Ever guessed what would be the most important reason for people adopting Blockchain technology? The best reason is that it provides security to protect their data and processes over a safe system. Since the start of Blockchain technology, people are confused between public and private Blockchain networks.
It’s undoubtedly significant to know the significant differences between these as public and private Blockchain play a massive role in businesses.
Today, here in this blog, we are going to compare public and private Blockchain. This way, you can make the right choice between these networks for your business Blockchain Consulting services needs.
A public blockchain is a permissionless open network on which anyone can view, read, and write data on Blockchain. Public blockchains are decentralized, and it is not possible to delete data once the entries are confirmed.
A private blockchain is also well-known as a consortium blockchain. A single individual manages it. The participating parties in this network need the authorization to write, read, or audit the private Blockchain. Private Blockchain can have several layers of security to keep data confidential.
The Ultimate Comparison: Public Vs. Private Blockchain
|Comparison||Private BlockChain||Public BlockChain|
Decentralized vs Centralized
|Level of access||Only authorized entities can participate||Anyone can take part|
|Stability||Blockchain solutions are stable||Vary with requesting transactions|
|Transaction fees||Extremely low||High|
To summarize, we can say that both private and public blockchain networks are suitable for a business situation. But in the end, the choice is entirely up to you. Hopefully, this evaluation will help you out in choosing the one ideal for your business solutions.
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