Blockchain is the future technology covering many enterprise sectors to revolutionize them. It is not only about cryptocurrency but modernizing trade, real estate, and many other things. As a result, the worldwide spending on blockchain in 2021 was 6.6 BN USD. So, to know more about it, look at this ultimate guide to various types of blockchain networks for thorough knowledge.
Types of Blockchain Networks
You may have heard of smart contracts and NTFS; these are new-age trade technology that can work through tokenizations. It avoids breaches and data leaks and makes the transaction very smooth. Not only this, as blockchain has less carbon footprint, blockchain is solving the environmental crises.
The public blockchain is a fully permissionless network. In addition, it is completely open source, and the data is not stored anywhere using the public blockchain. So, everyone can access their copy, and no one can mess up with the information. So, it is a very safe, easy, and advanced blockchain type for transactions.
The private blockchain is a very famous enterprise technology that is secure. Also, it doesn’t use open source code. So, it’s regulated blockchains with permissioned networks and has restricted access and user rights.
For example, a company can pseudo-centralize it and permit specific employees to view, edit and analyze data by someone who is constantly checking the activity. It is way faster than public networks, and enterprises can control who can see their data and avoid violations at all costs.
A consortium blockchain is a type of blockchain which is very new and adaptable. It is just like a private blockchain but has multiple governing bodies. It is even useful for a group of companies working together, so all these bodies can see, edit and analyze the data.
Also, it requires huge cooperation, and everyone has to agree on rules and policies. But, it makes the proceedings between various businesses working together much easier. These flexible approaches offered by blockchain can boost global GDP by $1.76 trillion by 2030, which is great news.
The final type of blockchain network is a hybrid network which is very flexible. It has both the characteristics of permissionless and permissioned networks. One fantastic example of a hybrid blockchain is the voting system. One can vote, and everyone will have permission to access the portal. But the votes and data will be very secure with permissible blockchain, which will avoid discrepancies.
These hybrid networks are adopted by the healthcare, government, and real estate sectors. It helps the controlling body to give access to people for some functions while having hard security on others. It makes blockchain quite flexible. Enterprise blockchain and its evolution in real-world utility and use cases are evident from this type and make it the future tech.
Every type of blockchain has its good and bad sides, which can benefit various sectors. For example, it is great for enterprises that can easily confirm dealings, validate agreements, and organize data. So, look at each type thoroughly and see what suits you best.