Doing Math Was Never This Easy!
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Blockchains are of different types as per the following:
1- Public blockchain networks
This type of blockchain allows anyone to join, such as with Bitcoin. This type of blockchain has no privacy for transactions and a weak security system.
2- Private blockchain networks
Similar to a public blockchain network, a private blockchain network is a decentralized, peer-to-peer network. It is, nevertheless, governed by one organization that tracks who is allowed to participate, executes a consensus protocol, and maintains the shared ledger, which, to some extent, can boost trust and confidence between participants.
3- Permissioned blockchain networks
If a business decide to go for a private blockchain network, and sometimes a public blockchain, then it will need to set up a permissioned blockchain network. Participants, thus, need to obtain an invitation or permission to join.
4- Consortium blockchains
In the case of different organizations sharing the responsibilities of maintaining a blockchain, they determine who may submit transactions or access the data. A consortium blockchain is the best option when tall participants have a shared responsibility for that certain blockchain.
Since businesses operate on information, the faster they receive it the more they achieve profits. Blockchain provides immediate, shared, and completely transparent information stored in chunks and can be accessed only by members who have permission. Moreover, a blockchain network is easy to track orders, payments, accounts, and production.
Bottom Line
In simple words, blockchain was originally found to implement a system where timestamps could not be tampered with. Each blockchain has an exact replica of the entire database. As of 2022, there are more than 10,000 active cryptocurrencies based on blockchain. With the rapid growth of NFT proliferation and tokenization, blockchain has a great chance to grow at an ever-increasing pace.