With the crypto market touching over the $2 trillion mark, the underlying technology behind the cryptos i.e. blockchain is also continuing to gain traction. An increased number of industries are beginning to acknowledge the enormous scope of blockchain as to how this budding technology can transform their respective domains by bringing in increased efficiency, cost optimization benefits, streamlining operations, and also preventing cyber-attacks. Subsequently, it is not just the business organizations or the tech enthusiasts but also policymakers, regulators, legal centers, and the general public as a whole who have begun exploring the different facets of blockchain and its various applications and use cases. We will talk about Public, Private and Permissioned Blockchains in this article.
Blockchain technology is no longer limited to cryptocurrencies alone, and with it transcending the crypto boundaries, many types of blockchain infrastructure have emerged. Users can control the data stored on the nodes of the blockchains and the participant activities performed on the blockchain depending upon their configuration and build. Each type of blockchain comes with a unique set of characteristics and features and hence a detailed study of the existing varieties can ease the confusion among the new entrants in the crypto world.
In this blog piece, we would attempt to review the different types of blockchain present and also how they compare with one another.
Types of blockchains
There are two key categories of blockchains – public and private blockchains with substantial uses in numerous cryptocurrency networks. These two major blockchains have a few similarities but also have