Type of Blockchains

Blockchain technology is still in its early developmental stages, and new blockchains are being created all the time.

Blockchain technology is still in its early stages of development, but a few types of blockchains are worth mentioning. The first type of blockchain is public and permissionless.

This type of blockchain is open to anyone who wants to participate and does not require permission from any authority figure.

Bitcoin and Ethereum are examples of public, permissionless blockchains. The second type of blockchain is private and permissioned.

This type of blockchain is closed to the public and requires permission from an authority figure to participate.

A good example of this would be Hyperledger Fabric. Finally, the third type of blockchain is consortium or federated.

This type of blockchain is a mix of the first two types. It is open to the public, but participation requires permission from an authority figure. IBM and Microsoft are examples of companies that use consortium blockchains.

There are a few different types of blockchains that are worth mentioning. Here are three of the most common:

Public blockchains: These are open to anyone who wishes to use them. They can be used to store data or to make transactions. The most well-known public blockchain is Bitcoin.

Private blockchains: These are closed systems that authorized users can only access. Businesses often use them for internal purposes. Ethereum is an example of a private blockchain.

Consortium blockchains: These are hybrids of public and private blockchains. They allow for restricted access, but participation is not limited to just approved members.