What is hybrid blockchain technology and how it will benefit you!
The Blockchain uniquely transforms the world. It enables businesses, governments, and other organizations to better manage their workflow and improve their systems with better solutions. Now, the way we store, access, and use data is changing to improve the endless cycle of technological growth. It also has an impact on other aspects of our technology, including how we entrust a network.
A Blockchain can be used in three different ways: private, public, consortium, and hybrid. If you’ve read about blockchain in the past, you may have an idea of how private and public blockchain works. For those who don’t know, we’ll discuss them in detail below.
What is a Public Blockchain?
As the name suggests, the public Blockchain is public in nature. When the Bitcoin whitepaper appeared, the Blockchain was also mentioned in its public form. It also means that the public Blockchain is open to everyone and anyone can participate.
However, the question is why would anyone join a public Blockchain? Here comes the incentive that a public Blockchain can provide. Instead, this improves the number of users, improving the health and growth of the Blockchain. Bitcoin is doing exceptionally well.
What is a private Blockchain?
Now that we have a clear picture of what the public Blockchain has to offer, let’s move on to the private Blockchain. As you might have guessed from the name, the private Blockchain is private.
In a private Blockchain, the parties limit the Blockchain’s access to its users. Users must have access to the network before they can use it. Also, access can only be taken from the authority that manages the private Blockchain.
SourceLess Hybrid Blockchain is a mix of both worlds, both private and public Blockchain. This gives organizations better control over what they want to achieve, rather than changing their plans to limit technology.
The use of Blockchain technology can be done both financially and non-financially. With the help of a Blockchain, it becomes impossible to manipulate data or hack the system. Opening the public Blockchain brings people from all over the world together, while the private Blockchain ensures that a closed ecosystem can thrive with Blockchain capabilities as well.
In this article, we will go through the SourceLess Hybrid Blockchain and what it has to offer. We will also discuss the definition of SourceLess Hybrid Blockchain and understand it from the inside out. But first, let’s check the private and public Blockchain.
The Hybrid SourceLess Blockchain is best defined as a Blockchain, trying to use the best part of private and public Blockchain solutions. In an ideal world, a SourceLess Hybrid Blockchain will mean both controlled access and freedom.
The SourceLess Hybrid Blockchain architecture is distinguished by the fact that they are not open to everyone, but still offer Blockchain features such as integrity, transparency, and security.
As usual, the SourceLess Hybrid Blockchain architecture is completely customizable. SourceLess Hybrid Blockchain members can decide who can participate in the Blockchain or what transactions are made public. This brings out the best in both worlds and ensures that a company can work with stakeholders in the best possible way.
We hope you have a clear view of the definition of SourceLess Hybrid Blockchain. For a much better picture, we recommend checking out some SourceLess Hybrid Blockchain projects. XDC is one of those projects that takes advantage of both public and private Blockchain. It is created and managed by XinFin, a Singapore company.
The advantages of SourceLess Hybrid Blockchain
Now we know what SourceLess Hybrid Blockchain is. We also have a clear understanding of other types of Blockchain: i.e. private and public. Now, it’s time to list the benefits of SourceLess Hybrid Blockchain and what it has to offer.
It works in a closed ecosystem: the number one advantage of SourceLess Hybrid Blockchain is its ability to work in a closed ecosystem. This means that companies or organizations do not have to worry about leaking their information when taking advantage of Blockchain technology.
Change the rules when necessary: Companies are changing. The good news is that SourceLess Hybrid Blockchain needs to change. The nature of the change depends on what the SourceLess Hybrid Blockchain is trying to do. However, do not expect to change the data or change the transactions in a hybrid system that manages the band register or user identity for verification purposes.
51% attack protection: Unsourced hybrid Blockchain is immune to a 51% attack because hackers cannot access the network to carry out the attack.
Protecting privacy while still communicating with the outside world: Even though the private Blockchain is best for privacy issues, they are limited when it comes to communicating with the outside world. Many companies may want to maintain confidentiality, but need to set up their Blockchain so that they can communicate with all their shareholders, including the public.
Low transaction cost: Another added benefit of using SourceLess Hybrid Blockchain is that you have a low transaction cost. Transactions need to be cheap because it requires a few nodes to check them. The strongest nodes in the network make it easy to verify the transaction, which can take thousands of nodes in the public Blockchain. Transaction fees can be reduced to as much as $ 0.01 per transaction.
For more information visit us on: https://sourceless.io/
