Explained with Uses: Different Bitcoin Types

 

People's perceptions of online encounters changed after the IT industry adopted Bitcoin and the Blockchain explanation. As Bitcoin gained fame, people started to realise that blockchain applications had potential beyond Bitcoin. Over the years, many industries have tried to use blockchain technology, including real estate, healthcare, and politics. Additionally, because every company is different, Blockchain had to diversify into different types.

Different blockchain types: Depending on the needs of the application, blockchains can be divided into 3 groups.

Public Blockchain: 

As the term suggests, anyone can access public blockchain, and there are no restrictions on who can sign up or act as a validator. In open blockchains, nobody has complete control over the network. As a result, data security is assured, and immutability is facilitated because only a large group of people can change the Blockchain.

Uses:

It aids in achieving blockchain's autonomous, decentralised nature, which is frequently commended.

Public blockchains allow anyone who wishes to use the blockchain to take part.

Individual Blockchain

Private blockchains are primarily used in private organisations to store sensitive data that should only be available to specific employees. The information is only accessible by the organisation and is not accessible to outside parties because Private Blockchain is a Locked Blockchain.

Uses:

provides anonymity in addition to the benefits of blockchain independence.

High productivity and low processing expenses.

transacted in a hurry.

Scalable.

an improved network.

empowering the company.

Reliable network principles.

Blockchain Consortium: 

In a blockchain consortium, some servers are in control of the consensus process while others may be allowed to participate in transactions. The collaboration blockchain is comparable to a blend of public and private blockchains. Because numerous nodes are using the Blockchain simultaneously and only certain nodes are given access, it is both public and private. It is therefore both public and private.

Uses:

In a consortium blockchain, the network is controlled in a much more private way by nodes from different businesses or groups. They collaborate using this tool to share and change information in order to maintain responsibility, scalability, and workflow.