Types of blockchain.

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Hello everyone,
Hope you all are doing good?? These past few days have been quite extravagant but am here today to share some knowledge on the types of blockchain. But first, let's skim through what we mean by blockchain.

What is Blockchain??
Blockchain is a decentralized distributed ledger that exists digitally across all networks. Blockchain helps users to develop digital currency such as Bitcoin, Ethereum, Tron, and many other decentralized currencies we know. Let’s take a look at what bitcoin created in the blockchain is and can do.

Am sure we have all heard about bitcoin a lot but how many of us really know what it is. Bitcoin is a digital currency that is transacted without the need and supervision of any other centralized organization or government. Bitcoin is unlike any of the physical currencies we deal in which is regulated by the government to control inflation and deflation.
Blockchain has been overtime divided into four main types each performing a single different function but all together comprising the whole blockchain network.

Public blockchain.
Public blockchains even in its name we can realize it is a type of blockchain which is available to the whole public and everyone and anyone to be part of it. This blockchain is known to be permissionless in nature as it does not need the permission of anyone to be able to join the blockchain network. The nodes in the public blockchain are also used to mine for cryptocurrencies by solving cryptographic equations.

Private blockchain
Unlike the public blockchain, the private blockchain is controlled by a single organization that controls the access that users have in the blockchain and also which user is qualified to join the blockchain. The nodes available in private blockchains are not equally decentralized as the organization decides what and what not to access hence, restricting users.

Consortium blockchains
This type of blockchain is almost the same as the private blockchain but instead of one organization, this one involves a group of organizations. Consortium blockchain is a type of blockchain which is controlled by a group of organizations. These organizations are responsible for granting access to users to access the blockchain network and can control what you ought to access in the network. This type of blockchain allows users more access than private blockchain because of the involvement of many organizations in its control.

Hybrid blockchain.
The hybrid blockchain comprises a part of both the private and public blockchains, just like the name implies. The hybrid blockchain is controlled by a single organization that provides oversight as a public blockchain. This simple means due to the public blockchain part any user is allowed to join the blockchain but also due to the private blockchain part a single organization is going to maintain oversight on all the users and processes.

Blockchain has given birth to most and all the cryptocurrencies we see in the world today and have also countered some of the redundancies encountered in our previous means of transactions. Blockchain looks promising as it is a key process to securing future financial systems and a more efficient transaction medium. Thank you for reading through.