Table 3 Categories of blockchains
From: Blockchain application and outlook in the banking industry
Public blockchains | Consortium blockchains | Private blockchains | |
|---|---|---|---|
Degree of centralization | Decentralized | Multi-centralized | Decentralized |
Participants | Anyone can freely participate and leave | Specific group of people who agree to enter an alliance | Central controller decides members that can participate |
Credit mechanism | Proof of work | Collective endorsement | Self-endorsement |
Bookkeeper | All participants | Participants decide in negotiation | Self-determined |
Incentive mechanism | Needed | Optional | Not needed |
Prominent advantage | Self-established credit | Efficiency and cost optimization | Transparency and traceability |
Typical application scenario | Bitcoin | Clearing | Audits |
Load capacity | 3–20 times/second | 1000–10000 times/second | - |