There are various types of Blockchain. The most common types of Blockchain technology are Private Blockchain Technology and Public Blockchain Technology. There are also other variations of the Blockchain technology, such as Consortium Blockchain and Hybrid Blockchain, etc. More information on there are as below:
1. Public Blockchain:-
Public Blockchain technology is a type of Blockchain that is permission-less and non-restrictive. Bitcoin, Litecoin, and Ethereum are types of Public Blockchain. Public Blockchain Technology allows anybody to become a node by signing up for the Public Blockchain platform. Then, these users become a part of the community of the Blockchain.
Users can do following in a Public Blockchain Technology:
- Anybody can start mining on the public ledger.
- Anybody can audit the Blockchain using a Blockchain explorer.
- Anybody can participate in the transactions.
2. Private Blockchain:-
Private Blockchain is a closed Blockchain network, which is permissioned and restrictive in nature. It means that no other person, without permission, can sign up and start mining the blocks on the Private Blockchain platforms. Rather, Private Blockchain is a private property of an organization or an individual.
The authorized person oversees the operations taking place within the Blockchain, and the central in-charge person takes all decisions of mining. Multichain, Hyperledger Fabric etc. are prime examples of private Blockchain technology.
It is a type of Blockchain that is partly decentralized, which means that it is managed by more than one organization. Thus, Consortium Blockchain is partly Private Blockchain and partly Public Blockchain. On the consortium Blockchain, only a few people are authorized to carry out mining and supervise the consensus process.
Quorum, Hyperledger and Corda are examples of Consortium Blockchain.
This is a hybrid Blockchain platform, which means that it allows users to have both a private restrictive system and a public non-restrictive system. Nodes decide which user gets access to which kind of data on this Blockchain. Dragonchain is an example of a hybrid Blockchain.
Hybrid Blockchain platforms provide ease and flexibility to the businesses who want to keep some of the data on private Blockchain and some of the data on the public Blockchain. Thus, hybrid Blockchain allows greater flexibility on its platform.
Which One is Useful Most?
There are different kinds of businesses, which require Blockchain technology for their specific needs. So, the question: “Which One Is Most useful?” is largely situation based and it is largely dependent upon the needs of the industries. The selection of the right Blockchain technology for implementation largely depends upon the respective business case. However, Public Blockchain and Hybrid Blockchain technologies are preferred over other Blockchain technologies. The most famous Blockchain technologies, such as Bitcoin, Litecoin and Ethereum are also public technologies.