Blockchain technology

Blockchain is a distributed database that is shared among the nodes of a computer network. And its store information in digital format. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

Blockchain vs typical database

A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. This data structure inherently makes an irreversible timeline of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this timeline. Each block in the chain is given an exact timestamp when it is added to the chain.
A blockchain collects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.

The most common types of blockchain

Public blockchain
Public blockchain allows anyone to join so they are permissionless in nature. In a public blockchain, all nodes have equal rights to access the blockchain. Public blockchains are primarily used for mining and exchanging cryptocurrency.
Example: Bitcoin, Ethereum, Litecoin
Private blockchain
Private blockchains are permissioned blockchains controlled by a single organization. In a private blockchain, the central authority determines who can be a node. it operates like a public blockchain network in the sense that it uses peer-to-peer connections and decentralization, this type of blockchain is on a much smaller scale. Instead of just anyone being able to join and provide computing power, private blockchains typically are operated on a small network inside a company or organization.
Examples of private blockchains are; Multichain and Hyperledger projects (Fabric, Sawtooth), Corda, etc.
Hybrid blockchain
A hybrid blockchain is a combination of the private and public blockchain. It uses the features of both types of blockchains that is one can have a private permission-based system as well as a public permission-less system. A transaction in a private network of a hybrid blockchain is usually verified within that network. But users can also release it in the public blockchain to get verified. The public blockchains increase the hashing and involve more nodes for verification. This enhances the security and transparency of the blockchain network.
An example of a hybrid blockchain is Dragonchain.