Blockchain technology is one which introduces distributed ledger technology and it is being used in many industries . Blockchain proves to be the one which provides complete transperancy and security of data .
Types :
Blockchain is broadly classified as follows :
Public Blockchain
Private Blockchain
Consortium or Federated Blockchain
1 . Public Blockchain :
A public blockchain is one in which there is no central authority and the authority is distributed to all the individuals in the blockchain. This shows that it is a open and transparent way of data storage.
Here if any transcation details gets stored in a blockchain , it is visible to all the individuals in it and no one can modify the data in the blockchain without the permission of all individuals connected to it .
Eg : Blockchain used for bitcoin transactions.
2 . Private Blockchain :
Private blockchain refers to the blockchain used by a individual or an organization for its data storage. Here the data can not be read/ write by everyone in the blockchain as there is a central authority to monitor the activities .
The central authority decides who can read , who can write the data into the blockchain . This kind of blockchain is useful for many organizations which has huge data storage .
Eg : Blockchain by IBM.
3 . Consortium or Federated Blockchain
This type is a combination of both public as well as private blockchain . ie ., the central authority is not limited to one but it is distributed to some group of people or organization for the benefits of the whole blockchain .
Bitdeal - Blockchain Development Company :
Bitdeal is the best blockchain development company who can develop any kind of blockchain as per your needs . They have 200+ blockchain developers who can deploy and develop best blockchain within a short period of time .
