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What are the Different Types of Blockchain

Blockchain is a distributed, unchangeable ledger that facilitates the recording and tracking of transactions and resources through a peer-to-peer network. Thus, to avoid a single point of failure, each computer in a blockchain network stores a copy of the ledger and is simultaneously updated and validated.

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What are the Different Types of Blockchain

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  1. What are the Different Types of Blockchain? What are the Different Types of Blockchain? Introduction Introduction: : In recent few years, Blockchains have caught the attention of media and individual investors due to the drastic price gain in cryptocurrencies. As a result of the price increase, Blockchain technology has been too focused on the transactional side while ignoring other beneficial components of Blockchains. Thus, to get a deeper insight into this powerful technology, it is recommended to have Blockchain Training in Gurgaon. Keeping this in mind, we have compiled the different types of Blockchain Technology. However, before that, let us understand the meaning of Blockchain Technology. Blockc Blockchain Technology: Meaning hain Technology: Meaning Blockchain is a distributed, unchangeable ledger that facilitates the recording and tracking of transactions and resources through a peer-to-peer network. Thus, to avoid a single point of failure, each computer in a Blockchain network stores a copy of the ledger and is simultaneously updated and validated. Benefits of Blockchains Technology Benefits of Blockchains Technology: : List down below are the significant benefits of using Blockchain technology: ● It is an immutable public digital ledger, which means that once a transaction occurs in the records, you cannot change it. ● Also, Blockchain is always safe due to the encryption function. ● Because it is a decentralized system, there is no need for an intermediate charge. Types of Blockchains Types of Blockchains: : There are four types of Blockchain. These types are as follows:

  2. ● Public BlockChain: Public Blockchains are open, decentralized networks of computers that anybody who wishes to request or confirm a transaction may access. However, those that validate transactions (miners) get rewarded. Moreover, Public Blockchains make use of proof-of-work or proof-of-stake consensus procedures. Furthermore, the Bitcoin and Ethereum (ETH) Blockchains are two important examples of public Blockchains. ● Private BlockChain: Private Blockchains are not open, and access is restricted. People who wish to join must first obtain authorization from the system administrator. However, they are often managed by a single entity, implying that they are centralized. The significant advantage of private Blockchain is hyperledger. ● Hybrid Blockchains or Consortiums: Consortiums include a hybrid of both public and private Blockchains with centralized and decentralized elements. Thus, a few examples of this type of Blockchain are Energy Web Foundation, Dragonchain, and R3. ● Sidechains: A sidechain is a Blockchain that runs alongside the main chain. It enables users to transfer digital assets between Blockchains and enhances scalability and efficiency. A few examples of a sidechain is the Liquid Network. Conclusion Conclusion: : Finally, with the above types, you can select which Blockchain will serve your purpose better. To become proficient in different Blockchain types, you must enroll in Blockchain Online Training. For More Queries, Please Visit: Phone Number: +91-0120-4155255, +91-9711526942 Address: G-21, Sector-03, Noida-201301, (U.P.), India Email: info@cromacampus.com

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