In million times, we have already said that Frasindo is blockchian start up. The question is, do you really understand all these stuffs related to blockchain?. If you are still not familiar with the term blockchain, here we are giving you some enlightment. In simple explanation, blockchain is a shared digital ledger. Here, a new question may come up. What is ledger?. Well, it is more like a book that records any transaction in one monetary unit. In it contains a list of connected block saved in a decentralized and safe network. Blockchain has 3 types. Below is listed 3 types of Blakchain you may encounter once you dig deeper into this industry.
3 Types of Blockchain
- Public Blockchain
They type of blockchain is determined by the usage and the need. Public blockchain is practically a platform for cryptocurrency in a decentralized network. This kind of blockchain enables whoever wants to join by adding themselves to the network where they can read any transaction, and also conduct the transfer assets and take a part in the process of consensus that uses PoW, PoS, or other mechanism.
- Private blackchain
It can be said that private blackchain is the opposite side of public chain. Private blockchain, however, is centralized. That is to mean that it is permissioned strictly and only certain parties are able to make transaction, read, and tak a part during the process of consensus. Private blackchain is largely established to control and manage the inernat functions of an organization, especially for the audit division and reference data management of the organization. Private blackchain has some advantages such as performance and speed. By the speed, every transaction can be carried out in a faster way. While by the performance, it is taken over by the environment whose set of nodes are very restricted. You should bear in mind that every advantage has a consequence too. Even though the public blockchain performs way slower than the private one, the speed of private blackchain can affect the performance.
Consortium is a versatile version of a blockchain. Meaning, it can be used both as public and private blockchain. It has the decentralized feature of a public blockchain and the permissioned element of a private blockchain. All the validations, rules, and policies of this kind of blockchain are determined by the members. They also have a control over transactions, validations, deployments, and many more.