The Blockchain technology is making its mark on the since it came to limelight. It has turned the entire global sectors around, as it has changed the method of operating in different systems.
For the first time in a long while, the adoption of the Blockchain has brought in efficiency into the systems which has adopted it and still has the potential to revolutionize the global system. The benefits of the Blockchain technology is widespread and evident in the sectors such as the global financial system, but not limited to that, as it is already breaking grounds even in other systems.
All these great achievements of the Blockchain, depends on its features and great design, that has made it an unrivaled technology.
The Blockchain technology is divided into two types, which are called, the PERMISSIONED BLOCKCHAIN and PERMISSIONLESS BLOCKCHAIN.
These two types of Blockchain are distinct in nature and features, so they are used in different ways and for different purposes, but still has a few similarities in common.
Let's quickly look at the meaning of these Blockchains.
Permissioned Blockchain is the type of Blockchain that requires approval from the controlling authority, before use. Before a person can make use of the permissioned Blockchain, approval needs to be granted by a body in charge of the Blockchain. So, if the validator is not approved by this central body, then it is impossible to gain access into the Blockchain system.
Permissioned Blockchain is more like a private Blockchain, where the system is covered from the public and can only be accessed by gaining approval from the authority controlling the system.
This type of Blockchain is the best fit for some financial systems, who wants to enjoy the benefits of the Blockchain technology, by integrating it into their system, but also wishes to maintain full control of the system.
So, these establishments now serve as the central authority, from the users can gain approval, before making use of the Blockchain system.
Having known about the permissioned Blockchain, let's head over to…
Permission-less Blockchain is a complete contrast of the aforementioned permissioned Blockchain. It is an open Blockchain which does not require approval from anyone, before use.
Unlike the permissioned Blockchain, where there is a central authority controlling it, this type of Blockchain (permission-less), is independent of any authority, and hence no need for permission.
The data on this Blockchain is made public so as to allow any user to participate in its use, anytime, without having to go through the hassle of seeking approval from anyone. A lot of the Blockchains we have today, are examples of permissioned Blockchain, as no restrictions are placed on the Blockchain, letting any user take part, anytime.
It is already obvious, the ups and downs of both Blockchain, as it is created to satisfy user's needs on all capacity.
BENEFITS OF THE PERMISSIONED BLOCKCHAIN
Aside from the fact that its central control makes it prone to hack, manipulation, less transparency and even eliminates the anonymity of users, the permissioned Blockchain still presents certain benefits, some of which are…
BENEFITS OF THE PERMISSIONLESS BLOCKCHAIN
The permissionless Blockchain due to its unlimited access by the public, is slow and takes an awfully long time to process a particular transaction, unlike the permissioned Blockchain.
This inefficient transaction speed is seen as the bane of the permissionless Blockchain, but still makes way to its great benefits, such as…
Both of these Blockchain types are just an extended are of the Blockchain technology, tailored towards meeting the user's needs from all angle.
So, the permissioned Blockchain is important and beneficial in its own way, especially to platforms seeking to control their system, while the permissionless Blockchain also meets the needs of those system aiming at giving full access to users and in turn maintain anonymity.
Either ways, the Blockchain technology is here to improve the world system for good.
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