Public vs. private blockchains, the ongoing debate.
Since private blockchain networks were introduced, there are various arguments about whether private blockchain networks could be used. Here, we’ll discuss when and which type of blockchain to use.
When to use?
To use blockchain, we need to store data. Then, parties corresponding with each other should not trust each other. And the data should be stored in a secure and immutable manner. If all the requirements were met, blockchain can be used to secure the data.
So, which blockchain to use?
After answering when to use blockchain, there underlies the main question. Which blockchain to use. It has several criteria to decide: first, shall it be open to all participants around the network? Second, do parties need enhanced privacy to manage their operations? Third, do parties need enhanced security features? And finally, do transactions need high speed? To answer this question, let’s jump into further details.
Public blockchain platforms
Public blockchain platforms are a good option when all the people in the network could participate without their names seen. If all the participants in the network could see everything would benefit all the parties, then a public platform could be chosen.
Private blockchain platforms
Also known as corporate/consortium blockchain, these platforms being used to help corporate activities. Especially when it comes to privacy and security, selected parties could participate in a network. It results in enhanced privacy, security, and speed features as not many parties are involved in a network.
How do you decide which blockchain to use? Share your experiences in the comments section below.
Check out our new platform 👉 https://thecapital.io/