Types of Blockchain

18/08/2022 1 min Temporada 1 Episodio 2

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Episode Synopsis

Different types of Blockchains?
Blockchains are of three types:
1. Public
2. Private
3. Consortium or Federated
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.