This is a permissionless type of blockchain and is non-restrictive. Any user having an internet connection can sign in to a blockchain platform to become an authorized node. The distributed ledger technology (DLT) of the blockchain became popular due to the public blockchain.
A public blockchain doesn’t retrieve and store information at a single point but the information is dispersed across a whole network. Thus the information is accessible by all participants in a decentralized network. To ensure that the information is authentic, it requires verification which is done either through Proof of Work (PoW), or Proof of Stake (PoS).
A private blockchain works like a restrictive network and is under the control of a single entity. The operating method is the same as that of public blockchain in regards to decentralization and peer-to-peer connections but works on a comparatively smaller scale. Not everyone is allowed to join a private blockchain, and a private blockchain mostly operates on a small network of a company or an organization. Blockchain app development companies can set different levels of permissions, security, authorizations, and accessibility in a private chain.
As the name indicates, a hybrid blockchain is an amalgamation of both private and public blockchain. The organizations can create a private permission-based system in addition to a public permissionless system. Thus, they have the flexibility to control who can specific data of the blockchain, and which data will be available for the public. Generally, in a hybrid blockchain, the transactions and records are not available to the public, but access can be given when needed, mostly by a smart contract. Confidential information is verifiable but is kept within the network. Even though a private entity owns a hybrid blockchain, it still can’t alter transactions.
Popularly known as federated blockchain, a consortium blockchain is like a hybrid blockchain as it has both private and public blockchain features. However, in this blockchain instead of a single organization, multiple organization members can collaborate on a decentralized network. It is a private blockchain but the access is given to a particular group. Thus, it mitigates the risks that come with just one entity controlling the network on a private blockchain.
