What's difference between public and private blockchains?
- expert q&a Peeranha Meta
What is difference between public and private blockchains? Thank you in advance
- Public Blockchains are permissionless and open to anyone connected to the internet, offering decentralization, transparency, and security. Bitcoin, Ethereum, and Solana are examples.
- Private Blockchains are restrictive and operate within closed networks, suitable for internal use within organizations. Examples include Hyperledger Fabric and R3 Corda..
Public blockchains are open to anyone and everyone. Anyone can join the network, participate in consensus, and read and write data to the blockchain. This makes public blockchains very transparent and secure, as there is no single entity that controls the network.
Private blockchains, also known as permissioned blockchains, are only open to authorized participants. This means that only certain people or organizations can join the network and participate in consensus. This makes private blockchains more centralized, as the entity that controls the network can decide who can participate and what data is stored on the blockchain.