Why Different Blockchains Exist and What They Do | iCert Global

Blockchain became popular with Bitcoin and changed how people thought about doing business online. Once people started learning about Blockchain they quickly realized it could be used for many more things than Bitcoin. It was only a few years after the rise of Bitcoin that industries like health care, real estate, and government

started using Blockchain technology. Because each industry had its specific methods, Blockchain began evolving into types for their uses. In this blog I will go over the different types of Blockchain, and what differentiates them from one another.

Why do we need different types of Blockchain?

Different industries use Blockchain in their specific ways. Before discussing the types of Blockchain, let's take a look at some examples where Blockchain is utilized in different capacities.

As mentioned previously, Bitcoin was the first mainstream use of Blockchain technology and it helped make Blockchain well known among a large audience around the world.

What is Bitcoin?

Bitcoin is a type of cryptocurrency and the most common digital currency to use online. Bitcoin allows two people to transfer funds to each other without involving banks or a middleman.

For instance, you will use your friend's Account ID to send him or her Bitcoins. Your transaction is validated through a process known as Blockchain Mining to validate it for authenticity and safety. After your transaction is validated, it is validated and added to the Blockchain, and your friend receives his/her Bitcoins.

Why Is Bitcoin Open-Source for Everyone?

Bitcoin is open-source, therefore anyone can join in, send money, or assist in checking the transactions. Therefore, there are no limits on who can access Bitcoin.

Multichain

Multichain is a type of Blockchain used by businesses to protect their data. Unlike public Blockchains, Multichain is effectively for people within the same business that have permission to use the Blockchain.

For example, if a company needs their financial transaction records protected on the Blockchain, they will not want to make that information widely available for all to see. They will want some people, for example the finance team or management to have access to that information.

Only invited parties may join in Multichain. A person designated as a Network Administrator controls access permissions. Not everyone will be able to view data or change data, only trusted members of that organization will be able to.

Blockchain in the Banking Sector

Private Blockchain

Private Blockchains (or Permissioned Blockchains) are unique in that they restrict who can participate in the blockchain. Only the specific people or groups picked ahead of time can access it and take part in transactions, or validations.

These people are chosen by the group in control of the Blockchain, which is generally the developers or managers. If someone new needs to gain access or if a participant should be eliminated, the Network Administrator can do that for them.

Consortium Blockchain

A Consortium Blockchain is a mix of Public and Private Blockchain. In this blockchain, some of the computers (referred to as nodes) can help determine what transactions are valid, while others can simply participate in transactions.

It is like a shared group in which a specific set of players are able to access the Blockchain. This way it is partly open to a set group (public) but still private in that not everyone can join.

How to obtain Blockchain certification? 

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Conclusion

Blockchain has grown beyond Bitcoin and now serves many industries in unique ways. Different types like Public, Private, and Consortium Blockchains exist to meet these needs. Each type plays an important role in making data sharing safe, smart, and effective.

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