Public Blockchain vs Private Blockchain: Getting started

The blockchain is future tech that is leading the evolution of internet across the globe. But, do you understand the blockchain culture and how to go about testing and tinkering with the ideas? Is there only public and private blockchain or there is more to it? For starters, blockchain is essentially a peer to peer network.

Public Blockchain

A blockchain network that can be accessed by anyone and has an open code. This code can be edited, updated and read by anyone. This kind of network does not need an administrator to control the server functions therefore, no one can censor the functions of the system. These include Bitcoin (BTC) and Litecoin (LTC) as anyone can mine or run their entire nod. Moreover, any user can make transactions or audit the networks through Blockchain Explorer.

This may seem like total chaos and people may think that the network is not secure. However, the blockchain is powered by a very complex method of resolution (Proof-of-work, Proof of stake, etc.)

Private Blockchain

In this kind of network, only a few selected personnel are able to access and audit the code. Moreover, unlike in public blockchain, in private blockchain, a single firm or an administrator controls all the functions of servers and can stop any or all of them from execution. This way the blockchain is not completely decentralized. Even so, this kind of blockchain has its own advantages. Due to it being accessible to only a few selected members it is faster, cheaper and consumes less energy.

Hybrid blockchain the ultimate solution

Hybrid blockchain gives the best of both worlds to the users. It makes every trade private while allowing them to be verified through a permanent record. Moreover, in such a network everybody is allowed to make trades while the details of each trade are kept private.

Hybrid blockchain can be used at many different levels including travel, energy, delivery etc. However, it will be most efficient to use it for managing large-scale financial networks.