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Types of Blockchain
For someone to hack the blockchain system, they would need to go back and change every single block. That would require a ton of effort and patience because blockchains could have upwards of billions of chains linked that a person would have to go through and change. Changing just one or two blocks would automatically send an alert that the system is being hacked. This is only one of the many reasons why blockchain technology has become so popular.
Blockchain technology can be used for a variety of other things as well. It can also be used for global payments, sharing music, or tracking diamond sales.
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Types of Blockchain
There are three major types of blockchain. There are private blockchains, public blockchains, and consortium blockchains.
Public blockchains are created by the public. Anyone can participate in the creation, confirmation, and recordation of the content that is put into the blockchain. There isn't just one person in charge of overseeing the transactions that happen in this kind of blockchain.
Because there isn’t a single person in charge of these blockchains, decisions are made by many decentralized agreement tools such as proof of work, which a computer algorithm that is used by cryptocurrencies like bitcoin. Public blockchains are open and crystal clear in content, making it easy for anyone who looks at them to understand what they are and what they can do.
Public blockchains, on the other hand, are privately owned by an individual or organization. With public blockchains, there is a single, designated person in charge. While there can be several contributors to this type of blockchain, the final transactions are either approved or disapproved by the person in charge and then recorded.
The purpose of consortium blockchains, also known as federated blockchains, is to remove the only autonomy given to just one contributor by the use of private blockchains. This type of blockchain allows for more than one contributor to be in charge. Instead, there is a group of companies or individuals that gather and make decisions that benefit the entire network.
