Types Of Blockchains Networks

By Author: Ashuu
Total Articles: 8
Comment this article

Before we dive further in to what the different types/kinds of blockchains networks are, we should address the question/query of what block chain technology is first.

Blockchain technology we can defined as “an open, distributed ledger technology that can record transactions between two parties efficiently (Powerfully) and in a verifiable (provable) and long-lasting manner.

The blockchain networks are of four basic types: public blockchains, private blockchains, hybrid blockchains, and consortium blockchains. Each platform has its own advantages, disadvantages and suitable applications.

Although the block chain technology powering projects is the same, the target consumers of the various blockchain types can differ. Public blockchains emphasis on the public as end-users, on the other hand private blockchains are intended exclusively at invitation users and their networks.

Public Blockchain

Public blockchain is the first kind of block chain technology. Here, crypto-monetary technology, was invented and popularised. It eliminates the centralization disadvantages, including reduced safety and ...
... transparency. Instead of disclosing information across a peer-to- peer network, DLT doesn't save information in any place. It requires some way in which data authenticity can be verified. This method is a consensus algorithm in order to establish agreement on the present state of the leader by participants in the blockchain. Two common consensus methodologies are proof of work (PoW) and proof of involvement (PoS).

Public blockchain is non-restrictive and unauthorised, and anyone with internet access can join up for an authorised node on a blockchain network. This user may access and carry out current and previous records and the sophisticated calculations necessary to verify transactions and add them to the directory. The network cannot change a valid record or transaction and anybody may check, uncover faults or offer changes, as source code is usually open source.

Mining and exchange of cryptocurrencies like Bitcoin are the most typical case for public blockchains. It can however also be used to create a record with an auditable custody chain, such as an electronic notary on affidavits and public ownership documents.

This form of blockchain is appropriate for organisations, such as social support groups or non-governmental organisations, which are founded on transparency and confidence. Private companies will probably wish to stay clear, given the public character of the network.