Two types of blockchain networks
Although there are several types of blockchain networks, the main types are private blockchain networks and public blockchain networks. When choosing which type of network to use, the decision depends on the preference of researchers.
The main difference between the two types is that public blockchains are decentralized, while private blockchains are centralized. In between, it is the public blockchain that provides the greatest benefit. It’s static, transparent and decentralized. The only disadvantage is that the transaction processing speed is very slow due to encryption.
On the other hand, the private network is centralized, which means that users can control it completely while limiting the ability of other users to read and edit data. The disadvantage is that it is not decentralized. However, this network is much faster than the other, especially because users can control it. It’s also a cheaper option.
Researchers must assess their needs based on the type of research they are going to do so that they can choose the best type of network. However, when it becomes very difficult to choose the type of network, hybrid blockchain can be an effective solution.
Some parts of the hybrid blockchain network allow researchers to remain public, while others remain private. Compared with the public network type, it is faster and cheaper, while still providing researchers with the benefits of the former. It can be expected that hybrid blockchain will dominate in the next few years.
Current global blockchain trends
Tokenization of digital assets in blockchain is a noteworthy development. Token represents specific data in the network, which will help simplify the process of storing and sharing assets, and make it more secure. Tokenization further improves the invariance of data stored on the blockchain network. It may also make some processes and operations in different industries more efficient and safer.
Blockchain as a service – finding and using blockchain technology in the past may face challenges. Fortunately, there is now a platform for blockchain as a service (baas), which allows different institutions and organizations to obtain templates for implementing blockchain in their operations. Creating a professional platform can be time-consuming and expensive, which is the ultimate reason why blockchain potential could not be fully utilized in previous years. Now, with the rise of blockchain as a service (baas), all departments, including the research industry, can easily take advantage of the functions of blockchain and obtain its amazing benefits when processing data.
Ricardian contract – when Ethereum blockchain launched the smart contract, it attracted the attention of all walks of life including government departments. It is likely to bring revolutionary changes to different industry activities. Many people think that this is the future of blockchain development, because it can automatically execute the agreements between the parties according to the terms and conditions that have been encoded in machine-readable language. Smart contracts are the main event. Ricardian contracts are not made up of machine-readable code; They are both machine-readable and human-readable. This means that people will create it before they convert it into software readable form and store it on the network.
Editor in charge: CT