1.
THE THREE
TYPES OF
BLOCKCHAINS
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2.
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Introduction
When people hear the word “blockchain,” many believe that it refers to just one
single blockchain. This isn’t the case. There are three types of blockchain, each
with its own characteristics and uses. Blockchain is the technology behind
cryptocurrency and is now being used in other industries, such as law and
healthcare. This electronic ledger validates and secures transactions, which can
be numeric or text, in the form of smart contracts. It is important to know the
types of blockchains so you can choose the right amount of transparency for
your needs. The three types are public, private and consortium.

3.
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Public Blockchain
This is the most common type of blockchain as it is used for cryptocurrency
transactions (e.g. Ducatus coin). It is open to the public, which means anyone (a
participant) can join the network, including miners, developers, and users. The
transactions are transparent in that participants can examine transaction
details. However, the identity of the person making the transaction is kept
hidden. Since miners have access, there are tokens to reward per the proof-of-
work process. It also uses a decentralized server, in which no entity governs it.

4.
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Private Blockchain
This is the opposite of a public blockchain in that the network
is closed and participants need permission to join. It is also
called a permissioned blockchain. Why join a private
blockchain? To safeguard sensitive data while collaborating
with other members. Only those who have consent can see
what is on a private blockchain. It is more controlled because
it is centralized; an entity governs the network (e.g. an
institution). The entity can choose what permissions to give to
certain members. Thus, there is a high level of privacy because
data is made visible to members of the network.

5.
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Consortium Blockchain
It is a hybrid of the private and public blockchains since is it open to
like-minded members and is governed by a group. What is interesting
about this blockchain is that companies utilize it to reduce
development costs and time with the other members via shared
resources and platforms. As a result, there are many specialized
consortiums, such as financial services, energy, and healthcare. The
collaboration between the companies works to solve industry
problems as well as to improve speed and security.

6.
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Since blockchain is slowly being mainstreamed into the
business world, it is only fitting that there are different types.
As with any technology, it is amazing how advanced
blockchain has become. The world will soon transition to a
completely digital ecosystem, in which privacy and security will
be the highly valued attributes of a blockchain-based
business.

7.
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