Have you ever wondered what blockchain is?
The blockchain is one of the most important technological breakthroughs in recent years.
But, it’s also one of the most misunderstood technologies. There are so many different types of blockchains that exist today, and each type has its own pros and cons.
It can be hard to know which types are worth learning about or investing in for your business or startup idea.
But don’t worry! We have made a guide that helps you understand all the different types of blockchain technology today. This will help you make better decisions on what is right for your needs as a consumer or investor.
Let’s dive in:
Public Blockchain
As implied by its name, public blockchains are open for use by anyone who wants to join and participate in the network. Anyone can read records, send transactions and even maintain a full copy of the best blockchain. Bitcoin and Ethereum are probably the most notable public blockchains that currently exist today.
Private/Permissioned Blockchain
Permissioned or private blockchains give access to an arbitrary set of users who have been given the approval to use it. This is good for cases where trust has to be established among participants, such as in supply chains or financial institutions amongst others.
Here is an example: R3’s Corda – a computer program that helps you do financial things and it keeps your information safe and secure.
Consortium Blockchain
A consortium blockchain allows only a specific group of people to view its contents, and can only be modified by a majority consensus algorithm among its users. For example, the entire group of companies in a supply chain will have access to this blockchain, but not others outside of it.
Members of a consortium blockchain can also restrict other members from being able to read or write anything on the platform as well.
An example of this is JP Morgan’s Quorum – an enterprise-ready distributed ledger and smart contract platform that makes it easy to build, deploy and run applications across a network formed by combining cloud data centers.
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Want to Learn More About Blockchain Technology?
In this blog post, we’ve explored the three types of blockchain technology that exist today. Blockchain network technology is the future of commerce.
It’s not too late to get involved in this emerging market, but you need to know which type of blockchain will work best for you.
There are 3 types of digital transactions: all three have their own purposes. They work best in different scenarios depending on what is required for each implementation.
It is interesting how these 3 can coexist at the same time since it allows for easy exchange of ideas and innovation in the world of digital transactions.
If you want to learn more about blockchain networks and cryptocurrencies like Bitcoin, then you should visit our blog.