What is the difference between public and private blockchain?

What is the difference between public and private blockchain?

Public and private blockchains are two different types of blockchain networks with distinct features and use cases.

Public Blockchain:

A public blockchain is a decentralized network that allows anyone to participate, view, and validate transactions on the network. It is open to anyone and everyone can access and interact with the blockchain. Examples of public blockchains include Bitcoin and Ethereum.

Private Blockchain:

A private blockchain is a permissioned network where the participants are known and restricted. Entry to the network is controlled by a central authority which makes it suitable for enterprise use where confidentiality and data security are major concerns. Private blockchains are often used by organizations for internal operations and data sharing.

Differences:

The main differences between public and private blockchains are the level of decentralization, permission requirements, and accessibility. Public blockchains are decentralized and open to anyone, while private blockchains are centralized and restricted to authorized users only.

In summary, public blockchains are open and decentralized networks, while private blockchains are controlled and restricted to authorized users, making each suitable for different use cases based on the specific requirements of the organization.