There is substantial ongoing online chatter and discussions in the business and entrepreneurial technology sector as to which is the best blockchain to implement, or whether it is best to look to use the open-source software to simply make and develop your own. Here is an amalgamation of these discussions and a synopsis of whether it matters or not which blockchain you use.
The Types of Blockchain that are Available
- Public: Anyone who has the tech knowhow and functionality can join and participate in a public blockchain. Anyone who can gain access will thus also be able to engage with and audit the stored data. This type of blockchain is the epitome of decentralization networks and peer to peer transactions. It is also accepted that the more people using a blockchain the safer it becomes, which makes the public nature of this type of blockchain its strength.
- Private: This is generally a blockchain that is used only by the business or enterprise that owns it. Users will all have varying levels of access, and each will need to be verified before they can execute their use and functionality options. A private blockchain is generally established and developed after in-depth research has identified the specific use cases and what your business needs from the blockchain.
- Hybrid: This is a combination of both the private and public versions of the blockchain tech. The best of these have been able to combine the best bits of both to create a system that works for the business using it.
- Consortium:It is just what it says on the tin; a group of individuals or businesses come together to implement the consortium blockchain. It is indeed privately owned but owned and used by a range of businesses at the same time and governed by a series of use protocols.
Making Your Own Blockchain
Blockchain software is all open source and as such it is useful to know how your business can go about making your own blockchain infrastructure. Alternatively, if you only tend to trade in crypto or use an exchange such as OKX, then you will only need to understand blockchain and may not have a need to develop your own.
- Pay someone to design your own bespoke blockchain: One of the fastest ways to get a blockchain that immediately works for your business is to simply put the process out to allow those in the field to apply to work with you. It will be much easier to develop what your business needs if you have the expertise and support.
- Amend and change an existing blockchain: Once you know what your business needs, and have found an existing blockchain that is used by others in your sector, you will be able to amend this blockchain and make it your own.
It definitely matters which type of blockchain you use. You should be looking for specific solutions for a business challenge and thus must find the best blockchain or crypto solution that you can, based on detailed, determined and clearly identified needs. It is definitely a little more complex than simply using whichever blockchain you are able to access or the cheapest one there is.
