What Is cryptography?
Cryptography employs a hash function that is responsible to make every transaction secure and protect users’ identities and personal information. To either encrypt or decrypt a set of data, cryptography makes use of a key (public or private) to ensure privacy and keep all digital assets secured.
What are the different types of blockchains in contemporary times?
There are three types of blockchains available. These are, namely, public, private, and consortium blockchains. These three kinds of blockchains are divided based on visibility and accessibility.
What is a public blockchain? Give examples.
A public blockchain is a blockchain ledger that can be accessed and is visible to everyone in the world. At their discretion, anyone can keep adding blocks of transactions. Ethereum and Bitcoin are examples of public blockchains.
What is a private blockchain? Give examples.
A private blockchain is a blockchain ledger that is visible to everyone who is hooked on the internet but adding a block of transactions to the ledger is predetermined by a select group of people in the organization who own the blockchain. In other words, it is a semi-decentralized network that has universal visibility but for someone to avail of transaction services, they have to seek permission from the organization. Blockstack is an example of a private blockchain.
What is a consortium blockchain? Give examples.
Another example of a semi-decentralized network is the consortium blockchain that provides visibility to pre-selected participants. Furthermore, this type of blockchain is used to set up a consensus process and as such, it is controlled by a select group of privileged participants. Ripple is an example of a consortium blockchain.