TYPES OF BLOCKCHAINS

TYPES OF BLOCKCHAINS

The current surge in popularity of blockchain has boosted the desire for the implementation of this technology. However, the question is: Do all companies utilizing blockchain technology have the same requirements? Of course, the answer is no! Every organization has unique needs that call for certain forms of blockchain. There are various variations of blockchain technology, each with its own set of capabilities. And in this session, we'll examine and comprehend these various blockchain configurations.

Obtainable Blockchain:
Anyone may join this distributed ledger and utilize it to carry out transactions. Each partner owns a copy of this unlimited ledger format. The public blockchain can now also be accessed by anyone with an internet connection.
This user is able to perform mining operations and has access to old and new records. These complex calculations must be performed to verify transactions and add them to the ledger. 

No legally binding record or transaction can be changed on the blockchain network. Anyone can examine transactions, identify problems, and provide solutions because the source code is of ten available for public inspection.

Trusted: 

The proof-of-work process ensures that no fraudulent transactions occur, so public blockchain nodes do not need to know or trust each other.
Security: 

A public network is one that allows any number of users or nodes to be added. More records are spread over a larger network, making it more difficult for hackers to compromise the entire system.
Open and transparent: 

Every member node can see the data on the public blockchain. A copy of the blockchain or digital ledger records is stored on each authorized node.

Private blockchain:
A blockchain network runs in a restricted or private environment and is managed by one person.
Although this blockchain is much smaller than the public blockchain network, it offers comparable peer-to-peer connectivity and decentralization.
Rather than being accessible to anyone willing to donate computing power, they are often run on a restricted network within a company or organization.
They are also called enterprise blockchains and permissioned blockchains.
Speed: 

Private blockchain transactions move faster. This is due to the fact that the private network has fewer nodes, which reduces the time it takes to verify a transaction.
Scalability: 

The size of your private blockchain can be tailored to your unique needs. As a result, private blockchains are particularly scalable, allowing businesses to rapidly expand or shrink the size of their network.

Hybrid blockchain:

Which incorporates the benefits of both private and public blockchains, is used by businesses that want the best of both worlds.
It allows businesses to create a private, permission-based system on top of a public, permission-less system, giving them control over which Blockchain data is accessible to whom and what data is made public.
Transactions and data in a hybrid blockchain are normally private which means nobody can intersect any of the transactions, but if authentication is required, access can be granted through a smart contract or the company you have your coins registered with.