Blockchain Comparative Analysis

Blockchain is a technology that helps in carrying out a transaction or share information under a secure network. Bitcoin is one of the most renowned names that is based upon the blockchain method. Through this Blockchain Comparative Analysis, we will collate the 4 major types of blockchain

Types of Blockchain

1. Public Blockchain
2. Private Blockchain
3. Consortium Blockchain
4. Hybrid Blockchain

Blockchain Comparative Analysis

1. PUBLIC BLOCKCHAIN: It is a non-restrictive system where anyone across the world can be a part of it. This is a secure pathway and has minimum chances of fraud transactions as it has an enormous number of nodes which makes it less prone to hacking. As compared to the private blockchain, public blockchain impregnable. However, due to the widespread and large network, the rate of transactions per second is extremely low according to the Blockchain Comparative Analysis of a private blockchain that is almost 3500 times faster. Not only this, but the proof-of-work process is costly and consumes very high power.
2. PRIVATE BLOCKCHAIN: This is restrictive in nature and is usually deployed for voting, supply chain management, digital identity, and asset ownership.
   As perBlockchain Comparative Analysis, the rate of transactions per second is unbelievably high since the structure has a limited number of nodes. This eventually means that the rate of adding new transactions is also much faster. Not only this, but this structure allows to add consecutive nodes to expand the network without causing any substantial effect in the working.

   But private blockchains are highly prone to cyber-attacks because of their non-complex structure and therefore public chains are much more trusted. Moreover, they are decentralized in nature.

3. CONSORTIUM BLOCKCHAIN: It is a blend of public and private blockchain methods and is non-restrictive. Although it is a secured pathway as it is under supervision that terminates the faulty transactions, it is centralized in nature which makes it highly prone to exploitation. Not only this, but its launching is also quite sensitive as compared to the private and public blockchain as the participants have to give their consent.
4. HYBRID BLOCKCHAIN: Based on our Blockchain Comparative Analysis, this permits the users to control the access to only a selected data or information which makes it safer than private blockchain.