What Are The Various Types Of Blockchain Networks
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A blockchain is a type of distributed ledger technology (DLT) that consists of growing list of records, called blocks, that are securely linked together using cryptography.
Here are the various types of Blockchain Networks available:
The consortium blockchain is a system that is ‘semi-private’, it lies in the middle of being fully open and centrally controlled. There’s more likely to be a trusted consensus, as multiple organizations have a stake in the outcome. As in open systems that are accessible to everyone and the private one that only allows one enterprise, consortium blockchain allows multiple organizations to function as validators. It provides multiple organizations a common way to carry out transactions or relay information.
Blockchain access is granted by choice. The private part of the blockchain is dealt with and controlled by the ones in charge and the public part is left open for everyone. This public-private blockchain helps increase the security of the system and provides consistency and validity for both the private and public parts. This model is used where the private part is kept internal and secured among known participants, and the public part is left open.
A “private blockchain” refers to a blockchain whose blocks are written and controlled by an individual or single organization. Private Blockchains are typically used in enterprise solutions to solve business cases and underpin corporate software solutions. The participation nodes in private blockchains are limited and controlled, which allows them to achieve extremely fast transaction speeds, better privacy protection, lower transaction costs, and less vulnerability to malicious attacks hence they are more centralized. Private Blockchains are valuable for enterprises who want to collaborate and share data but don’t want their sensitive business data visible on a public blockchain.
Public Blockchains are an open source. They allow anyone to participate as users, miners, developers, or community members. All transactions that take place on public blockchains are fully transparent, meaning that anyone can examine the transaction details. Anyone can read a public blockchain, send transactions to it, or participate in the consensus process. Bitcoin and Ethereum are prominent examples of public blockchain development networks. Anyone can participate, and anybody can engage with the consensus mechanism (for instance, by mining or staking). As anybody is free to join and to be rewarded for their role in achieving consensus.