As blockchain technology has advanced, technology, numerous new platforms for decentralization have emerged today with distinct characteristics. It is therefore difficult to evaluate and determine which is the most suitable one to the requirements of the company. Selecting the most suitable blockchain protocol takes an extensive amount of analysis, research and comparison. A comparative analysis of blockchain platforms is essential to evaluate the many features they provide.

Blockchain technology was introduced in the early days. started with Bitcoin. Blockchain was used to perform the functions for the operation of Bitcoin was a simple distributed ledger system that could keep track of Bitcoin transactions. Bitcoin was a fundamental public chain, however over time Blockchain protocols developed, and today there are four main types of blockchain protocols.

• Public blockchains

• Private blockchains

• Hybrid blockchains

• Consortium blockchains

Blockchain technology, in its different forms, functions as an encrypted digital repository for information. It operates and is managed on the foundation of the consensus mechanisms that are distributed autonomous, decentralized, and decentralized network of computers. Through the use of blockchain networks transactions are secure through consensus mechanisms. For instance The horizontal Proof-of-History keeps record of transactions entirely, thus eradicating any fraudulent activity within the network.

With the rapid evolution and updates There are a variety of blockchains that have different capabilities such as transactions, microtransactions, cryptocurrency smart contracts DAO and dApps, scaling and governance, efficiency of tokenization and interoperability.

What are the various kinds of blockchains?

As startups and businesses are increasingly integrating blockchain technology into their systems, the technology is divided into four major types based on the applications:

Public blockchains

Public blockchains are open source blockchain networks. They permit everyone to be part of the network as developers, users as well as network members and miners. The public blockchains allow everyone to participate in the network as members, without restrictions. The transactions that are executed on the public blockchain are accessible and transparent to all participants in the network to examine the details of the transaction.

A blockchain that is public is decentralized, and has no central authority. It is extremely resistant to censorship as everyone is able to join the network according to their own preferences, regardless of their location or the country of origin. Thus, public blockchains will never be closed.

Private blockchain

Private blockchains are blockchains that have been granted permission. Anyone who wants to be a part of these systems. Transactions on the private blockchains is private in nature , and only accessible to members of the network who have permission to work within the blockchain’s private network.

These blockchains are crucial for businesses who collaborate and share data, however they don’t want to expose their sensitive information in processes that are carried out on a blockchain public. Private blockchains are more centralized in the sense that the different entities in the network operate the chain and have equal control over the various participants and the frameworks of governance.

Hybrid blockchain

A hybrid blockchain is an ecosystem that combines advantages of both an open and secure blockchain. This is the reason why the hybrid blockchain incorporates the privacy and security features of the private blockchain as well as an openness of public blockchain. This is why a hybrid Blockchain allows for the business’s flexibility by offering security and privacy to set up any information that is public in accordance with their needs.

The hybrid ecosystem can be created due to the patent-pending interchain feature. This feature lets the chain join with various blockchain-related protocols. Through a hybrid system creating an inter-chain network is feasible. Because they are able to operate multiple blockchains at the same time to improve the security of transactions, they make use of the hashpower that is combined by the public blockchains.

Consortium blockchain

The Consortium blockchains are also referred to as blockchains that are federated. They permit any new participant in the block to join to the existing structure and exchange information instead of starting at the beginning. With the assistance of blockchains in consortium, businesses easily have solutions to protect their time and reduce the cost of development.

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