Blockchain Technology And Its Types
Within the simplest of terms, a blockchain is a time-stamped series of immutable records of information that's managed by a cluster of computers, not in hand by any single entity. Every one of those blocks of data (i.e. block) is secured and sure to one another exploitation science principles (i.e. chain). There are primarily two forms of blockchains; non-public and Public blockchain. However, there are many variations, too, like pool and Hybrid blockchains. Before we tend to get into details of the various forms of blockchains, allow us to initial learn what similarities they share. Each blockchain consists of a cluster of nodes acting on a peer-to-peer (P2P) network system.
Public Blockchain
A public blockchain may be a non-restrictive, permission-less distributed ledger system. Anyone World Health Organization with access to the net will register on a blockchain platform to become a licensed node and be an area of the blockchain network.
Private Blockchain
Example: Bitcoin, Ethereum, Litecoin
A private blockchain may be a restrictive or permission blockchain operative solely in an exceedingly closed network. Non-public blockchains are sometimes used inside a corporation or enterprises wherever solely selected members are blockchain network participants. The extent of security, authorisations, permissions, accessibility is within the hands of the dominant organisation.
A pool blockchain may be a semi-decentralized kind wherever over one organisation manages a blockchain network. This can be contrary to what we tend to see in an exceedingly non-public blockchain managed by solely one organisation.
Examples of private blockchains are; Multichain and Hyperledger projects (Fabric, Sawtooth), Corda, etc.
A consortium blockchain is a semi-decentralized type where more than one organisation manages a blockchain network. This is contrary to what we saw in a private blockchain, which only a single organisation contains.
Examples of consortium blockchain are; Energy Web Foundation, R3, etc.
A hybrid blockchain is a combination of the private and public blockchain. It uses the features of both types of blockchains. That is, one can have a private permission-based system as well as a public permission-less system. With such a hybrid network, users can control who gets access to which data stored in the blockchain. Only a selected section of data or records from the blockchain can go public, keeping the rest confidential in the private network. The hybrid system of blockchain is flexible to join a private blockchain with multiple public blockchains quickly.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.
