What are the 3 types of block chain?

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Blockchain can be classified into three major types: public, private, and consortium (hybrid or federated). These different types of blockchains have their own uses and purposes.In a public blockchain, anyone can participate. It is completely decentralized, an open platform for participation. Examples are Bitcoin and Ethereum. They are secure and transparent. But they are slow and require a lot of energy.A private blockchain is closed; it is accessible to a limited number of people. It is single-controlled by the institution running it. It is much faster and more efficient. It is primarily applied in business and/or banks. However, it is less open and decentralized.A consortium blockchain is basically a mixture of both. It is governed by a group of organizations. It has some degree of decentralization. It is applicable in industries where groups collaborate. Areas of application include supply chain, finance networks, etc.Each type has its advantages and disadvantages. The public ones provide trust and transparency; private ones offer speed and control; consortiums offer a balance between both. The factors that weigh on the decision of which one to choose are determined to some extent by the need. One should consider who should have access to the data. Furthermore, speed, control, and privacy should be considered. Blockchain, being powerful, needs further consideration about the types for better use. Each type supports different goals and industries.

Q. What are the 3 types of block chain?

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