Introduction

People have traditionally exchanged commodities and services to facilitate commerce. However, the problem is that buyers and sellers aren't aware of who they're purchasing from or selling. As the currency has no identity, we use it in conventional commerce to reduce the fear of fraud.

With the introduction of counterfeit cash and the drive toward a digital economy, most transactions are online. When we talk about internet money transfers, we all want to know that our trades and information are secure. This is where the concept of Blockchain plays its role. So, if you have a keen interest in learning more about this digital currency, Blockchain Training in Gurgaon is the way to go for every interested candidate.

Blockchain: Meaning

Blockchain is a decentralized network of trust that allows individuals and organizations to engage in novel ways. Blockchain and other distributed ledger technologies (DLT) are transforming how we transact, record, and exchange information. However, the structure, security, and privacy-enhancing features make it a potential game-changer for operations of all sizes.

Different types of blockchain technology

Usually, there are two kinds of blockchains; private and public blockchains. However, there are various alternatives, such as Consortium and Hybrid blockchains. Thus, before we go into the specifics of these types, let's look at what they have in common. Every blockchain comprises a group of nodes that operate on a peer-to-peer (P2P) network structure. Every node in a network has a copy of the shared ledger, which is regularly updated. Moreover, every node can validate transactions, initiate or receive transactions, and construct blocks. The list below is the four different types of systems available:

  • Public

A public blockchain is a permissionless, non-restrictive distributed ledger technology. Anyone with an internet connection may sign up for a blockchain platform to become an authorized node and join the blockchain network. However, a node or user on the public blockchain enables them to view current and historical information, validate transactions, or perform proof-of-work for an incoming block. The most fundamental application of public blockchains is cryptocurrency mining and exchange.

  • Private

Private blockchains are for private enterprises since they operate on closed networks. However, businesses may use them to customize access and authorization options, network characteristics, and other security aspects. Moreover, a single authority manages a private blockchain network and is behind a corporate firewall.

  • Consortium

A consortium blockchain is a semi-decentralized type in which one r more entity manages a blockchain network. This contrasts with what we saw in a private blockchain. In this type, more than one organization can operate as a node, exchanging information or mining. Moreover, multiple banks, government agencies, and other organizations use Consortium blockchains.

  • Hybrid

A hybrid blockchain combines private and public blockchains. It combines the properties of both types, allowing for a private permission-based system and a public permission-less.

Conclusion

To conclude, we have compiled the different types of blockchain technology that any organization may use to carry out secure transactions and information. So, if you want to become proficient in this system, it is necessary to have Blockchain Training in Delhi.