What is Hybrid Blockchain?
Blockchain is changing the world. It is enabling enterprise, government and other organization to handle their workflow better and improve their systems with better solutions. It’s changing how we store data, access it and use it to improve the never-ending cycle of technological-growth, etc.
Blockchain can be used in three different ways: private, public and hybrid.
The hybrid blockchain is best defined as the blockchain that attempts to use the best part of both private and public blockchain solutions. In an ideal world, a hybrid blockchain will mean controlled access and freedom at the same time.
The hybrid blockchain is distinguishable from the fact that they are not open to everyone, but still offers blockchain features such as integrity, transparency, and security.
As usual, Hybrid blockchain is entirely customizable. The members of the hybrid blockchain can decide who can take participation in the blockchain or which transactions are made public. This brings the best of both worlds and ensures that a company can work with their stakeholders in the best possible way.
Benefits of Hybrid Blockchain
Awesome! We now know what is hybrid blockchain. We also have a clear understanding of other types of blockchain: i.e., private and public. Now, it is time to list the benefits of hybrid blockchain and what it has to offer.
- Works in a closed ecosystem: The number one advantage of hybrid blockchain is its ability to work in a closed ecosystem. That’s means that companies or organization don’t have to worry about getting their information leaked when taking advantage of blockchain technology.
- Changes the rules when needed: Companies thrive on change. The good news about hybrid blockchain as they need to change rules. However, the nature of the change depends on the what the hybrid blockchain is trying to do. However, don’t expect to change data or modify transactions in a hybrid system that handles band registry or user identity for verification purposes.
- Protecting from 51% attack: Hybrid blockchain are immune to a 51% attack as hackers cannot have access to the network to carry out the attack.
- Protecting privacy while still communicating with the outer world: Even though private blockchain is best for privacy-related issues. However, they are limited when it comes to communicating with the outer world. Many companies may want to keep privacy, but also need to configure their blockchain so that they can communicate with all their shareholders including the public.
- Low transaction cost: Another added benefit of using hybrid blockchain is to have a low transaction cost. Transactions are bound to be cheap as it requires few nodes to verify them. The most powerful nodes in the network make it easy to verify the transaction which may take thousands of nodes in public blockchain. The transaction fees can reduce to even 0.01$ per transaction.
Hybrid is a revolutionary architecture on the blockchain, taking advantage of private and public blockchain, helping users to protect privacy while still communicating with the outer world, low transaction cost, …
Understanding the advantages of this architecture, Tiktakbtc has built a platform using Blockchain Hybrid. With Hybrid Blockchain, Tiktakbtc’s users can make transactions quickly, conveniently, securely and transparently with the lowest fees.
The article is still being developed by Tiktakbtc in order to provide customers with the best information!
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