This article gives a clear insight into different types of blockchain technologies with their uses.

The introduction of Blockchain explanation with uses in the IT sector with Bitcoin altered how people perceived online interactions. People began to understand that Blockchain uses had potential beyond Bitcoin as it gained popularity. Numerous sectors, including politics, real estate, healthcare, etc., have attempted to implement blockchain technology over the years. Additionally, Blockchain had to diversify into various kinds because every business operates differently

Different types of blockchain:

Blockchains can be categorized into 3 categories depending on the requirements of the application.

1. Public Blockchain
2. Private Blockchain
3. Consortium Blockchain

1. Public Blockchain:

Public Blockchain is available to everyone, as the name implies, and there are no restrictions on who can join or serve as a Validator. Nobody has full authority over the network in public blockchains. As a result, data security is guaranteed, and immutability is aided because the Blockchain cannot be altered by a single individual.

Uses:

It helps accomplish the autonomous, decentralized character that blockchain is frequently praised for.

Anyone who wants to use the blockchain can participate in public blockchains.

2. Private Blockchain

In private organizations, private blockchains are primarily used to keep sensitive data that should only be accessible to specific individuals within the company. Since Private Blockchain is a Locked Blockchain, the information is only accessible by the group and is not accessible to any outside parties.

Uses:

Offers anonymity alongside the advantages of blockchain freedom.

High efficiency and minimal processing costs.

Rapid transactional times.

Scalable.

More stable network.

Empowering the organization.

Dependable network rules.

3. Consortium Blockchain:

In Consortium Blockchain, some servers are in charge of the consensus process while others might be permitted to take part in deals. Similar to a mix of public and private blockchains, consortium blockchain. It is both public and private because multiple nodes are using the Blockchain simultaneously, and only specific nodes are permitted access. As a result, it is both public and private.

Uses:

In a consortium blockchain, nodes from various businesses or groups control the network in a much more private manner. Through this tool, they work together to exchange and modify information to preserve workflow, scalability, and responsibility.