How Private Blockchain vs Public Blockchain differs?
Do you ever wonder how Private Blockchain and Public Blockchain differ? As those two are Blockchain so why are they different?
Today we will learn about the qualification and compare the difference between these two Blockchains.
What is Public Blockchain?
Public Blockchain is the first type of Blockchain that ever happened in the Blockchain industry. The concept of Blockchain occurred from Bitcoin, It is a network that can be accessed by everyone. For instance, Ehereum is a public platform. So if you want to operate a decentralized network, the Public Blockchain is the right choice.
The advantage of the Public Blockchain is that people can participate in the logging system. Everyone has equal rights. Users can monitor every transaction occurring on the blockchain for a transparency purpose.
However, Public Blockchain is quite slower than usual due to the congestion of users. Furthermore, users on Public Blockchain are anonymous, there may be some scammers who use Public Blockchain to operate illegal transactions.
What is Private Blockchain?
Private Blockchain is a Blockchain that is created in order to use within the organization. The organization will impose the rights of the participant. Anyone could not join the Private Blockchain. If users want to join Private Blockchain, they have to identify themselves and follow the rules. Thus, data maintained in Private is much more secure than those on Public. Government and financial institutions usually decide to adopt Private Blockchain for their use case.
*Investing in digital assets is risky, investors must do research before investing.
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