FindItMore | Thought leaders have never failed to surprise the market with their accomplishments in tapping blockchain technology. Even influencers with years of experience in this budding eco-system hold the torch for targeting a niche audience with credibility and expertise. Their views are published frequently to lead the industry.This technology remains relevant to various user groups globally for a strong reason. Is their belief in such ‘blockchain PR’ working to impact the interest in the ledger system?
It is also time to revisit the three types of BC technology that is gaining ground as leaders point out their perspectives in dedicated blogs.
Existing 3 types of blockchain technology
As thought leaders promote one or the other type, each type has its equity in the market. Each influencer also drives focus towards one or the other type for users to adopt. The Blockchain is favored as it has diverse applications across industries. The market is testing the grounds for further developments through such PR exercises.If you are planning to getting on the bandwagon, the following content will impact your decision to choose at least one type.
Public
It is widely used by crypto users.Anyone is able to download the code and start working on the node with a public device. It allows you to validate transactions on the public network. Blocks are added by different people adhering to the shape and size of the ledger. There is no restriction on using the network as long as the transactions are legal. There is a block explorer that permits anyone to access the network to read anonymous transactions done by others too, publically. This is how people are allowed to trade in digital currencies like bitcoin.
Some users of the dark world are taking advantage of the digital currency domain, making other investors suffer. Thought leaders feel there is a critical need to change laws and make new rules keeping this domain clean. Implementing new rules at the earliest safeguard genuine investors. Even government treasuries could benefit from the new rules being formulated. Leaders and experts with hawk eyes are required to guide the public domain with their expertise. How do they influence lawmakers? PR activities and collective think tank solutions matter to the blockchain technology current rise in the public domain. As the world builds its appetite to deal in digital currency for everyday transactions, its usage will continue to re-shape the public ledger system.
Thought Impact: Each person has the ability to disrupt the system and has the potential to change trends. Business models can be transformed with disintermediation and decentralization. As it is public, there are no infrastructure costs and server maintenance.
Private
Only one organization deals with the private network. Permissions and authorization are important for everyone who is a part of this blockchain system. There is limited public access and restrictions of various degrees for its success. Organizations that collect database or audits use this ledger system. The transactions are done in secret without the public knowledge. You would think that it is safe. No. It does come with risks, unlike the public ledger where unusual activity is detected easily. If authorization is complete and security is tight then this system provides absolute sensitive data protection and privacy. Another school of thought leaders feels this system is not ‘blockchain technology’due to its private nature. But the technology is evolving and it is quite early to say that this type is less desirable than the public type. Influencers who feel otherwise, have PR blogs explaining why it does not work.
Thought Impact: They reduce data wastage or redundancies and costs of transactions. Since the group of users is fewer, automation works and data handling is simplified with limited access.
Consortium
This is a hybrid version of the public and private ledger system. It has very pre-defined algorithms on which the network is available.It is partly private and partly public. It balances the strictly private and curbs issues of open systems. As selected nodes are pre-determined, there is less confusion and breaking of codes. Only a few trusted people have access to the entire ledger. Large organizations that depend on leadership decisions require this system. They have full control over the users and the network.
Thought Impact: Ideal for banks and financial institutions who need to have a wise counsel for fiscal activity globally. Imagine, United Nations using it for voting when several nations are involved.
As think tanks increase and create more PR exercises to bring the technology’s usefulness, it could solve several transaction problems.
