- A hybrid blockchain, which incorporates the advantages of both private and public blockchains, is used by businesses who want the best of both worlds.
- It lets businesses to create a private, permission-based system in addition to a public, permissionless system, giving them control over which Blockchain data is accessible to whom and what data is made public.
- Transactions and records in a hybrid blockchain are normally private, but if verification is required, access can be granted via a smart contract.
Advantages of Hybrid Blockchain
- Hybrid Blockchain is secure because it runs in a closed system that keeps outside hackers from conducting a 51 percent attack on the network.
- Cost-effective: It allows third-party engagement while protecting privacy. The scale of the transactions is better than a public blockchain network and they are rapid and cheap.
Disadvantages of Hybrid Blockchain
- Lack of Transparency: This kind of blockchain isn’t entirely transparent because information can be concealed.
- Less Incentive: Upgrading might be challenging, and there is no motivation for users to interact.
Uses of Hybrid Blockchain
- Real estate: Companies in the real estate industry can operate their systems and provide information to the public via hybrid networks.
- Retail: By streamlining their operations, retailers can benefit from the hybrid network.
- Markets with Strict Regulation: Hybrid blockchains are also well suited to markets with strict regulations, such as the banking industry.
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