It is a permissionless distributed ledger that anybody can join and conduct transactions on. It is a known restrictive form of a ledger in which each peer has a copy. This also means that anyone with an Internet connection can access the public blockchain.
This user has access to historical and temporary records as well as the ability to perform mining operations, which are sophisticated calculations required to verify transactions and add them to the ledger. On the network, no valid record or transaction may be modified because the source code is usually open source, which means anybody can verify the transaction, uncover errors, and often fix them.
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Examples of Public Blockchain:
1) Bitcoin:
Bitcoin is a decentralized, peer-to-peer digital currency that can be used for payments and transactions between two parties. It is powered by blockchain technology, which is a distributed and secure public ledger, making it virtually impossible to defraud or double spend.
2. Ethereum:
Ethereum is a public blockchain-based distributed computing platform that features smart contracts, which are self-executing pieces of code that can facilitate the exchange of money or assets. Ethereum is decentralized, meaning it is not owned or controlled by any single individual or entity.
3. Ripple:
Ripple is a distributed financial technology that enables banks and payment providers to send money across borders quickly and securely. It is powered by the Ripple Consensus Ledger, an open-source, publicly distributed ledger that is maintained by a network of independent validators.
4. Tezos:
Tezos is an open-source, decentralized blockchain platform that enables users to build and deploy smart contracts and decentralized applications. It features a self-amending protocol, meaning that the network can be upgraded without the need for a hard for stages of public blockchain
ADVANTAGES OF PUBLIC BLOCKCHAIN
1. Transparency:
Public blockchains are completely transparent, meaning that anyone can view the data stored on the network. This allows users to trust the network and the data stored on it, knowing that the data is always accurate and up to date.
2. Security:
Public blockchains are highly secure, making them difficult to hack. All data stored on the blockchain is encrypted and kept secure using cryptography.
3. Decentralization:
Public blockchains are decentralized, meaning that no single entity controls the network. This makes them much more secure and resilient, as no single person or group can manipulate the data stored on the network.
4. Low Cost:
Public blockchains are usually much cheaper to use than private blockchains, as they do not require expensive hardware or software. This makes them ideal for businesses that have limited budgets.
5. Efficiency:
Public blockchains are more efficient than private blockchains, as transactions can be processed much faster. This makes them ideal for businesses that need to quickly process transactions.
6. Faster transactions:
Public blockchains are able to process transactions faster than traditional systems. This is due to the distributed nature of the network, which allows for faster transaction validation and confirmation.
7) Trustable:
Public blockchain nodes do not need to know or trust each other because the proof-of-work procedure ensures that no transactions are fraudulent. As a result, one can trust the public blockchain without having to trust individual nodes, which means the public blockchain works individually.
Disadvantages Of Public Blockchain:
1. The main disadvantage of public blockchain networks is that they are not as secure as private networks. Because the data and transactions are visible to anyone, it is more difficult for them to remain secure from malicious actors.
2. Public blockchains also have a much slower transaction speed compared to private blockchains due to their larger size and complexity.
3. Another disadvantage is that public blockchains are often subject to scalability issues due to their decentralized nature, which can lead to long transaction times and high fees.
4. It can also be difficult to implement changes or upgrades on public blockchains due to their distributed nature, as all nodes need to be in agreement before any changes can be implemented
5. Lastly, public blockchains are vulnerable to 51% of attacks, where one or more malicious actors can gain control of the majority of the network’s computing power and can then manipulate the data or transactions.
Difference between Public and Private Blockchains:
Public blockchains:
Public blockchains are open to anyone and are completely decentralized, meaning that no single person or group can control or manipulate them. Transactions are also visible to anyone, as all of the data is recorded on a public ledger. This also means that anyone can join the consensus process and participate in the network.
Private Blockchains:
Private blockchains are permissioned, meaning that they require an invitation and must be validated either by the network starter or by a set of rules that are defined by the network starter. Private blockchains also have a more centralized structure, with the consensus process being managed by a single entity or group of entities. Private blockchains are generally faster and more secure than public blockchains since the consensus process is managed by a trusted entity. Furthermore, private blockchains are generally more scalable, as they can handle more transactions than public blockchains.
List of Public Blockchains:
1. Ethereum:
Ethereum is an open-source public blockchain platform developed by the Ethereum Foundation. It is a decentralized platform for applications that run smart contracts and can be used to build decentralized applications (DApps). It has its cryptocurrency, Ether (ETH), which is used to pay for transaction fees and services on the Ethereum network.
2. Bitcoin:
Bitcoin is a public blockchain platform that allows users to make secure and anonymous financial transactions without the need for a central authority. It is the world’s first and most widely used cryptocurrency, and it uses a peer-to-peer network to process transactions.
3. Hyperledger Fabric:
Hyperledger Fabric is an open-source enterprise-level permissioned distributed ledger technology (DLT) platform. It is an enterprise-grade, permissioned, distributed ledger technology (DLT) platform that provides a modular architecture with a variety of plug-and-play components, allowing organizations to customize the platform for their specific business needs.
4. Corda:
Corda is an open-source distributed ledger technology (DLT) platform designed specifically for businesses. It is the first DLT platform to be built from the ground up to meet the needs of organizations running complex business processes across multiple parties.
5. EOS:
EOS is an open-source public blockchain platform designed to enable businesses and individuals to easily create decentralized applications (dApps). It uses a delegated proof-of-stake consensus mechanism and is designed to be highly scalable, efficient, and secure.
6. NEO:
NEO is an open-source public blockchain platform designed to enable businesses and individuals to easily create smart contracts and decentralized applications (DApps). It is similar to Ethereum in many ways, but it has some unique features, such as smart contracts written in multiple programming languages and support for digital assets. usually set up for a specific business or group of people, and all transactions on the blockchain are limited to the participants. Private blockchains also have more stringent security protocols in place and have more control over who can access or participate in the network.
Hybrid Blockchain vs Private Blockchain, Which One Is Better:
It depends on the specific use case as to which type of blockchain is better. Hybrid blockchains combine the advantages of public and private blockchains, while private blockchains offer more control and privacy. If you need the benefits of both public and private blockchains, then a hybrid blockchain might be the best option. However, if you need a more secure and private blockchain, then a private blockchain might be the best choice. Ultimately, it all depends on your needs and requirements.
Learn More: Blockchain and its future
The Future of Private Blockchain:
In the future, private blockchains are expected to become more popular as businesses and individuals realize the benefits they offer. Private blockchains allow for more control over who can access the data on the blockchain and offer more privacy than public blockchains.
This is attractive to many companies and organizations that want to ensure their data is secure and private. Private blockchains also offer more flexibility in terms of customization, which allows businesses to tailor the blockchain to their specific needs. This could be beneficial for many companies that need to store sensitive data, such as medical records or financial information. Overall, the future of private blockchains looks bright as more and more businesses recognize the advantages and potential of this technology.
Conclusion:
Private blockchains provide a secure, efficient, and cost-effective way to transfer information between a limited number of participants. They are used in many industries, including finance, healthcare, supply chains, and government. Private blockchains provide a platform for secure transactions with fewer risks than traditional systems.
As the technology continues to evolve, private blockchains enable organizations to securely store, share, and manage data quickly and securely. Private blockchains offer the potential for greater security, scalability, and privacy. With these advantages, private blockchains are becoming increasingly popular as an alternative to traditional systems.
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