The count of people searching for a new crypto asset to invest in is going up these days. Indians are showing special interest in this domain of finance. The credit should be given to change in the Central Government of India’s mindset about this fintech innovation and blockchain technology.
People in India are getting more positive about it because of Indian Government’s Plan to introduce a crypto bill to try to regulate it. This is why the count of people interested in knowing about the value blockchain can add to the administrative system of government.
This is the most important value this distributed ledger technology can add to the government’s administrative system. Given below is the list of architectural options blockchain technology offers:
Its setup in Public/Permissionless or Private/Permissioned configurations is possible without any hassles.
All of these configurations offer their own set of advantages and disadvantages.
- Only known entities can join Private Blockchain networks.
- No central authority is the specification of Public Blockchain.
Let’s take a good look at the value these Blockchains offer:
Permissionless Public Blockchain:
- Anyone is allowed to join the network, read, write and commit.
- They are hosted on public networks.
- They are anonymous.
- Offer a very level of resilience.
- Low level of scalability.
In case you are looking for a new crypto asset to invest in, the list of things for you to learn about different types of blockchains can offer does not end here only.
Permissioned Public Blockchains:
- Anyone is allowed to join and read.
- Unauthorized entities cannot write or commit.
- Offer a medium level of scalability.
Permissionless Private Blockchains:
- You are not allowed to join the network, read, write and commit unless you are authorized.
- They are hosted on private servers.
- They offer a very high level of scalability.
Permissioned Private Blockchains:
- Only authorized entities are allowed to join and read.
- Only network operators are authorized to write and commit.
- Offer an extremely high level of scalability.
These are the architectural options different types of blockchains offer to help users join networks, read, write and commit permissions to the network participants. This is something that you must know about while looking for a new crypto asset to invest in.
In case you are reading this series of articles on India’s National Strategy on Blockchain for the first time, you can click this link to read previous posts published in this regard.
The Importance of Blockchain – National Strategy on Blockchain – Part – 2