The blockchains are mainly classified into four different types – Public Blockchain, Private Blockchain, Consortium Blockchain, and Hybrid Blockchain.
What is Public Blockchain?
Bitcoin and Ethereum blockchains are the most common public blockchain network, Bitcoin was the first-ever public open-source blockchain network proposed by Satoshi Nakamoto in his white paper published on 2008, It was the first-ever cryptocurrency to come into the market, It allows anyone can participate as the user, miner, developer and community member of the network. This network is also known as a Permissionless blockchain.
- Public Blockchain networks are open source and fully Decentralized network anyone can participate in the network and all the transactions are transparent to the network members.
- Ethereum Blockchain is also the public blockchain network, we can develop our own tokens and DAPP-Decentralized Application by using Smart-contracts.
What is a Private Blockchain?
Enterprise blockchains are mostly developed by Private blockchain network. In the public blockchain transaction data will we transparent to all the members in the network so it will be less privacy for the enterprises. In the private network, it will be restricted with permissions, so the transaction can be viewed by the people who have permission. This network is also known as the Permission blockchain.
- The private blockchain is mostly centralized networks.
- Participants are added by centralized network regulations.
- Transactions are in private, only participants have permission to view the network.
Hyperledger is one of the most common private blockchains for enterprises purpose.
What is a Consortium Blockchain?
The Consortium blockchain is a network that is semi-decentralized blockchain and it can be controlled by a group of users than a single individual. These networks are often associated with enterprise use, with a group of companies collaborating together to create blockchain technology for improving their business process.
What is a Hybrid Blockchain?
Hybrid Blockchain is the combination of the benefits of both Private and Public blockchain networks. These network providers transparency without sacrifice security and privacy.
Dragonchain blockchain platform is the most common hybrid blockchain, This blockchain allows us to easily connect with other blockchain protocols.