What is a hybrid blockchain?

Ever since the original Bitcoin blockchain was created, there have been several different variations of it.In thisIn this article, we will consider such a concept as a hybrid blockchain or consortium blockchain.

Hybrid blockchain occupies a unique place in the blockchain ecosystem, combining the privacy benefits of a private blockchain with the security and transparency benefits of a public blockchain.This gives companies considerable flexibility in choosing what data they wantmake them public and transparent, and which ones are private. 

Public blockchains, being transparent and tamper-resistant, are slow and expensive, whereas private blockchains are somewhat centralized but canHybrid blockchains bring togetheradvantages of both blockchains, trying to minimize the disadvantages. 

Consortium (hybrid blockchain validators)decides who can become a member of the blockchain or which transactions will be published. This ensures that the company can work with its stakeholders by limiting external intervention.

The real-life application of hybrid blockchains is demonstrated by the Ripple network and the XRP token, which are regularly criticized for being centralized. 

It is worth noting that JPMorgan is developing a corporate version based on the Ethereum blockchain to combine its JPM coin with other banks on the new hybrid blockchain.