Blockchain has set the market on fire. It is a very new tech and has the potential to revolutionize the industry systems as we know it. If you are someone who likes to keep up with the new introductions to the cyber world, then chances are that you have heard about Blockchain tons of times. And why not? It has transcended its intended use and currently is evolving at a very fast pace. Every organization is busy in implementing Blockchain and modifying it further to suit their needs.
While the hype around Blockchain is real, many are not really aware of Blockchain. If you want to delve deeper into the Blockchain technology, then you have come to the right place.
Public Blockchain is the most popular version of Blockchain tech. the other varieties include Private and Consortium Blockchain.
As the name may suggest, public Blockchain is open to all. Anyone who is part of the network can determine the validity of data in question, be it a transaction record or just a part of any other record.
If we were to make an analogy between Public Blockchain and web, we would definitely say Public Blockchain is the Internet.
Consortium Blockchain is where the tech is developed and records are maintained by a specific organization. Only members belonging to the organization can make a read or write decisions. Outsiders may have the permission to view the records but they cannot modify it in any way.
As you may have guessed by now, in a Private Blockchain, the read permission can be with anyone but only a select few within the network can have write permissions. So how does it differ from other forms of Blockchain? Private Blockchain is not open sourced. It is developed and maintained by a single individual. These are faster but not necessarily transparent. Both Private and Consortium Blockchain offer better privacy and scalability than Public Blockchain.