Taxonomy of Blockchain Systems

1 Public Blockchain
Taxonomy of – It is the permission-less distributed ledger technology where anyone
can join and do transactions. It is a nonrestrictive version where each

Blockchain Systems peer has a copy of the ledger. This also means that anyone can access the
public blockchain if they have an internet connection.

2 Private Blockchain
— It is a restrictive or permission blockchain operative only in a closed
network. Private blockchains are usually used within an organization or
enterprises where only selected members are participants of a blockchain
network. The level of security, authorizations, permissions, accessibility
is in the hands of the controlling organization.

3 Consortium Blockchain
— It is also known as Federated blockchains. A consortium blockchain
is a semi-decentralized type where more than one organization manages
a blockchain network. It is a creative approach to solving organizations’
needs where there is a need for both public and private blockchain
features.

4 Hybrid Blockchain
— It is a combination of the private and public blockchain. It uses the
features of both types of blockchains where one can have a private
permission-based system as well as a public permission-less system.
With such a hybrid network, users can control who gets access to which
data is stored in the blockchain.
 Common Consensus Algorithms
A consensus algorithm is a decision-making process for a group,
where individuals of the group construct and support the decision
that works best for the rest of them. It’s a form of resolution where
individuals need to support the majority decision, whether they
like it or not. Concensus algorithms in blockchain are what make
all the blockchain consensus sequences different from one another.
There are many types of consensus algorithms, but there are only
two common types:
 Proof of Work (PoW)
is a decentralized consensus mechanism that requires members of
a network to expend effort solving an arbitrary mathematical
puzzle to prevent anybody from gaming the system. Whoever is
the first one to get the solution to the mathematical problem gets
the consensus permission to choose the block that should be added
next to the platform. It is used widely in cryptocurrency mining for
validating transactions and mining new tokens. Due to proof of
work, Bitcoin and other cryptocurrency transactions can be
processed peer-to-peer in a secure manner without the need for a
trusted third party. Proof of work at scale requires huge amounts of
energy, which only increases as more miners join the network.
 Proof of Stakes (PoS)
It is a consensus mechanism that randomly assigns the node that
will mine or validate block transactions according to how many
coins that node holds. The more tokens held in a wallet, the more
mining power is effectively granted to it. The proof of stake
consensus protocol was created as an alternative algorithm seeking
to address the scalability and environmental sustainability
concerns surrounding the proof of work protocol. Proof of Stake
gives mining power based on the percentage of coins held by a
miner.
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– IBM is the pioneer company to use
blockchain for creating efficient and
transparent business operations. The
blockchain platform of IBM is a
IBM
popular platform to use. This platform
provides a managed and full-stack
blockchain as a service offering that
Blockchain
allows users to deploy their
blockchain components in a user
choice environment.
– Tron is known as an operating system that is
based on blockchain. It mainly allows users to
build decentralized apps and exchange media
assets. The TRX currency is being used to
obtain access to specific operating software
functionalities. As a result, the token’s primary
function is to be used on the Tron platform.
Tron
Tron was created with one particular goal: to
assist content producers in getting better
compensated for their labor.
– Stellar is a digital currency technology based
payment protocol. It handles millions of
transactions every day. It enables cross-border
payments between any two currencies in a

Stellar
matter of seconds. It resembles other
blockchain-based coins in several aspects. It
also provides the benefits of creation, trading,
and sending digital representations of all
forms of money, like, dollars, bitcoin, pesos,
and much more.
– Tezos is designed to provide safe and
correctness of code for digital assets and high-
value cases. It is an open-source blockchain
platform that is used across the globe for
creating a decentralized blockchain network. It
performs the peer-peer transaction and can
deploy intelligent contacts. It is a self-
Tezos
governing blockchain platform.
– Corda is widely known as a business-
oriented open-source blockchain initiative.
Corda can create interconnected blockchain
systems that enable transactions to be carried
out safely and confidentially. It’s an
innovative contract platform. It allows firms to
deal seamlessly with one another. It permits
companies to keep track of transaction Corda
operations in a shared ledger, eliminating the
requirement for participating individuals to
double-check their transactions after engaging
with one another. It is mainly used in
sectors like construction, health, and finance.
Ethereum, also known as ETH, is a leading
blockchain
platform these days. It allows users to create new
financial
applications, decentralize markets, make games,
cryptocurrency
wallets, and much more. The main aim of this
platform is to nullify Ethereum
the third parties’ access who save data for further
financial
instrument tracking. Ethereum has the largest
community of core
protocol developers, crypto-economic researchers,
cypherpunks,
and mining organizations.
It is a platform that is
used to create
applications and
solutions using a
modular architecture. It
has a
membership service and
consensus. It includes a
wide range of
Hyperledg
er Fabric –
modular and versatile
designs which can be
used for various
industrial uses. It can
enable a network of
networks. Members of
It is an open-source
blockchain platform. It
is
designed to manage
digital assets in a secure,
robust, and scalable
manner. It uses
Partitioned Consensus,
and every instance of it
Open-
Chain
has
a single authority for
valid transactions. This
platform is designed
based on client-server
architecture, which
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