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Posted on Mar 02 2020,04:16 pm
Public Blockchain vs Private Blockchain
Public blockchain :
These are blockchains without permission where anyone can join the network and read and write in the central book.
These chains permit customers from any part of the sector to interact and send or read transactions as long as they are connected to the chain network.
In a blockchain without permission, any user can develop blockchainand add smart contracts with non intervention forced by the way of developers.
These blockchains without permission provide complete decentralization, which means that there may be no central authority to edit the fame of the ledger or make modifications of any kind in the network protocols. This makes the device robust against single point failures.
Blockchains of this type allow anonymity that in turn provide privacy to its users. It is assumed that a user should not disclose any personal information before sending transactions and smart contracts. Since all participants can see each transaction, it makes the system transparent.
Examples: Bitcoin, Ethereum, Litecoin
Private block chain :
The so-called allowed blockchains do not allow any user to join the network freely and read or write in the ledger.
It maintains an access control mechanism between the list of users connected to the network.
Such blockchains are widely adopted by centralized organizations are likely to securely record transactions and exchange important information with each other.
Such block chains can be partially decentralized or fully centralized, as users have the right to negotiate and reach a consensus with variable decentralization as they wish.
In these blockchains, the identity of users understood to all, however the transactions are simplest seen to those who have the appropriate permission. In addition, since no longer all users are involved within the consensus process, such blockchains have higher performance as compared to public blockchains.