What are the different types of Blockchains?

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The different types of blockchains which introduce to the world are:

There are mainly three types of Blockchains introduced to the world.

1. Public Blockchain

A Public blockchain is a kind of blockchain which is “for the people, by the people, and of the people.” There is no in-charge it means anyone can read, write, and audit the blockchain. It is an open-source, distributed, and decentralizes public ledger so anyone can review anything on a public blockchain. They are considered to be Permissionless blockchain.

2. Private Blockchain

A Private blockchain is a private property of an individual or an organization. It is controlled by a single organization that determines who can read it, submit the transaction to it, and who can participate in the consensus process. They are considered to be permissioned blockchain.

3. Consortium Blockchain or Federated Blockchain

In this blockchain, the consensus process is controlled by a pre-selected group, i.e., group of companies or representative individuals. These pre-selected group is coming together and making decisions for the best benefit of the whole network. Such groups are also called consortiums or a federation that’s why the name consortium or federated blockchain.

 

There are primarily three types of blockchains: Public, Private, and Consortium (also known as Federated or Hybrid) blockchains.

  1. Public Blockchain:
    • Open to the public.
    • Anyone can join, participate, and validate transactions.
    • Decentralized and distributed, providing high transparency and security.
    • Examples include Bitcoin and Ethereum.
  2. Private Blockchain:
    • Restricted access, typically limited to a specific organization or group of participants.
    • Participants need permission to join and validate transactions.
    • Offers greater control and privacy but sacrifices some decentralization.
    • Suitable for business applications within a closed ecosystem.
  3. Consortium Blockchain (Federated or Hybrid):
    • Shared among a pre-selected group of participants.
    • More decentralized than a private blockchain but less than a public one.
    • Participants usually have equal control over the network.
    • Provides a balance between privacy and decentralization.
    • Suitable for industries or collaborations where multiple organizations need to work together.

These categories help define the level of access, control, and decentralization within a blockchain network. Each type has its own use cases and advantages depending on the specific requirements of the application or industry.