Blockchain technology has gone beyond the crypto exchange and now industries are using this decentralized transaction platform for plenty of purposes. Be it building a secure data transaction network for public companies or integrating a closed peer-to-peer system, the potential of this platform gives a hint about the robust digital transformation.
When it comes to choosing the best blockchain technology for your business, there are a few things that you need to know first before opting. If you are new to this tech, we at Sevenbits are here to get you started with choosing the best platform.
Types of Blockchain technologies
Broadly there are a total of four types of blockchain which are— Public, Private, Hybrid, and Consortium.
Before getting into their diversities, let's understand what is the common thing that they share among. Each blockchain has a cluster or a series of nodes that function on the peer-to-peer(P2P) system. In the network, each node has its copy of the shared ledger and it gets frequent updates when some changes are made. The thing that makes this technology standalone from others is that every node can verify, initiate, receive, or transact information to retain integrity.
Public Blockchain Solution
In simple terms, a public blockchain platform is permission-less, a non-restrictive distributed ledger system. In which anyone who has access to this technology can become a node to this chain. This platform is suitable for those businesses that are planning to launch an open proof-of-work project or are creating a public-interest healthcare or education solution for the citizens.
In the public sector, this technology is a boon when it comes to verifying past and current records in bulk. Some of the key examples of these public platforms are bitcoin, Litecoin, and Ethereum.
Sevenbits can help public companies in creating an end-to-end data transaction ecosystem for organizations to manage their data in a faster and automated manner. We can help in facilitating greater accessibility and convenience to complex public sectors. This platform is the most pivotal replacement to the conventional centralized data systems that are fragile prone to meet sudden data crashes.
Private Blockchain Solutions
As we are moving towards rapid digital transformation and data security is on top of the priority list, a peer-to-peer internal network can solve a lot of existing and future potential problems. A private blockchain network built on top of your existing cluster can help you in better data and user management. With this integration, accessibility, authorization, and permission complexions can be resolved without disrupting the existing transaction framework.
Sevenbits work on more than eight blockchain technology and frameworks to establish a future-focused secure data transmission network. Our team brainstorms with your executives to know your business goals and we draft a comprehensive audit checklist to highlight the potential data risks and underlying business opportunities.
A bespoke private network can have various applications like supply chain optimization, digital identity management, internal voting system enablement, asset ownership audits, and more. Some of the key private integrations are Hyperledger Fabric, R3 Corda, and Multichain.
Hybrid Integrations for your business
Coming to the hybrid blockchain implementation, it's among the most commonly leveraged integrations that use both types of above blockchains. This type of technology is suitable for those businesses that want a higher degree of flexibility in their network.
This network can have the security of a permission-based network and the flexibility of a public network. These integrations are suitable for organizations that deal with huge data sets of both public and private entities. For example— Hybrid will be the best and the most reliable option for public-sector insurance companies. This will help in managing customers' data over a public network and allow to manage employees' data over a private implementation.
Consortium blockchain network
The consortium is a unique and highly efficient type of blockchain implementation that helps in streamlining complex processes between two different organizations. When two or more than two companies manage a network, a consortium network can help them tackle issues like data redundancy, lack of integrity, and unauthorized access.
This setup is highly effective for public sector organizations or large-scale companies that work in their closed ecosystem. This type of enablement can help organizations with higher cost optimization and automation. The most popular example of consortiums is R3.
The blockchain transformation is on the verge of disruption and companies should start adopting them for making their business future-ready and more agile. As consumer behavior is changing and how they store and interact with data is taking a leap, it's the right time to integrate blockchain to secure top-level business-sensitive processes from multiple underlying threats. Need to know more about this digital disruptive technology from experts? Get in touch with us at [email protected] and we will be happier to get you started and optimize your business for today and tomorrow.