10.3 Exploring Different Types of Blockchain - Video Tutorials & Practice Problems

As we go through the process of the determining if blockchain is right for you. One of the key things I wanna talk to you about is the different types of blockchain that are available. Because by now we've talked about Bitcoin and we've talked about different examples. We talked about Ethereum but Bitcoin and Ethereum are public blockchains. But there are other types of blockchains, and in this lesson we're gonna go over them to determine which one is right for you. For starters when it comes to different types of blockchains, we talked about public blockchains. As such we talked about Bitcoin, we talked about Ethereum, we also mentioned Litecoin. These are public blockchains that anybody can have access to. You don't need permission to get on a public blockchain, you can just download the Bitcoin protocol. You can actually apply and work with it. Same with Ethereum, same with Litecoin. There is no limitations for anybody that wants to participate in a public blockchain like Bitcoin, Ethereum or Litecoin. Now there are also private blockchains. Some of these include Hyperledger Fabric, Quorum, MONAX and Multichain. So these are permissioned blockchains. These are blockchains that a company or a centralized institution can actually determine who can access the blockchain or not. It has very strict permissions which you can set. These private blockchains are useful in many situations, especially in enterprise environments where you may not want everybody to have access to all the data. So these private blockchains are a solution. Additionally, there is consortium blockchains and consortium blockchains are almost like a hybrid between both. And I'll tell you what I mean by that. What you have is you have a private blockchain but instead having one centralized institution you have multiple entities that get together and they form a consortium. And all of them agree to work together and share resources. Some of them are for example R3, We-Trade, Hyperledger Blockchain Consortium and what it is multiple entities get together, they join together and share permissions on a private blockchain that they share as a consortium. So that is a consortium blockchain and those three types are the primary types of blockchain.