4 Types of Blockchain

There are currently four types of blockchain: public, private, hybrid, and consortium.

Blockchain is a unique technology because it is both a data structure and a protocol.

Here’s a quick overview:

Public blockchains are permissionless in nature, allow anyone to join, and are completely decentralized. This means that public blockchains do not rely on any central authority to validate transactions. A great example of this type of blockchain is Bitcoin.

Private blockchains however, are permissioned blockchains controlled by a single organization. In a private blockchain, the central authority determines who can be a node and how each node will behave within the network.

Finally, there are hybrid blockchains and consortorium blockchains. Hybrid blockchains are controlled by a single organization, but with a level of oversight performed by the public blockchain, which is required to perform certain transaction validations. . Consortium blockchains are permissioned blockchains governed by a group of organizations, rather than one entity, as in the case of the private blockchain. Consortium blockchains therefore enjoy more decentralization. Stay tuned to GWOP Magazine for more blockchain info.