It comes as no surprise that the technology of blockchain has completely changed the way transactions take place in the world. Starting as a public blockchain type with a cryptocurrency use-case, bitcoin was introduced as a concept of decentralized ledger technology. Over the years, as technology evolved, people realized that blockchain could be something more than just one cryptocurrency and use case, which later on led to the evolution of its different types.
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Today, Mrmmbs Vision, the Best Blockchain Development Company in Delhi, will share some prominent types of blockchain technologies and their applications in various industries in this blog post.
Types of blockchain
Depending on the needs of the application, the technology of blockchain has been divided into different types, such as:
- Public blockchain: As the name suggests, public blockchain technology is one that is publicly accessible to anyone with an internet connection. It is considered a permissionless distributed ledger technology that anyone can join to validate blocks and do transactions. The first-ever public blockchain developed and released to the public was Bitcoin. But later on, it was also used for cryptocurrencies like bitcoin, Ethereum, and Litecoin.
Its advantages
- Anyone can join the network.
- It brings transparency.
- It requires no intermediaries.
Its applications
- Voting
- Fundraising
2. Private blockchain: Popularly known as permission blockchain technology, a private blockchain is one that restricts who can access it, and participate in doing the transaction and validation. Private blockchain technology works best in a restrictive environment and is considered the best for use in internal use cases by privately held companies and organizations.
Its advantages
- Are more scalable.
- Are faster than public blockchains.
- It offers more security.
Its applications
- Supply chain management
- Asset ownership
3. Hybrid blockchain: A combination of two of the most different types of blockchain technology is hybrid blockchain. It is a combination of private and public blockchain technology, offering its users more control over access to the data stored in the blockchain. It is widely used by businesses and organizations that neither want to deploy a private blockchain nor a public one but want to use the services of both.
Its advantages
- It works in a closed ecosystem.
- Offers privacy
- It provides scalability
Its applications
- Retail
- Real-estate
4. Consortium blockchain: Hybrid to public and private blockchain technology consortium blockchain technology is the one in which the process is controlled by some nodes and participation in the transaction is done by other nodes. It is public because the blockchain is shared by different nodes and private because the nodes that can access the blockchain are restricted. Blockchain technology is an ideal solution that requires collaboration across the field.
Its advantages
- Offers better customization.
- Considered more efficient than a public blockchain network.
- Offers better security and scalability.
Its applications
- Food tracking
- Banking and payments
With higher usage in different industries and different ways, different blockchain technologies have built their space in different industries like healthcare, politics, real estate, and others. It has caused a major shift in the landscape, encouraging the development of blockchain-based applications and features by a Blockchain Development Company offering development services related to next-generation technology and more.
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Blockchain is the technology where a recording of information is done in a way that makes it very tough/hard or impossible to change, cheat or hack the system.
It’s a digital ledger of transactions where it creates a chain by duplicating and distributing the transactions in the entire network of the system.Blockchain Technologies are not only used to monitor or maintain financial exchange but can also be used in many other ways –Healthcare- In Terms of healthcare blockchain can play an important role.
The ledger technology smooths the way for secure transfer of patient medical records and manages the medical supply chain and allows healthcare researchers to unlock genetic code.In other words, blockchain applications keep health records secure while establishing a single point of truth.
Doctors, hospitals, and laboratories can all request patient’s information with a record source that keeps the patient’s identity safe from outside sources.Real State- Blockchain works as a ledger distribution across the network that is unalterable and accessible to all.
This technology has impacted real estate in many ways, including offering new buyers and sellers to connect, and it also helps to cut down the intermediates which reduce the costs.Music- Media chains use smart contracts to get artists the money they deserve.
Musicians can agree to get higher royalties and get paid in full and on time by entering into a decentralized transparent contract.IoT- IoT Technologies is the next logical surge in Blockchain applications, with millions of applications and numerous security problems.
