Blockchain Types And More
The blockchains that operate on a public type of network have disadvantages of consuming a huge amount of power and another thing is that since it is publicly available there is lack of security or it is less secure. There is no privacy of any sort and neither can the user work anonymously since the identity of the person who participates in this operation on this network can be viewed by anyone and everyone. No doubt that there are a lot of contributors on whom you can trust, but since anyone can participate in this network one might by mistake include a participate who are scammers and might be hackers or who steal tokens or clog the network. Read more about QProfit System and see how you can get scammed.
Private Blockchain type is useful for people who want to give permission to only selected participants who are validated, participants. This type of blockchain can be used for private businesses where they can implement private blockchain type of network which will allow only authenticated participants. The way this works is, people who want to participate in this blockchain network only if they go through an authentication process and have a verified invite from the owner following which the participant has to undergo a validation process which will be done by either the person who is operating the network or by a pre-defined set of protocol for the network upon fulfilling which they will be allowed to join.
The key difference between a public blockchain network and a private blockchain network is that in private blockchain there is a sense of control as to who should be permitted to participate to join the network. Not only this, but there is the execution of agreed up protocol whose work is to make decisions of who has the right to do mining and get rewards and also maintenance of the shared ledger is done. The owner is the person who has the full right to perform all the operations on the blockchain like:
- The owner can override
- Edit any data or entries that have happened on the blockchain
- Deletion of entries
To sum up we can say that private blockchain network is not a decentralized type of network. It makes use of distributed leger whose operation is the have a network that is of closed type hence providing security to the database as it makes use of the idea of cryptography.