Blockchain is the wave of the technological sphere. It boasts of a transparent public ledger database in which once a record is added to it, it becomes practically impossible to change. At the most basic level, it can be explained as "block" in "chain". The block represents the collection of information stored. This information may include the cost of the transaction, what was transacted, the investor of the transaction and anyother other possible information about the transaction.

The chain, on the other hand, explains the system in which the data which are in the blocks are stored. They are usually stored by stacking various blocks on each other just like a chain is made by interlocking several strings together. While the blocks can very identical in nature, they still can be differentiated from each other. For example, when transactions which are identical are made in the blockchain network, the information is stored on the block but with a unique tag called "hash" which allows us to differentiate them from each other. Just like identical twins have different names and if watched up close, different personality.

TYPES OF BLOCKCHAIN
The blockchain technology can be built in three different ways. Each of the three methods is basically identified by the algorithm of the consensus framework and accessibility by the public. They include public blockchain type, Private blockchain type, and the consortium blockchain type. Even though the consortium Blockchain is our main focus on this article, it will be weird not to differentiate it from its peers so as to grab the fundamental knowledge of its workings.

PRIVATE BLOCKCHAIN
The private blockchain is open source and they allow anyone to participate as users, miners, developers, or community members. All the transactions that take place on public blockchains network are fully transparent. This means that anyone can check the transaction details. Public blockchains are designed to be completely decentralized, with no one individual or entity in charge of controlling which transactions are recorded in the blockchain or what the basis of consensus verification will be or the order in which they are processed.it cannot be censored in any way, since everyone is allowed to join the network, regardless of location, nationality, etc. As far as the user has internet and a device to use it with. This makes it extremely hard for any centralized authority to shut them down. Lastly, public blockchains usually have a token (like bitcoin and etherium) associated with them that are typically designed to reward and incentivize the participants on the network.

PRIVATE BLOCKCHAIN
Private, as the name suggests, is not in the public domain to be edited. Private Blockchain is basically within a single organization. Users who have access to it and the information regarding it is restricted. These are based on the access rights given to the users. Hence, only selected persons in the organization with access rights can make any kind of alternation like view, verify or add/delete the transactions in the blocks of the blockchain. It gives access to only a specific set of people in the organization to verify and add a transaction to the blocks.

The private blockchain is not actually decentralized in the true sense of the word "decentralization". The advantages of private blockchain are that it is much faster and cheaper. Plus, reaching consensus on the private blockchain is very easy because there not too many people to put into consideration. The organization knows what it wants and will program its blockchain network on its own needs. On the flip side, it is way less secure as it can be written and edited any time by those who have the access rights which is given by the private organization. A private blockchain is suitable for enterprises who want to collaborate and share data, but do not want their sensitive business data visible on a public blockchain network.

CONSORTIUM BLOCKCHAIN
Consortium blockchains are considered a separate designation from the private blockchain model. The major difference between them is that consortium blockchain is governed by a group of the like-minded organization rather than a single entity. This model has all the same characteristics of the private blockchain and could be considered a category of private blockchains. The consortium blockchain is like a public blockchain system that is made for a selected set of people who not just wants privacy like the private blockchain system but connects users who have an attribute in common and the blockchain system will be made to revolve around that attribute which they all possess. Cross-organizational activities are the ball game in consortium blockchain.

KEY IMPACT OF CONSORTIUM BLOCKCHAIN ON BUSINESS

1. PROMOTES TRUST AND TRANSPARENCY
The cross-organizational pursuit to share information and research has made it possible for sectors of the economy through involving different brands and even competitors in business to forge ahead together by sharing useful information in the sector amidst each other. Organizations are made form a consortium which is founded on the blockchain network and guided by the principle of trust and transparency. When organizations come together, they are able to achieve more most especially when they all know that no one is trying to reap the other off. Their consensus is for a purpose and that purpose is fulfilled not just by signing a treaty by on the powers of the enforceability of the blockchain network.

2. PRIVACY OF DATA
The banking sector is one of the major users of the legal blockchain consortium network as it helps to process interbank operations without getting sensitive data about their customers and the transactions made to the public. It will be disastrous if everybody can get the bank transaction history of anyone they wish to. That will be a breach of trust between the bank and its customers.

The health sector too makes use of the blockchain consortium to protect data about medical researches which are not meant to be in the public until a breakthrough is reached. The best safe haven and a transport means of research information will be the consortium network. Any consortium of an organization can actually make use of the consortium blockchain network to share and receive information while being assured that it reaches its targeted member and not spilling to the public.

3. CROSS-ORGANIZATIONAL CONSENSUS
Businesses are made to look past their organizational gain and actually bring growth and development in their operations which will inform transform our society. When businesses come together and form a consensus on their operations and the sharing of research knowledge, unnecessary competition is deleted and growth becomes the focus.