In this article, I will discuss how many blockchains Exist. The blockchain has rapidly expanded.
Its scope has spread into numerous industries, affecting the structure of digital transactions and the organization of decentralized networks.
From finance to healthcare, blockchains are improving operations and transforming areas needing innovation.
How Many Blockchains Are There?
By 2024, more than 1k standalone implementations have been installed in an array of enterprises and governments across the globe.
That number has been developing continuously, indicating those adopting and innovating in the booming blockchain sector.
Types of Blockchain
According to the article, there are four main types of blockchain technology
Public Blockchain
Any person has the right to use it. They are also decentralized, and examples include Bitcoin and Ethereum. They provide high security and transparency, but there can be delays and waste of resources.
Private Blockchain
These are controlled by a single organization or a group of organizations, i.e. a consortium. They are quicker and more scalable but have lower transparency and decentralization.
Consortium Blockchain
These are blockchains governed by particular groups. They combine public and private blockchains and offer governance from groups of organizations.
Hybrid Blockchain
These combine elements of both public and private blockchains. This allows organizations to expose some of their information while keeping their sensitive information private.
Major Blockchain Platforms
Come 2024, Blockchain is still alive and evolving with the following platforms that manage it:
Ethereum: It is utilized for decentralized applications (dApps) based on Smart Contract Functions.
Bitcoin is a digital currency based on the first and still the most renowned blockchain.
Hyperledger Fabric: A permissioned Blockchain network tailored for Enterprise Solutions.
EOS: Designed on scalability with a focus of TPS in millions stamped on abrasive space.
Stellar: Aimed at cheaper cross-border payments with speed as a critical factor.
Tron: A platform blending the worlds of stablecoins and decentralized content and applications.
NEO: Also known as ‘The Ethereum of China’, it enables Smart Contracts and Dapps.
Pros & Cons Blockchain Networks
Pros:
Decentralization: No single point of control minimizes possibilities for corruption and abuse of power.
Transparency: The latter can be easily audited since it is inscribed in the system’s ledger.
Security: Advanced levels of secure encryption eliminate possibilities for fraud and hacking.
Immutability: Information that has been captured cannot be adjusted again, thus protecting the integrity of the data.
Efficiency: Operations have the potential to be more efficient if there are automatic processes and smart contracts in place.
Cons:
Scalability Issues: The size of blockchains increases their slowness and inefficiency.
Energy Consumption: Bitcoin, for example, consumes vast amounts of energy in the form of proof-of-work blockchains.
Complexity: It is not easy to implement and, most importantly, to comprehend any given blockchain technology since it is technical.
Regulatory Challenges: The blockchain environment typically has unresolved regulatory matters.
Cost: Building and running blockchain designing networks may also be expensive.
Conclusion
In 2024, there will be more than 1000 blockchain implementations worldwide, greatly emphasizing the trends towards dynamics and innovations of such transformative technology.
These blockchains have practical uses in various spheres, from finance to healthcare, thus underscoring decentralised networks’ multifarious use cases and relevance in the modern world.
The technological advancement of blockchain has impacted and continues to impact the global economy by providing new developments and opportunities.
