Types of Blockchain

Name the 3 types of Blockchain

• Public

• Private

• Consortium

Define Public blockchain

Ledgers are publicly available to verify or add blocks to the Blockchain.

Define private blockchain

A blockchain that only authorized users can add or verify the blocks, but anyone can view them.

Define Consortium blockchain

Semi centralized Blockchain in which only a predefined set of nodes has permission to write the block.

Blockchain Platforms, Application Components, and Templates

Blockchain Application Components

Node Application: Each node has to install and run a computer application definitive to the ecosystem.

Shared Ledger: A ledger is managed inside the node application whose contents can be viewed once the application is running.

Consensus Algorithm: It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application.

Virtual Machine: An abstraction of an instruction-operated machine implemented as a part of node application.

Blockchain Application Templates

Many to One: Used for applications where a user sets up the contracts for a specific purpose.

One to One: Used for applications that involve financial contracts between two entities.