I'm going to write a set of 4 posts which includes the types of Blockchain, Crptocurrency, Crypto Wallet, Crypto Exchange. we should know them when coming into the crypto world for investing or using cryptocurrencies. This is the first part.
The 3 main types of Blockchain is Public, Private, Consortium.
Public blockchain is open source, permissionless, fully decentralized. Transactions that take place on it are fully transparent, anyone is able onto write data on that blockchain or onto that ledger.
Private blockchain is permissioned, one cannot join it unless invited by the network administrators. It means private blockchains are centralized since they function in a closed ledger.
Consensus on private blockchains usually happens via one single party or a few selected, it is far from the distributed model of public blockchain and thus can lead to manipulation.
Consortium blockchain sometime called a federated blockchain, is a semi-public, permission needed system that is controlled by certain pre-selected nodes.
Since consortium blockchains are governed by a group rather than a single entity, the control is not completely centralized, it's a blend of centralization and decentralization.
Hope this post on 3 types of blockchains has given you some clarity into the different types of blockchains.
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