K
Kathleen Martin
Guest
Blockchain technology offers decentralisation, enhanced security, faster settlements, and immutability.
The technology became popular through bitcoin.
The four main types of blockchain networks are private blockchain, public blockchain, hybrid blockchain, and consortium blockchain.
Private Blockchain
What is a Private Blockchain?
A private blockchain is a permissioned blockchain and partial decentralised system where only a single organisation has access and authority over the network.
In other words, anyone who wants to join it must ask for permission from the governing body of the blockchain, and the public people cannot access it.
A private blockchain entails invitation and only the individuals taking part in a transaction can know about it. Anyone who is managing a private blockchain network can change or edit any transactions according to their needs.
Private blockchains enable various levels that determine which users can write, read and audit the blockchain. In private blockhain platforms, users get rules that other platforms do not get. Therefore, all the nodes have to abide by some regulations to make sure that a company flows properly.
However, a private blockchain consumes much energy and power and is more vulnerable to risks, hacks, and data breaches or manipulation. It is easy for bad actors to imperil the whole network.
In private blockchain platforms, the entries can be changed by the owner and organisations utilise the distributed ledger technology, however, they do not publicise their data. Private blockchain entails each user to have a substantiated identity since that characterises the type of access they have. These are renowned enterprise solutions that enable administering the resources and actions that everyone conducts. They allow faster transactions and are more energy-efficient to maintain.
In addition, as enterprises entail privacy, private blockchain use cases seems an ideal fit in this case. Without real privacy, their competition can enter the platforms and disclose priceless information to the press. This can influence the brand value immensely in the long run.
Private Blockchain Features
What is a Public Blockchain?
A public blockchain is a blockchain network with no restrictions which means that anyone can join it whenever they want. Anyone can see the ledger and get involved in the consensus process.
Continue reading: https://medium.datadriveninvestor.com/exploring-the-4-types-of-blockchain-technology-eafb1e2d5394
The technology became popular through bitcoin.
The four main types of blockchain networks are private blockchain, public blockchain, hybrid blockchain, and consortium blockchain.
Private Blockchain
What is a Private Blockchain?
A private blockchain is a permissioned blockchain and partial decentralised system where only a single organisation has access and authority over the network.
In other words, anyone who wants to join it must ask for permission from the governing body of the blockchain, and the public people cannot access it.
A private blockchain entails invitation and only the individuals taking part in a transaction can know about it. Anyone who is managing a private blockchain network can change or edit any transactions according to their needs.
Private blockchains enable various levels that determine which users can write, read and audit the blockchain. In private blockhain platforms, users get rules that other platforms do not get. Therefore, all the nodes have to abide by some regulations to make sure that a company flows properly.
However, a private blockchain consumes much energy and power and is more vulnerable to risks, hacks, and data breaches or manipulation. It is easy for bad actors to imperil the whole network.
In private blockchain platforms, the entries can be changed by the owner and organisations utilise the distributed ledger technology, however, they do not publicise their data. Private blockchain entails each user to have a substantiated identity since that characterises the type of access they have. These are renowned enterprise solutions that enable administering the resources and actions that everyone conducts. They allow faster transactions and are more energy-efficient to maintain.
In addition, as enterprises entail privacy, private blockchain use cases seems an ideal fit in this case. Without real privacy, their competition can enter the platforms and disclose priceless information to the press. This can influence the brand value immensely in the long run.
Private Blockchain Features
- Full Privacy
- High efficiency
- Stability
- Low fee
What is a Public Blockchain?
A public blockchain is a blockchain network with no restrictions which means that anyone can join it whenever they want. Anyone can see the ledger and get involved in the consensus process.
Continue reading: https://medium.datadriveninvestor.com/exploring-the-4-types-of-blockchain-technology-eafb1e2d5394
