the different types of Blockchain

23 Nov 2022

There are three types of blockchains that exclude traditional databases and DLT. As follows:

Type 1. Public Blockchains

All transactions that happen on public blockchains are completely transparent, implying that anybody can analyze the transaction subtleties. Ex: Bitcoin and Ethereum.

Type 2: Private Blockchains

All transactions that occur on private blockchains are private and are simply accessible to the members of the system that have been allowed to join the private blockchain network. Ex: Hyperledger and R3 Corda.

Type 3: Consortium Blockchains

Consortium blockchains are quite similar to private blockchains. The main difference between them is that consortium blockchains are not governed by a single entity, it is governed by a group. Participants in consortium blockchains could incorporate anybody from national banks to governments, to supply chains.

Best Practices for building secure Blockchain solutions?

Define and enforce endorsement agreements based on business contracts.
Enable identity and access management (IAM) controls to handle data access in the blockchain.
Execute suitable tokens like OAUTH, OIDC, and SAML2 to perform user authentication, verification, and authorization.
Securely store identity keys.
Use privileged access management (PAM) solution to secure blockchain ledger entries after suitable business logic.
Safeguard API-based transactions with API security best practices.
Use a data classification approach to safeguard data or user information.
Use privacy-preserving technologies for sensitive information.
Use standard TLS for internal and external communications.
Implement multi-factor authentication.
Keep strong cryptographic key management.
Leverage hardware security module (HSM) and security incident and event management (SIEM).
Do regular vulnerability assessment and penetration testing (VAPT)
Patch security loopholes to protect blockchain-based applications from vulnerabilities and data breaches.
Get an industry-recognized security certification for your Blockchain solution.
Enforce compliance and other security controls for the solution.

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All these types of blockchains have their various functions which they perform.
Wow, I thought you'll list the blockchains. That how I categories the types 😂