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FAQ 5 – What are the different blockchains?
What is a blockchain?
As a reminder, a blockchain means a chain of blocks, which is the body that lists all the transactions made. This register is a transparent, secure database with no central control body, in which transactions are secured by encryption of the data.
The 4 main types of blockchain networks and their characteristics :
Public blockchains
– No trusted third party,
– More flexible,
– Accessible to all,
– Participants are not known.
These include Bitcoin, Monero, Tezos, ESO, Litecoin, Dash, Zcash, Tiret and NEO
Private blockchains
– Centralised system,
– A trusted third party controls the network: it approves and declares the participants. Thus the reading and writing of the chain can be restricted.
– Private transactions,
– Known participants.
These include Hyperledger (Linux Fundation), Corda (R3), Quorum (JPMorgan)…
Hybrid blockchains
– Transactions and records are not public but can be verified if necessary,
– Control over who can access specific data stored in the blockchain and which will be open to the public.
Consortium blockchains
– No trusted third party,
– Private transactions,
– Decentralized system with minimal control: each member has a network node in its infrastructure and a sufficient number of members must validate transactions for a block to be added to the chain. Thus, several entities have ownership.
– Participants are known.
It is a kind of hybrid blockchain in which we find Ripple, IBM Food Trust, Tradelens, AURA…
The main blockchains and their characteristics
