Table of Content
When it comes to secured online transaction technology, blockchain is trending and a front runner choice of many blockchain software companies. Though Blockchain is less understood concept but it has sparked great deal of discussion on internet these days.
What is Blockchain?
How blockchain can be used for secured online transactions?
What is Private blockchain?
What is Public blockchain?
What technology is suitable for blockchain?
How blockchain and bitcoin related?
These are some of the key questions put in front of leading blockchain software development companies in USA.
Let us first understand about similarities between Public blockchain and Private blockchain and then we list down differences between Public blockchain and Private blockchain.
Similarities of public and private blockchain
- Both blockchains are decentralized on peer-to-peer networks, and participant maintains a replica of digitally signed transactions.
- Both maintain the replicas through a protocol referred to as consensus.
- Both provide certain guarantees digitally signed transactions, even when some participants are faulty or malicious.
- Public blockchains are easy to access for anyone like Bitcoin and Ethereum
- In Public blockchains no one controls the information which is on the blockchain or the laws of the blockchain
- Custom software development company in USA use solidity contract writing language to develop custom blockchain app that can use public blockchain for transaction based on ethereum.
- No one can the change the protocols of the public blockchain and the information contained on the blockchain according to the users.
- So users of a public blockchain can put their complete trust in a third party apps in order to use the blockchain
- The private blockchains are blockchains which are operated by an organization for their internal purpose
- Private blockhain Network puts restriction to the entry of participant and allows only the kind of participant that is required in the network.
- User needs the permission to use the private blockchains or requires an invitation and must be validated by owner or starter of private blockchains
- The transactions in private blockchain is faster and easy when compared to the public blockchain like Bitcoin blockchain.
- Private blockchain network increase privacy but it is less secured as compared to public blockchain.