Question

What are the different types of Blockchain for transactions?

Answer 1

There are three different types of Blockchain available for transactions:

• Public blockchain is made as open-source and non-permission based such that anyone can join for reading/writing/auditing the blockchain without any permission. Any user can download the code and start running the node on our device. Anyone can review anything on a public blockchain as it is made as transparent. Example: Bitcoin, Ethereum, Dash, etc.
• Private blockchain is permission based and the private property of any individual or company. The private organizations use it to store sensitive information making available for their certain peoples only. Anyone who is authorized can access it and can participate in transaction and validation. Example: locks tax, multi-chain, etc.
• Consortium/ federated blockchain is semi-decentralized and like a hybrid of the public and private blockchain. A group of individuals or consortium controls it. As public it can be shared by different nodes and as private only restricted nodes can access it.