Blockchain. Many multinational companies which do not want to disclose the data they are using do have a private Blockchain system at work. These companies have extensive systems; therefore, they use the private network to ensure that nothing gets leaked. This type of Blockchain is prevalent for its security and privacy features.
- Consortium Blockchain
When there are multiple companies in the hold of a particular data, consortium Blockchain is employed in work. It is a Blockchain network that can be permission day, and various organizations can operate it simultaneously. So you can say there is a particular project with its handle in multiple hands. It is a type of Blockchain that is very popular in industries requiring different companies’ integration. The more companies are at work, the more the requirement for the consortium Blockchain technology will be. It is prevalent in many organizations which have their headquarters in different nations.
- Hybrid Blockchain
A Hybrid Blockchain network is viral nowadays, and a single organization uses them. Most of the time, it connects both permissions and permission-less networks. Half of the network will work under a single authority’s permission. On the other hand, a part of the Blockchain network will be free of permission from the authorities. This way, it works both ways. So, the companies which have the function to delegate a certain degree of authority in the hands of the lower members use this kind of Blockchain technology. It promotes a sense of authority and responsibility in a particular organization. It is trendy in trouble, and companies like Visa and MasterCard nowadays.
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