As blockchain technology has advanced, technology, numerous new decentralized platforms have come up recently with unique characteristics. This makes it difficult to evaluate and determine which one is the best one to the requirements of the company. Selecting the most suitable blockchain platform requires an extensive amount of analysis, research, and comparison. A comparative analysis of blockchain platforms is crucial to evaluate the various features provide.

The introduction of blockchain technology first began with Bitcoin. Blockchain utilized to facilitate the operation in Bitcoin was a fundamental ledger that was distributed to keep track of Bitcoin transactions. Bitcoin was a public chain. However as time passed Blockchain protocols have evolved and at present there are four primary types of blockchain protocols.

• Public Blockchains

• Private Blockchains

• Hybrid blockchains

• Consortium blockchains

Blockchain technology, which comes in different forms, functions as an encrypted storage for digital information. It operates and is maintained on foundation of the consensus mechanisms, a distributed autonomous, decentralized, and decentralized network of computers. Through the use of blockchain networks transactions are protected through consensus mechanisms. For instance The horizontal Proof-of-History keeps record of transactions entirely, thus eradicating any fraudulent activity within the network.

With regular updates and evolution there are many generations of blockchains, each with its own capabilities such as microtransactions, transactions, cryptocurrency smart contracts, DAO, dAppsand scaling as well as governance, tokenization efficiency and interoperability.

What are the various kinds of blockchains?

As startups and businesses are increasingly incorporating blockchain technology into their own systems, the technology is classified into four major kinds based on their application:

Public Blockchains

Public blockchains are free-of-cost blockchain networks. They allow everyone to join the network as developers, users as well as network members and miners. The public blockchains allow equally participation by all members with no restrictions. The transactions that are executed on the public blockchain are accessible and transparent to all participants in the network for the purpose of examining the specifics of it.

A blockchain that is public is decentralized, and has no central authority. It is extremely resistant to censorship as everyone is able to join the network at their wishes, regardless of their location or the country of origin. Thus, public blockchains will never be closed.

Private blockchain

Private blockchains are blockchains that have been granted permission. Users need permission to be a part of these systems. Transactions on the private blockchains is private by nature and are only accessible to users of the network that have the authorization to operate in the secure blockchain.

Blockchains are essential for businesses that collaborate and share information, but they don’t want to expose their sensitive business information that are carried out on a blockchain public. A private blockchain is more centralized in the sense that all the entities within the network operate the chain and have the same control over all participants and the frameworks of governance.

Hybrid blockchain

The hybrid blockchain provides an ecosystem that combines advantages of both an open and secure blockchain. This is why the hybrid blockchain has the security and privacy of the private blockchain, as well as its transparency and security of the publicly-owned blockchain. Therefore, a hybrid blockchain can enhance the flexibleness of business operations by offering protection of privacy and the option to put up any information that is public according to their preferences.

The hybrid ecosystem is feasible due to the patent-pending interchain feature. This feature lets the chain connect to different blockchain protocol. By using a hybrid system creating an inter-chain network is feasible. Since they can to manage multiple public blockchains simultaneously to enhance the security of transactions, they make use of the hashpower that is combined to run the public blockchains.

Consortium blockchain

Blockchains that are part of a consortium are also referred to as blockchains with federation. They allow anyone who joins in the block to join to the existing structure and share data , rather than starting with the initial beginning. With the assistance of blockchains in consortium, businesses easily have solutions to protect their time as well as the expense of development.

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