Best Features for Public and Private Blockchain
Blockchain technology has become quite popular in a short period due to its value that it is actively making a lot of headlines. This being a technology that has some mixed feelings, it would be difficult for anyone to overestimate the role it plays in the global economic landscape. This technology has gained a lot of headlines because of bitcoin itself, and it is a popular cryptocurrency. But it is because of bitcoin that blockchain technology has come to our attention. In order to see more, you can visit here for more information about cryptocurrency.
List of Best Features of public and private Blockchain
Anonymous Nature (Public Blockchain)
Public blockchains have been observed to have certain features and one of which the users like the most. You cannot use things like your real identity such as name, address, and number. Everything in this will happen anonymously and due to this, you will be difficult to track. This is a public domain and this facility is to provide security to your property. However, on the other hand, it is being used by people for many illegal reasons. The same is the case with many criminals who pay with the dark web for some illegal activities for which they use bitcoin. This is considered one of the disadvantages of public blockchains, but it is wrong to do so if you judge it on its bad past. Any new technology is used by people to accomplish bad and good purposes. Therefore it would be wrong to reflect it on public blockchain technology.
High Security (Public Blockchain)
Talking about public blockchain, all its platforms are specially designed which gives you complete security. Enterprises and organisations deal with hacks online. Due to this, over time it has started to be considered a major obstacle. At the same time, it is believed to cause several billions of dollars of damage every year. Public blockchain security protocols can very easily prevent the hacking issues that they face. This ensures a good value or data quality for the project. When it comes to security protocols, it varies depending on the platform, which is why it is safe to say that public blockchains are strong enough.
Stability (Private Blockchain)
Private blockchain solutions are stable enough so that you can get a lot of benefits and you will be getting peace of mind. A fee has to be paid to complete the transaction through the blockchain platform. But, the same gets inflated fees due to nodes requesting to transact through public platforms. It may take some time for more transaction requests to occur. As time goes on, you will see a huge increase in fees but on the other hand, you will not see anything like this in private blockchain platforms. This is because few people can handle the transaction request, which is why you won’t have to wait that long.
High Efficiency (Private Blockchain)
If we talk about public blockchain, it has come before public blockchain, but why does it lack inefficiency? This is because it makes us fully acquainted with the network. As a result, people only use it to get more features, which takes a lot of resources but on this platform, you will see that it cannot be backed up. If there is a reason it is slowing down. This private blockchain allows only a few people to go through the network. There are many cases where they have to complete only a few tasks. You have no way to get any extra resources or slow down the platform. This is the reason why private blockchains have reached an agreement, the same eco-friendly protocols are being used to reach this consensus.