TYPES OF BLOCKCHAIN
Public blockchains are open-source and decentralized networks that allow anyone to participate as a node, validate transactions, and create new blocks. Examples include Bitcoin, Ethereum, and Litecoin.
Private blockchains are permissioned networks that are typically owned and operated by a single entity or consortium. Only selected participants are allowed to join and validate transactions, and the network is typically used for specific purposes such as supply chain management or interbank transactions.
Consortium blockchains are a hybrid of public and private blockchains, and are typically owned and operated by a consortium of organizations. Only selected members of the consortium are allowed to validate transactions and create new blocks, while the network remains open to other participants.
Hybrid blockchains are a combination of public and private blockchains, and allow for a balance between decentralization and scalability. Some parts of the network may be open to the public, while other parts may be restricted to selected participants.
Side chains are separate blockchain networks that are attached to a parent blockchain. They allow for additional scalability and flexibility, as they can be customized for specific use cases and can process transactions more quickly than the parent blockchain.
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I'm a certified cryptocurrency expert and professional banker with over 17 years of experience in trade finance and corporate banking. With a passion for technology evangelism and a drive to help people understand complex digital products, I have dedicated myself to providing clear and concise explanations of emerging financial technologies such as cryptocurrencies, blockchain, and other innovative financial products. Through this platform, I seek to share my knowledge and insights with others, helping them to navigate the rapidly evolving landscape of digital finance.