Now a days Block chain is a dearie term for most of us, the digital revolution is the fate of the existing fiat money and business transaction we know. Blockchain technology is evolving rapidly and with every passing day more & more businesses and people are adapting this technology for smarter solutions of money & business operations.

Blockchain technology will become more accessible for people with the evolving WEB-3.0 and its components, the basic phenomena of block chain are well known by the most but lesser are familiar with the decentralized and distributed networks of blockchain, here in the following article we will give a look on to the types of blockchain network and there uses.

Public Blockchain Networks

Public blockchain networks are permission less where anyone can engage with internet connection and sign in to become an authorized node of the blockchain. The initial concept of Bitcoin is designed on this decentralized blockchain network. Public Blockchain Network involves the working mechanism of distribute ledger technology (DLT) which is the consensus algorithm and a distributed data ledger where participants can read and edit the transactions with mutual consent and without involvement of any central authority. Public blockchain networks are truly democratize, people use public blockchain networks to exchange and mine crypto currencies such as bitcoin, Ethereum and Litecoins.

Private Blockchain Network

As depicted by the name not everyone can be a member of a private blockchain network, it is only a partially decentralized blockchain network where only one organization decides who can become a member of the network and what authority is delicate. Due to a private nature of a network, it is relatively consisting of small number of users as compare to public blockchain network. Private blockchain network is also known as enterprise blockchain or permissioned blockchain. Digital currency Ripple which is used for transactions between companies is the example of private blockchain network.

Hybrid Blockchain Network

Hybrid blockchain network combines the elements of Public and Private blockchain networks. Companies can develop such a system which is public but requires approval through private consensus, only a limited amount of data is controlled privately and most data is distributed within members of this blockchain network (like public blockchain). Hybrid blockchain network utilizes smart contracts to allow the public access to read that how private transactions are happening. Swisscoin is an example of Hybrid blockchain Network.

Consortium Blockchain Network

A group of organizations controls Consortium blockchain networks, a pre-determined set of organizations combined to decides the rights for data access and maintenance of blockchain network. Those organizations who holds similar kinds of objectives usually prefers consortium blockchain networks such as ‘shipping global business consortium ‘whose objective is to digitalize shipping industry and enhance corporation between operators of maritime shipping industry. A consortium blockchain network is more secure as compare to public blockchain network.

Types of Blockchain Network