The decentralized ledger technology known as blockchain may often be broken down into three distinct varieties: public, private, and consortium blockchains. Public blockchains are accessible to anybody and enable transactions to take place in a transparent and decentralized manner, whereas private blockchains are only accessible to those who have been authorized and place a higher priority on privacy and control. Consortium blockchains are a mix of the two, managed by a group of organizations with restricted access and combining aspects of both public and private blockchains. The choice of which blockchain to employ is contingent on the particular requirements of the users and comes with its own set of advantages and applications.
There are mainly three types of blockchain:
➔ Public Blockchain: This type of blockchain is open to everyone, and anyone can participate in the network. The transactions and data stored on the public blockchain are transparent and can be viewed by anyone. Public blockchains include cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
➔ Private Blockchain: Private blockchains are used within an organization or group of organizations, and access is restricted to authorized participants only. The transactions and data stored on a private blockchain are visible only to authorized participants. Hyperledger Fabric and Corda are examples of private blockchains.
➔ Consortium Blockchain: This type of blockchain is a hybrid between public and private blockchains. It is controlled by a group of organizations, and access is restricted to authorized participants only. The transactions and data stored on a consortium blockchain are visible only to the authorized participants. R3, Corda, and Hyperledger Fabric are examples of consortium blockchains.