Introduction Blockchain Technology
There is an English proverb ” Necessity is the mother of invention“. The growing human population and high demand led to a shortage of resources. Other than that humanity may face many challenges for her existence in the future.
Therefore, humans are looking for alternatives for different requirements. Blockchain Technology is also considered an alternative in the technology world.
Blockchain is considered as a possibility to shorten many issues for humans such as environmental challenges, energy shortage issues, cybersecurity, and many more.
There is a lot of talk about Blockchain technology among technology users. Blockchain is being included in academics.
Many universities have launched diploma, undergraduate, and postgraduate programs for Blockchain technology. This subject’s basic concept or overview has been included in the school curriculum.
There are a lot of expectations about the use cases and applications of blockchain technology. Some use cases like cryptocurrencies, bitcoins, and dogecoins are very famous.
However, there is still a challenge to deliver the different possibilities of this technology to the end user. In this blog, we will try to understand and learn the various categories of Blockchain technology available now. This blog will give you the complete insights of each category.
There are four types of Blockchain.
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- Hybrid Blockchain
1. Public Blockchain
A Public blockchain is open to all the end users who has signed up on blockchain server. There are no restrictions on Public blockchain, and no permission is required to access any distributed ledger. These users can see all the present and past transactions. They are capable to make any changes on public blockchain. All the nodes connected with blockchain can handle it as an administrator.
Users can do blockchain mining without any hindrance. The advantage of Public blockchain is that this can be helpful in learning and educating the functioning of blockchain. Students and new geeks can take the advantage of public blockchain.
The drawback of public blockchain is that there is no privacy of data. They are less reliable, and any confidential information cannot be stored in such type of blockchain.
2. Private Blockchain
A Private Blockchain is restrictive blockchain and permission is required to get access of any distributed ledger.
A private Blockchain is only operated in a closed network. Private Blockchains are usually used by Business organizations, Enterprises and among the small group of users. There are data security, permission to access the blockchain, authorization of end users all controlled by a controlling agency.
This is advantageous for the enterprises where a smaller number of employees are working.
The disadvantage of a Private blockchain is that these are restrictive and without authorization you cannot access the data or information available on the private blockchain.
3. Consortium Blockchain
In this Blockchain technology, more than one organization can manage the blockchain. There are multiple nodes working as a stakeholder of that blockchain.
Therefore, Consortium Blockchain is a semi-decentralized blockchain network.
More than one organization can do data mining on such blockchain.
4. Hybrid Blockchain
A Hybrid Blockchain is a flexible blockchain. It is a combination of both Public Blockchain and Private Blockchain.
It means Users need to take permission to join a certain blockchain and then they can join the public blockchain available within that. Controlling agencies can control the accessibility of data. Some data are publicly available for all the users.
And anyone can do mining on that available data. But certain data are confidential, and you can only do mining after getting the permission.
Hybrid Blockchain is largely beneficial for large organizations where employee size is large.
Hybrid blockchain is like a client server architecture, where there is different interface for administrators and end users. Administrators can control the accessibility of information based on their requirements.
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