Blockchain has become an inspirational technological advancement in recent years. Blockchain provides an exceptional new way of handling data and storing them with a secure infrastructure. The impact that blockchain has on the field of business is unthinkable and will surely continue its services in the upcoming years. There are two types of effective blockchains in the marketplace; public blockchains and private blockchains. In this article, we will be reviewing both these blockchains and comparing them with Avanik Vekariya, the founder of a private blockchain gaming platform, Citrus.
A public blockchain is a portal open to all. As the name suggests, anyone and everyone have the privilege to use the public blockchain portals. The public blockchain is a decentralized system. “It is a challenging process to implement the public blockchain networks into big enterprises,” says Avanik Vekariya. Nevertheless, public blockchain domains hold a significant amount of benefits when compared to private blockchain networks. Some of the notable examples of public blockchain networks are Bitcoin blockchain, Ethereum networks, and Litecoin.
BENEFITS OF PUBLIC BLOCKCHAIN NETWORKS:
The benefits of the public blockchain networks, when compared to private blockchains, are:
- Public blockchain networks solely depending on providing and maintaining high standards of security protocols.
- It provides an open environment where users can benefit from blockchain technology in a completely secure domain without any restrictions.
- It is entirely anonymous in nature. A user need not reveal their name or identity to participate in any transactions in public blockchain networks.
- There are no boundaries to public blockchain networks (i.e.); users can use this platform without any limitations.
- Compared to private blockchain portals, public blockchains are decentralized.
- Public blockchains are transparent. If a user has a copy of the ledger, anyone using this platform can view it.
- If a block is made in the chain with public blockchain technology, it is impossible to alter, modify, or delete them.
- The system enables the user to have complete authority and freedom.
Private blockchains are platforms that have limited users surrounding a industry or a firm. The mode of management in private blockchains is different from public blockchain networks. It consists of a network administrator monitoring the chain of transactions, thus making private blockchains a centralized system. Not everyone can join private blockchains. A user needs to be granted permission to enter the private blockchain network. “The private platform is very secure and contributes to a greater value to the industry and its employees,” adds Avanik Vekariya on discussing the key features of private blockchain networks. One of the significant examples of a private blockchain network is Citrus.
BENEFITS OF PRIVATE BLOCKCHAIN NETWORKS:
The benefits of private blockchain networks compared to the public domains include:
- Private blockchain networks offer more efficiency and speed when compared to public networks as anyone can access the public networks making them crowded.
- Private blockchain’s sole purpose of empowering an entire organization than an individual makes it more credible. For example, Private blockchains in Citrus empower the platform as a whole, and the medium in return contributes to its users.
- Since only a handful of users have access to private blockchain platforms, it is more stable and balanced.
- To make transactions seamless and easy, private blockchains follow and incorporate compliance policies into their ecosystems.
- Due to the limited users participating in transactions, private blockchain networks speed up the transaction process.
- The energy consumption levels are drastically low when compared to public blockchain networks.
- The transaction charges do not apply to users in private blockchain networks. But, a user needs to pay transaction charges in a public blockchain network.
- Since access to private blockchain networks is limited and requires users to enter the authentication process before making any transactions, it is securely protected from hackers and other illegal activities that might affect the data.
Both the private and public blockchain platform has their own distinguished benefits and features. Choosing between the two solely rests on the individuals’ shoulders to determine which suits them the best. Either or the other, both of these platforms are constantly emerging to be the new face of the future. Ultimately, having a transparent, secure, and efficient platform is all that any user of blockchain technology wants.