Review of Blockchain Technology: Types of Blockchain and Their Application

Abstract

In today's IT space, blockchain is among the fastest growing technologies. First, it is connected with the growth of the crypto currency markets, which are based on blockchain technology. However, this is not the only possible appliance of this technology. Blockchain is a multi-user, reliable transaction ledger that everyone can verify, but no single person can control. The purpose is to analyze different types of blockchain technology according to various parameters (speed, security, access conditions and others). This paper provides an overview of the different types of blockchain and possible appliances for this technology. Different types of blockchain technology are considered in detail: public, federated, private and hybrid blockchain. Private blockchain is important for dealing with problems related to efficiency, security and fraud in traditional financial institutions. At the same time, public blockchain has the potential to replace most of the functions of traditional financial institutions with software, mainly by redefining the way the financial system works. Federated blockchain is faster and provide greater transaction confidentiality. The hybrid blockchain combines the scalability capabilities of a distributed database with immutable blockchain elements. Conditions and rules of work with one or another type of blockchain are revealed. Examples of using blockchain-technology for cryptocurrencies are given. The results of comparison of public and private blockchains on access, speed, security and identification are presented. The survey showed that blockchain technology is still in its early stages of development and has a number of problems to be solved.