Simply put, a blockchain is a shared database or ledger. A decentralized ledger of all transactions across a peer-to-peer network, called Blockchain. With this technology, users can confirm transactions without a need for a central clearing authority. Blockchain applications can include fund transfers, settling trades, voting and many other issues.
There are 4 types of blockchain:
- Public Blockchain – No restrictions, anyone can participate in the network.
- Private Blockchain – Only selected nodes can participate in the process, making it more secure.
- Hybrid Blockchain – Mixed content of the private and public blockchain.
- Consortium Blockchain – Validates the transaction and also initiates or receives transactions.