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Blockchain Explained: How many types of blockchains are there?

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The idea of blockchain came into existence when Bitcoin was launched in order to have a completely decentralised electronic cash system, one which would allow users to transfer money without the need of any financial institution.

This decentralised nature of bitcoin led many companies into exploring blockchain technology for their respective industries. Beyond finance, blockchain technology is used in the fields of marketing, as well as logistics, and supply chain.

How many types of blockchains are there?

Blockchains have been classified in three types. The first one is the permissionless public blockchain, the second one is the permissioned private blockchain and last but not least come the hybrid blockchains.

Public blockchains

This type of blockchain is a decentralised platform that allows anyone to be part of the network and validate transactions on it. The network participants validate transactions in return of rewards, which could be transaction fees, or the cryptocurrency of that network. Public chains provide greater security than their centralised ledger counterparts. All the…

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