Block chain is highly beneficial to the digital currency world. It acts as a digital ledger for storing all the details of a digital currency transaction. Everyone on the digital network can easily access the information stored in the block chain. As a result of the storage function of block chain, it is very easy for everyone present on the network to easily see each of the transactions carried out by any individual on the network. Block chains come in different types also and each type has a role it plays in cryptocurrency transaction. We will open your eyes to the various types of blockchain and how they contribute to the digital currency world.
Types of block chain
The following are the various types of block chain networks available out there today:
- Consortium block chain: This type consists of a consensus process under the control of multiple organizations, which share the responsibility of maintaining the blockchain
- Private block chain: This type is controlled by a single organization. The single organization is responsible for determining the readers of the digital transaction and permitting the contributors to easily join the consensus process. The single organization equally decides who can submit a transaction to the network.
- Semi-private block chain: This type of block chain is just like the Private block chain in that it is controlled by a single company. In this situation, the single company has the sole right to give access to an end user that complies with the criteria already determined by the said single company.
- Public block chain: Bitcoin is a good example of a public block chain. Another good example is Ethereum. This type of block chain is permissionless, which means virtually anyone can get access to it. Every transaction made on this particular type of block chain is public. Be that as it may, the end users can choose to remain anonymous