Types of Blockchain Module You need to Know First
Published June 29,2018 9 months ago Posted By Justinas DanisReading Time: 2 minutes
Blockchain is the biggest buzzword being run off at the mouth ever since Bitcoin came into the scene. Blockchain is the underlying technology which has given Bitcoin a trusted entity. There’s a staggering amount of research going on under the hood-name Blockchain technology for some years now. This short guide will demystify this technology and its different implementations.
Blockchain in precise:
It’s a decentralized public ledger technology that provides unique way of storing records of all transactions without any breach.
At the beginning, blockchain disruption to some industries put many peer businesses into uncomfortable zone. However, with trends changing, they started realizing that blockchain is very useful for business as it is easily implementable, accessible and secured way of maintaining records.
Different types of Blockchain for businesses
It’s no surprise to wonder if blockchain technology is designed for specific businesses. In reality, this technology can be customized to individual business needs and there are mainly two kinds of major blockchain module implemented widely.
Public Blockchain technology is completely open and anyone is allowed to join in the network. The main feature of public network Blockchain is that no participant can change the information in the network. Bitcoin and Ethereum are the perfect example developed by public blockchian technology.
Public blockchain is amazing because:
- It’s a common platform for every authorized user to make transactions.
- There’s no need of third-party interventions to make the transaction.
- Easily implementable and accessible
As opposed to public Blockchain, private blockchain offers higher level of control. It’s used by certain business entities. The individual group or business has the authority to write and read permissions at the time of any transaction. The main difference between private and public blockchain module is that private Blockchain network is not decentralized as there are restrictions imposed in writing and validating permission. It’s a perfect setup for intra-business transaction where no third party is required.
Private Blockchain is amazing because:
- Conventional mode of business transaction.
- Computational power requirement is lower so the cost is low.
- Circumvent cyber threats because the network is unchangeable and as because the network is based within personal field the attackers can be easily identified.
Choosing the right one:
Whenever it comes to making a right decision regarding technology, it’s always difficult. Both of these Blockchain network come with their set of pros and cons. While private Blockchain is great incentivizing users that improve decentralized transactions, public blockchain is great at offering highly restricted business transaction system. Every industrial sector can use Blockchain network to assess and govern transaction anonymously or privately to experience innovative operational efficiency.