Saturday, August 11, 2018

Different Types Of Blockchain

  Raj       Saturday, August 11, 2018
We all know that Blockchain is most popular and emerging technology nowadays. If you are new to this technology then you may read Beginner's Guide to understand Blockchain.

Here in this article I will explain about 3 Different Types of Blockchain. Before we go ahead, let me clarify one thing that Bitcoin and Blockchain both are not equal. Blockchain is a Technology and Bitcoin is a cryptocurrency which works on Blockchain Technology.

Types of Blockchain

Types of Blockchain

Public Blockchain

As per its name this type of blockchain is publicly available. Anyone can view and/or insert new transactions. Nobody is the owner in public blockchain. Every time whenever transaction happens other people can authenticate the transaction by giving Proof of Work and Proof of Stake. Do you the fact that public blockchain is unhackable. In public blockchain its database is decentralized over the internet and not stored at any centralized location. So practically it's not possible to hack it.

Example - Bitcoin

Private Blockchain

This type of blockchain is owned by a single person or an organization. Owner of blockchain can decide that who can participate, read and write transactions. If we see from an organization's point of view then we can say that its database is centralized with cryptography. Once we enter into the network it looks like decentralized inside the organization. 

Example - Monax is a perfect example of Private Blockchain.

Consortium or Federated Blockchain

This is a mixture of public and private blockchain. When group of organizations or group of individuals take combined ownership and established a blockchain then it's called Consortium Blockchain. All organizations who are owners are known as Consorium and hence it is named as Consortium blockchain.

Example - R3 Corda

So friends these are three different types of blockchains. I hope this article is helpful to all of you. Please share your views about blockchain over here via comments. Have a nice day.


Thanks for reading Different Types Of Blockchain

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