Blockchain technology is one which constantly bring changes over the entire world . Initially blockchain is used for cryptocurrency transcations .But now , blockchain is used in various industry verticals because of its nature .
Blockchain is known for its nature of scalability , interoperability, liquitidy,flexibility and security . This features of blockchain has made it to be used in various industries . According to the usecases blockchains are
- Private Blockchains and 2.Public Blockchains
The blockchains that allows to use the decentralized concept of blockchain technology to the fullest is known as public blockchain . The cryptocurrency and bitcoin transactions are carried over public blockchains.
Private Blockchains :
Private Blockchains are one which limits the decentralization concept of blockchain technology and it only allows authorized individuals to access, read/write inside the blockchains.
This private blockchain technology paved the way for the use of blockchain in all kinds of industries . It also reduced the issues that are in public blockchain.
In private blockchain , only allowed or authorized individuals can only access the details of transactions and it reduses the number of nodes involved in an transactions. This inturn reduces the problems of scalability and liqudity.
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