Blockchain-Part 4

Hello everyone, hope all are having a great time during your summer holidays. First I would like to apologize to all for a long absence as I got a little tied up with my commitments. Moreover, I couldn’t simply pick up the pen and write and I had no idea why? Anyways now back to the point, I am continuing the blockchain series. I am attaching the links of my previous blockchain articles

Blockchain-An introduction

Blockchain-Part 2

BlockChain- Part 3

Today, we are going to discuss different models of blockchain. Blockchain is a very broad concept that has divided into several models as per the user’s requirement. The blockchains model are differentiated on the following parameters:

  1. Decentralization and access,
  2. The identity of participants,
  3. The consensus mechanism,
  4. Speed, level of privacy,
  5. Energy consumption, fees and
  6. Scalability

Mostly, blockchain is generally classified as public and private. Private blockchain has its own governance with a sub-type called consortium or federated blockchain. Sometimes, it is known to be a blockchain in its own right.

Another classification is also known as the Permissionless versus Permissioned blockchains. This classification basically revolves around the necessary permissions to access the platform. As such, the public, consortium and private blockchains work on the basis of management.

Public blockchains rely on anonymity and no user is given higher authority to take decisions. While the other two rely wholly on user authentication and the user who manages the blockchain. Both consortium and private blockchains are distinguished by the level of decentralization.

Blockchain technology is slowly gaining a foothold in many sectors and its potential is yet to be realized. However, it has to overcome many obstacles like regulatory, legal, application and ease of use before becoming an indispensable tech.

That being said, this post is my last on Blockchain and I will be exploring further topics as we go. Once again, I apologize for my long absence and will try my best to be more frequent from now on.

Hope you all have great holidays and enjoy your summer. Until then, it is time for my signature farewell;

As usual, Namaste, Au Revoir, Sayonara and a simple Vanakkam to my readers out there where ever you are and whoever you are.

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