Since the beginning of blockchain technology, people debated about public vs private blockchain. In an enterprise environment, it’s actually really important to know the big differences between these two. Basically, public and private blockchain play a huge role in the companies looking for the perfect blockchain type for their solutions.
But how? Well, if you can’t identify how these differ and select the wrong platform, then your solution won’t work. However, many people still confuse them these days.
That’s why to help you out, I’m going to focus on public vs private blockchain today. After knowing their similarities and differences, you can easily pick the one that’s suited for your needs.
A public blockchain network is a blockchain network where anyone can join whenever they want. Basically, there are no restrictions when it comes to participation. More so, anyone can see the ledger and take part in the consensus process.
For example, Ethereum is a public blockchain platform.
Thus, if you want a fully decentralized network system, then public blockchain is the way to go. However, it can get a bit problematic when you try to incorporate a public blockchain network with the enterprise blockchain process.
I’ll recommend checking out our enterprise blockchain certification course to understand the concept better.
Anyhow, the public blockchain network was the first-ever blockchain type in the revolution. As a matter of fact, it was bitcoin that laid the foundation of blockchain technologies.
Once people started to see the underlying technological benefits, they started to develop other variations of blockchain to get rid of all the issues.
The best part about public blockchain companies is that they make sure that all the participants have equal rights no matter what.
People can join in and participate in consensus, transact with their peers as they please.
Public blockchain companies make sure that this technology offers the highest level of security. More so, it’s something that you won’t see in a private blockchain.
Everyone can see the ledger as well, thus maintaining transparency at all times.
However, public blockchain does come with its fair share of flaws as well. In reality, these platforms are slower than usual. Furthermore, because of the anonymous nature, it can attract malicious people using the platform for illegal activities.
Let’s check out the best features of public blockchain in this public blockchain vs private blockchain guide.
Public blockchain companies always design every single platform in a way that offers full security. In reality, every single day, enterprises and organizations deal with online hacks. It’s becoming a big hindrance as the time is going by.
Furthermore, it causes billions and billions of dollar losses every year.
But with all the security protocols of a public blockchain, they can easily stop all the hacking issues they face. More so, they can finally ensure true value or better data quality for any project.
The security protocols may vary based on the platform, but I can safely say that public blockchains are more or less robust.
As you already know, the public blockchain is open for all, just like its name. So, no matter where you reside, you can log into these platforms. You would only need a good internet connection and a computer.
So, you will always enjoy all the benefits that come from blockchain technology. More so, you can use it to transact in a safe environment. Also, you can make money from mining as well. However, not all public platforms offer mining features.
We have covered this topic more thoroughly in our courses. Make sure to check all the courses out as well!
Let’s check out the next feature in this public blockchain vs private blockchain guide.
This is actually one of the best features of public blockchains that most of the users love. Basically, here every one is anonymous. Actually, you won’t use your real name, or real identity hear.
