To know the difference between public and private blockchain, look out what is Blockchain.
About Blockchain Technology
THIS BLOG INCLUDE:
- 1 About Blockchain Technology
- 2 What is the Public Blockchain
- 3 Why there need to use of true decentralization
- 4 What is the Private Blockchain
- 5 Difference between public and private blockchain:
- 6 Conclusion
- Mainly the backbone of the cryptocurrency industry is Blockchain technology, and others are also being adopted. It becomes beneficial and noticeable.
- Not all blockchains work the same. There have different ways, i.e. public blockchain and private blockchain.
- The blockchain is a data block in which multiple ways or networks can disrupt unchangeable records.
- The information or power of the network those holding them have no authority. They allow being decentralized.
- Blockchain is very well known in the world of cryptocurrency. Widely useable blockchain is also used in the companies like Amazon and Microsoft.
What is the Public Blockchain
- A public blockchain is a network in which anyone who wants to participate in this blockchain can be part of it at any time and anyone.
- There are not any strict regulations.
- Anyone can see the records and be part of the consensus process.
- In the type of blockchain, the public blockchain is the first-ever revolution.
- The foundation of blockchain technology is firstly laid by Bitcoin.
A public blockchain’s main motive is to ensure that all users have equal rights and participate in the consensus, transacting with their peers. These companies also assure that they should offer higher security—one of the examples which are mainly used, i.e. Ethereum.
Some of the best features of public blockchain
1] High security:
Public blockchains design a single programme that provides complete security to the system. As we in reality that everyday companies face online hacking. Its causes a billion of losses to the companies. To prevent this, the public blockchain has made strict protocols to secure the system from hacking and ensure that the data should be safe & transparent.
2] Open Environment
As per their name, i.e. public blockchain, it is open for all. They don’t have any regulations to log in. To use this technology should need a good internet connection as well as a computer. The public blockchain always offers users benefits, and they can transact safely.
3] Anonymous Nature
This feature is one of the best in the public blockchain and is mainly preferred by the people. With these features, all user’s details are in hiding, i.e. real identity and accuracy, which they can prevent.
4] No Regulations
As we see, the public blockchain doesn’t have any rules. So, no bother about how users can use these platforms without limits.
Why there need to use of true decentralization
- In a public blockchain, you will get pure decentralization.
- As we know, everyone has a ledger that is also distributed.
- In this blockchain, there is no concentrated entity.
- They have a responsibility to maintain the proper network.
- They update the catalogue, promoting fairness with the help of the consensus algorithm.
This platform is compared with the transparent. At the same time, public blockchain companies have clear records for anyone. So anyone can see the document at any time. From this method, there will be no corruption in the company.
The public blockchain is fixed. This is fixed because once the blocks get chained, there is no chance to get back or delete them. In this, every organization faces some hacking or some issues, and they have protocols full of security.
Full user empowerment
As we see, some networks have many rules and regulations, but not in the public blockchain. This platform is open to everyone. No corporation can stop from joining the consensus.
What is the Private Blockchain
- The private blockchain has only a single authority over the network.
- So it is not open to everyone.
- All private blockchains have an authorization scheme to have solutions which identify the participants.
- This private blockchain builds for the internal network system.
- This private blockchain will have rules and regulations which others don’t have.
Some of the features of private blockchain
1] High Efficiency
They use this feature to use more features that we cannot take back. In this private blockchain, we cannot take extra resources. And private blockchains allow only a handful of people.
2] Full privacy
If you are looking for platforms with a high level of privacy, then the private blockchain is perfect because they provide unique blockchain solutions and have the highest privacy.
3] Empowering Enterprises
This private blockchain network has backed up the companies. From this, they can prevent such losses or hacking of the system
This private blockchain is stable. In most the blockchain, there are transactions in which you have to pay some fees. In a public blockchain, the prices are high and have a lengthy process that takes a long time. But in a private blockchain, only a handful of people can have transactions and don’t require more time.
Why should use private blockchain
In this private blockchain, there are low fees. And the prices don’t increase, and the cost remains stable.
With the help of this free system, they save lots of money. As compared to a public blockchain, it is easy to maintain a private blockchain. This private blockchain has some resources.
No Illegal activity
As we know, to log into the private blockchain, there is a validation process. From this process, there will be no issues in the network. To enter the private blockchain, there will be proper verification of individuals.
Private blockchains need to follow the rules and regulations of the companies.
Difference between public and private blockchain:
|Public Blockchain||Private Blockchain|
|Anyone organization can access||Only single organization can access|
|Authority will be decentralized||Authority will be partially decentralized|
|Speed of transaction will be slow||Speed of transaction is fast|
|The consensus is permissionless||The consensus is permissioned|
|Transaction cost is high||Transaction cost is low|
|Data handling should be read & write for anyone||Data handling be read & write for only single organization|
- Above, we see the difference between public blockchain and private blockchain.
- There is lots of difference between the technologies.
- For enterprises, both the blockchain will be helpful.
- So, the above information helps you to get useful technology information.
- It is up to you to select the perfect blockchain.
What are various types of blockchain?
- Private blockchain
- Public blockchain
- Consortium blockchain
- Hybrid blockchain
Which is the best blockchain?
To secure the crypto platform, Ethereum is the best to keep safe.
In a public blockchain, is there Ethereum?
Ethereum is the best example of a public blockchain.
Some examples of private blockchain?
- Ripple (XRP)