What was blockchain? Blockchain is a collection of data blocks that are connected and bound to one another. Blockchain can allow crypto asset transaction processes to run on a peer-to-peer basis without having to rely on a centralized server.

However, do you know that crypto assets use different types of blockchain?

Blockchain has 3 types that have been developed

• Public blockchain

Public blockchain is a blockchain developed jointly by the public. Anyone can participate to develop this blockchain. The advantage of this type is having open access, so anyone who has competence in this field can participate in it. Public blockchain is flexible. Everyone around the world can do trials, improvements, and other things related to the development of this public blockchain technology. Examples of crypto assets that use public blockchain are Bitcoin, Ethereum, Litecoin, etc.

• Private or closed blockchain

Public blockchain is a blockchain developed jointly by the public. Anyone can participate to develop this blockchain. The advantage of this type is having open access, so anyone who has competence in this field can participate in it. Public blockchain is flexible. Everyone around the world can do trials, improvements, and other things related to the development of this public blockchain technology. Examples of crypto assets that use public blockchain are Bitcoin, Ethereum, Litecoin, etc.

Furthermore, private blockchain is the opposite of public blockchain which means this type of blockchain will not be publicly accessible. The source code will not be published by the developer. Only individuals, internal companies, or organizations who are the owners of this blockchain project can access the private blockchain.

Private blockchain is usually developed specifically to support the performance of a company. An example of its use is for research purposes and a database of a company’s products or services. An example of a private blockchain is Ethereum Enterprise.

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• Blockchain consortium.

This Blockchain is developed by a group together for certain interests. Simply put, it is a private blockchain that is empowered by more than one group. This type of blockchain is described as a semi-decentralized blockchain that is often associated with a group of companies that collaborate together to utilize blockchain technology to improve the development or performance of their business. Examples of consortium blockchain are Quorum, Hyperledger, Corda, etc.

Well, the 3 types of blockchain above are types of blockchain that are now widely used in the world. With the development of blockchain technology that is very fast, it is likely the birth of new crypto assets with other types of new blockchain in the future.