Types of Blockchain
There are mainly four types of blockchain:
- Public Blockchain: Public blockchains are open to anyone and allow anyone to participate in the network. Example of public blockchains are Bitcoin and Ethereum.
- Private Blockchain: Private blockchains are restricted to a specific group of users and are often used for enterprise applications.
- Hybrid Blockchain: A hybrid blockchain combines features of both public and private blockchains. It allows authorized participants to access and participate in transactions on the network, while also enabling some degree of public access to certain parts of the blockchain.
- Consortium Blockchain: A consortium blockchain is a type of blockchain that is owned and operated by a group of companies or organizations that work together to maintain and govern the network. It is a type of private blockchain that is designed to be used by a specific group of participants rather than the general public. In a consortium blockchain, the participating organizations typically share responsibility for maintaining the network and validating transactions. The network is typically managed by a consortium or association of the participating organizations, which governs the rules and protocols of the blockchain.