ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Private Blockchain Vs Public Blockchain

KryptoMoney by KryptoMoney
June 2, 2017
in News
0
Blockchain, Blockchain Technology, Difference between public and private blockchain , private blockchain , public blockchain
0
SHARES
52
VIEWS
Share on FacebookShare on Twitter

Blockchain is the underlying technology on which the world’s first Cryptocurrency “Bitcoin” is based upon. Not only in financial sector, the revolutionary technology is also gaining huge popularity among other sectors as well.

KryptoMoney.com have already explained “What is Blockchain?” In this article, the two kinds of networks, i.e., Public & Private Blockchain is explained and differentiated.

Types of Blockchain Network

->Private (Permissioned)

->Public (Permissionless)

Similarities

Private and Public Blockchain have many similarities:

->Both networks are decentralized peer-to-peer networks, where each participant maintains a replica of a shared append-only ledger of digitally signed transactions.

->Also,both networks provide certain guarantees on the immutability of the ledger, even when some participants are of bad intentions

->And, both maintain the replicas in sync through a protocol referred to as “Consensus”.

Difference

Private Blockchain Network

A Private Blockchain  Network requires an invitation to participate in the  network. The invitation must be validated either by network starter or by the rules/conditions placed by the network starter.

Permissioned Blockhain Network puts restriction to the entry of participant and allows only the kind of participant that is required in the network.

Any entity willing to participate must be invited or obtain a permission to join the network. Once the entity has joined the network, it can start the activity of maintaining the Private Blockchain Network in a decentralized manner.

The entry of the enitity can be controlled/allowed or disallowed by as follows:

->Existing participants can decide the entry of new participants,

->A regulatory authority can be set up which can issue licenses for participation,

->A consortium can be formed to make the decision of entry of future participants,

->Or any other way that the network founders may think fit.

Only the entities participating in a particular transaction carried out in a private Blockchain network will have knowledge and access to it — other entities will have no access to it. Also, in case any faulty transaction is carried out deliberately, the culprit verifying the transaction can be known as entities in Private Network are limited.

Advantages

->Increased privacy

->Enviornment-friendly as less computational power is required to achieve the consensus.(as in the case of Public Network)

Disadvantages

->Less secured as compared to public network

Example

Hyperledger Fabric is an example of a permissioned network

Public Blockchain Network

A public Blockchain network or permissionless Blockchain network is completely open-ended and anyone willing to participate in this kind of network can participate without any permission. This is the major and only difference between public and private Blockchain network

Anyone can participate in the permissionless network, execute the consensus protocol and maintain the shared open public ledger.

Public Blockchain network has a system of providing incentives to the participants, which encourages entities to participate.More the number of participants, more is the security and accuracy of the transaction.

Advanatges

More secured as compared to Private Network

Disadvanatges

Low privacy

Huge computational power and energy is required, less eco-friendly.

Example

Bitcoin, is the most famous example of Public Network.

KryptoMoney.com posts articles about Blockchain technology, Bitcoin and Cryptocurrencies. Subscribe to our newsletters to stay updated.

Tags: Blockchain NewsPermissioned BlockchainPermissionlessPrivate BlockchainPublic Blockchain
Previous Post

Bitcoin adoption increases in Japan

Next Post

Bitcoin, from Risky to Safe Investment.

Next Post
Bitcoin , Bitcoin news , Bitcoin price

Bitcoin, from Risky to Safe Investment.

Recent Stories

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Crypto Payment

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021
halving

Google Data Reveals “Ethereum” Searches Hit All-Time High

January 14, 2021
BTC/USD

BTC Price Analysis: In a Return Rally BTC/USD Grinds Past $40,000 Amid Grayscale Bitcoin Purchase of $80M

January 14, 2021
Wunderbit Trading

Wunderbit Trading – Copy Trading Platform That Suits All 

January 14, 2021
bitcoin

Top 7 Open-source Code Bitcoin Wallets

January 14, 2021
Bitcoin

Bitcoin Institutional Investors Not Worried About Recent BTC Decline

January 13, 2021
Crypto Analyst

Crypto Analyst Predicts BTC Will Plunge Below $20,000, BTC Up Over 2.7%

January 13, 2021
DOT/USD

DOT Price Analysis: Massive Liftoff on DOT/USD to $10.98, On-Chain Data Indicates a Climb in Polkadot Volume

January 13, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 37,803.00 1.21%
  • ethereumEthereum (ETH) $ 1,221.00 4.67%
  • tetherTether (USDT) $ 0.997152 0.24%
  • bitcoin-cashBitcoin Cash (BCH) $ 501.88 0.87%
  • binancecoinBinance Coin (BNB) $ 41.14 0.23%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree