Public vs Private vs Consortium Blockchain - What's the Difference?

Public, private, and consortium blockchains are the three main types of blockchain networks that exist today. Each type has its own unique characteristics and use cases. Here's a breakdown of the key differences between them:

Public Blockchain:

A public blockchain is a decentralized network that allows anyone to participate, view, and verify transactions on the network. Examples of public blockchains include Bitcoin and Ethereum. Public blockchains are open to anyone, and anyone can join the network, participate in the consensus process, and read or write transactions to the blockchain.

Private Blockchain:

A private blockchain is a permissioned network where only authorized users can participate. Access to the network and the ability to read or write transactions are restricted to a specific group of users. Private blockchains are often used by businesses and organizations that require a higher level of control over their blockchain network and transactions. Examples of private blockchains include Hyperledger and Corda.

Consortium Blockchain:

A consortium blockchain is a semi-decentralized network that is controlled by a group of organizations or companies. Access to the network is restricted to the members of the consortium, who collectively decide on the rules and governance of the network. Consortium blockchains are useful for industries or sectors where multiple parties need to collaborate and share data securely. Examples of consortium blockchains include R3 Corda and Quorum.

In summary, public blockchains are open and decentralized, private blockchains are controlled and permissioned, and consortium blockchains are semi-decentralized and managed by a group of organizations. The choice of blockchain type depends on the specific use case and requirements of the network participants.