Blockchain Technology Categories


Blockchain, an open, accessible and fair-financial future. It is revolutionizing the financial services industry empowering millions across the globe to authenticate and transact without costly intermediaries. Blockchain can be categorized as follows:

These categories can be further compared with Consortium which is an association of several companies.

Public vs. Private vs. Consortium



Public
Private
Consortium

Permissionless
Permissioned
Permissioned
Authority
No centralized management
Single organization
Multiple organizations
Access
Open read/write
Permissioned read and/or write
Permissioned read and/or write
Speed
Slower
Faster
Faster
Security
Proof of Work
Proof of Stake
Other consensus Mechanisms
Pre-approved participants
Voting or multi-party consensus algorithm
Identity
Anonymous
Pseudonymous
Known identities
Known identities
Asset
Native Asset
Any Asset

Transaction Approval Freq.
Long
Short
Short
Examples
Bitcoin, Ethereum
R3-Corda
Hyperledger


Combining with Permissionless and Permissioned

Let’s see the comparison of private and public with the Permissionless and permissioned:


Anonymity of user
Immutability
Scalability
Permissionless + Public
High
High
Low
Permissioned + Public
High
Moderate
Moderate
Permissionless + Private
Moderate
Moderate
Moderate
Permissioned + Private
Low
Low
High

Now that we know the basic categories, let’s have a brief idea about various types of blockchains there are.

1.     Ethereum

Ethereum is an open-source decentralized shared blockchain platform for building completely synchronous and secure applications as well as cryptocurrencies.  Ethereum is considered to be one of the pioneer platforms in distributed ledger and blockchain technology.

2.     Hyperledger

Just to make things clear, the Hyperledger project is an incubation project for different Distributed Ledger Technologies (DLT) by the Linux Foundation. Hyperledger Fabric is an implementation currently being done by IBM.

3.     R3’s Corda

Corda is an implementation of the Distributed Ledger Technology developed by a company called R3. While they were developing it independently earlier, they became a part of the Hyperledger project later on.
“We don’t have blocks and we don’t have a chain”
-David Rutter, CEO, R3 Lab and Research Centre
According to their documentation, this ledger is specifically meant for financial applications, and all other non-financial applications are outside the scope.

4.     Bitcoin

Bitcoin is a decentralized digital currency created by mysterious Satoshi Nakamoto that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network.

5.     Ripple

Ripple is a distributed financial technology enables banks to send real-time international payments across networks. It has been built from the ground up so that it can integrate easily with banks’ existing infrastructure, without much integration overhead.
The basic protocol is called Interledger Protocol (ILP), which enables banks to send payments across different ledgers and networks globally. They also have a cryptocurrency with the same name (XRP), which is the third largest in terms of market capitalization, just behind Bitcoin and Ethereum.



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