7. What are the different types of blockchain?

Blockchain has been categorized into public, private, and consortium blockchains. The primary point of distinction between these blockchains is the freedom of joining the network, verifying the transaction, initiate the transaction and availability of the ledgers for a review.

Public Blockchain allows public access. Anyone can join the network, verify the transaction, and initiate a new transaction. The ledgers are available for public view and anyone can track the blockchain to the genesis blockchain. Bitcoin is an example of a public blockchain.

Private Blockchain restricts the public from joining the network by creating certain entry criteria and to make sure that only authorized people can initiate and verify the transaction. Although the ledgers are available for everyone with internet access, people controlling the flow of information on the blockchain are pre-determined. This is usually employed within a single organization.

Consortium Blockchain is a hybrid of public and private blockchains. A Public blockchain is considered to be the least trustful while the private blockchain is considered to be highly trusted owing to the limited number of people involved. The consortium blockchain is implemented for a wider group of participants having predefined nodes. You may consider employing it for transactions between multiple organizations.