Explaining the Difference between Public and Private Blockchains

Public and private blockchains differ in their accessibility and control. Public blockchains are open to anyone to participate and verify transactions, while private blockchains are restricted to a specific group of participants.

Examples of Industries using Public and Private Blockchains:

Public Blockchains:

• Bitcoin – Cryptocurrency transactions
• Ethereum – Smart contracts and decentralized applications
• Stellar – Cross-border payments and remittances

Private Blockchains:

• IBM Blockchain Platform – Supply chain management and provenance tracking
• R3 Corda – Financial services and trade finance
• Hyperledger Fabric – Healthcare data management and identity verification

Public blockchains are commonly used in industries focused on decentralized transactions, while private blockchains cater to sectors requiring more control over access and governance.

Focus keyword: blockchain industries examples