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Different Types of Blockchains - Choosing the Right One

Different Types of Blockchains - Choosing the Right One

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Different Types of Blockchains - Choosing the Right One

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  1. Different Types of Blockchains

  2. Blockchain Technology • Blockchain should be given the credit for transmuting the meaning of the word ‘ledger’. Once thought to be an archaic reference to record keeping, it has now made a comeback into the world of technology. The blockchain is a transparent, immutable, decentralized, and secure digital ledger that can be used for record keeping. • We will look at the different types of blockchain that are available. Before we go on to dive deeper, let us understand the need for different blockchain types because they serve different applications.

  3. Blockchain Types

  4. Blockchain Types • Public Blockchain •  It is accessible by anyone on the planet, and anyone can be a participator or a validator. • It is the perfect epitome of decentralization as there is no one who has complete control over the network.  • This property ensures top-notch data security and focuses on immutability as there is no single person who can manipulate the entire blockchain. • Bitcoin and Ethereum can be stated as good examples of public blockchains.

  5. Blockchain Types • Private Blockchain • It can also be called as permissioned blockchain • it imposes restrictions on who can access, participate, transact, and validate. • Private blockchains are increasingly adopted by many organizations to store their sensitive data. • Since the blockchain is available only to certain people in the company, the security offered by the blockchain only gets multiplied!

  6. Blockchain Types • Consortium Blockchain • The consortium blockchain is a hybrid model where some nodes can control the consensus evaluation and others are allowed to participate in transactions • It is a perfect cocktail of the public and private blockchain. • Given its hybrid nature, there are two types of users • those who can control the access to the blockchain • those who can access the blockchain.

  7. Choosing the Right One • Blockchain technology is still in its nascent stages but it would not be an exaggeration to say that a lot of industries have recognized and acknowledged the ingenuity of this new technology. • Companies like Blockchain App Factory will not only help you choose the right kind of blockchain for your business. • Transcending a level, the company also help in creating an exclusive one for you or if need be, capitalize on an existing blockchain and create your smart contract or tokens on it!

  8. Touch with Blockchain App Factory • Mail: info@blockchainappfactory.com • Web:https://www.blockchainappfactory.com/blockchain-development-company • Mobile: +91 956 610 1784

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