Blockchain is an incredible technology available nowadays for every company to use. However, whenever a company decides on particular Blockchain technology, it has to make some very crucial decisions. It is because a variety of Blockchain technologies is available to the world.
You will find that there are different types of Blockchain technologies available, making it very difficult for any company to make a decision very quickly.
A company needs to understand its requirement before you pick a technology from the types of blockchain. If the right decision is made, the company can flourish very quickly. On the other hand, the wrong decision may lead the company to collapse in the future.
So, it is crucial to note that not all types of blockchain are suitable For all industries, and therefore, an informed decision must be made. However, if you want to trade using bitcoin, use an efficient and secure trading platform like bitindexai.top
When deciding about the Blockchain technology that anyone needs to employ for his company, many significant factors need to be considered. First of all, you will learn about two different Blockchain technology available.
These are the broader heads under which different Blockchain technology is differentiated. First of all, there is permissionless Blockchain technology available. To use this Blockchain technology, the participants do not have to get any permission from the top authorities.
On the contrary, there is the permission of Blockchain. It is a type of technology through which authority can be given to the people but only if the top authorities decide to provide permission for the same.
Apart from this, Blockchain technology is further divided into four types that we will discuss further in this post. With a clear understanding of these different types of blockchain technology, it will be easier for you to decide on a Blockchain technology suitable for your company.
- Public Blockchain
The first crucial type of Blockchain technology that is nowadays available and is used by many companies at the global level is a public blockchain. In this type of blockchain, you will completely control the decentralized application.
The data is available publically, and equal rights are distributed at every block of the chain. It allows you to create a database never you want and deletes the data whenever you need it. It makes the blockchain completely permissionless, and it is the public Blockchain network.
- Private Blockchain
Another type of crucial Blockchain technology you will see in today’s technology-driven world is the private blockchain. It is also very well known as the managed blockchain because it provides only close detail to every participant of the blockchain technology. It is driven by the central authority and determines who will be at the control levels.
Moreover, it does not provide any control to the participants, but the top authorities have all the parts in regulating and controlling the whole network. This way, it can be used by multinational companies which decide to keep complete control in the hands of the top authorities.
- Hybrid Blockchain
While we are talking about the hybrid kind of blockchain, it is a network that a single organization controls. Still, within the organization, there will be a mixture of China. To some extent, it will provide you with public control, while it will have everything private. You can take an example of this kind of blockchain from the food chain companies.
They want to delegate specific authority to the lower level, and they can do so with the help of a hybrid Blockchain network. We can give some authority, and they can keep the desired amount of authority in the hands of the top level. For such companies, the hybrid blockchain is suitable.
- Consortium Blockchain
When the blockchain is required to be used by a group of companies or organizations, the consortium Blockchain is used. It is permission for the Blockchain network, which also uses the private network, but the operation will be in the hands of multiple parties.
It is very suitable for companies in operations with other firms too. It is not about the third parties but the companies with different parts of their own. It is suitable for delegating authority to different top-level authorities.
These are the primary and highly used types of Blockchain networks you will find in today’s modern world. These are highly usable and adopted by almost every company across the world. Even though there is a lot of room for technological advancements, the companies are using it according to their will and convenience.