Innovative Blockchain Development Services & Types of Blockchain Development

Recently, Blockchain has become quite popular, increasing the demand for the adoption of this technology. As per a report by Statista, the global Blockchain market is expected to reach USD 163 billion by 2027.

Whoa, that’s a huge figure!

However, the main question that rises in everybody’s mind is: Do all businesses using Blockchain have the same needs?

So, no, that’s not the case. Each business has specific needs that call for a particular type of Blockchain. There are various Blockchain versions with various properties or types of Blockchain. But you need not worry, in these fastest times of technological advancements, you can enjoy the best custom Blockchain development services.

Moreover, here we’ll discuss major types of Blockchain networks. But first, let’s start with the basics.

What is Blockchain?

The fundamental use of Blockchain is to carry out transactions on a safe network. For this reason, businesses nowadays prefer hiring a reputable Blockchain development company, which provides custom Blockchain development services and ledger technologies in a variety of contexts.

Moreover, you can also set up multichain to stop unauthorized access to sensitive data. It is not accessible to the general public and is only permitted for use by large entities. The type that the organization needs to select for its activity relies on its business.

Blockchain development services are services that enable organizations to use blockchain technology to create, deploy, and manage applications, smart contracts, and other solutions. Blockchain technology offers an immutable and secure way to facilitate digital transactions and store data in a decentralized and distributed digital ledger. By leveraging blockchain, organizations can reduce costs and improve security, security, and speed of operations. Blockchain development services offer a variety of services including the development of custom blockchain applications, integration of existing applications and systems with the blockchain, and development of blockchain-based solutions for areas such as smart contracts, data management, identity management, and financial services.

Types of Blockchain Networks

Blockchain development is the process of creating, maintaining and improving blockchain networks, such as public blockchains like Bitcoin or private blockchains like Hyperledger or Corda. Blockchain development can involve the creation of new distributed applications (dapps) or the use of existing protocols to build new applications. It can also involve creating new smart contracts, developing distributed ledger technology (DLT) solutions, and leveraging consensus algorithms to ensure data integrity.

Let's Understand main four types of Blockchain networks:

1. Public Blockchain

This Blockchain network is accessible for implementing the decentralization concept. Anyone with a computer and access to the internet can join the network; there are no limitations.

2. Private Blockchain

They are not decentralized as the public Blockchain, which is more secure than others because only a small number of nodes can participate in the process. These are less transparent. Only authorized users can access them.

3. Hybrid Blockchain

It consists of both public and private Blockchain content, some of which is under the authority of a particular organization while the rest is made publicly accessible.

4. Consortium Blockchain

It is an innovative technique that meets the needs of an organization. The transaction is validated by this Blockchain, which also sends or receives transactions. It is also known as Federal Blockchain.