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| en:iot-reloaded:blockchain_network_structures_and_technologies [2024/12/09 11:47] – pczekalski | en:iot-reloaded:blockchain_network_structures_and_technologies [2025/05/17 09:12] (current) – agrisnik |
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| __Public blockchains__, anyone can access the database, store a copy and make changes subject to consensus in the public blockchain. Bitcoin is a classic public blockchain. The key characteristic of public blockchains is that they are entirely decentralised. The network is open to any new participants. All participants, having equal rights, can be involved in validating the blocks and accessing the data contained in the blocks. | __Public blockchains__, anyone can access the database, store a copy and make changes subject to consensus in the public blockchain. Bitcoin is a classic public blockchain. The key characteristic of public blockchains is that they are entirely decentralised. The network is open to any new participants. All participants, having equal rights, can be involved in validating the blocks and accessing the data contained in the blocks. |
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| Public blockchains process transactions more slowly because they are decentralised; as a result, each node should agree on each transaction. This requires time-consuming consensus methods like Proof of Work and prioritising security over speed. | Public blockchains process transactions more slowly because they are decentralised; as a result, each node should agree on each transaction. This requires time-consuming consensus methods like Proof of Work (PoW - a form of cryptographic proof in which one party - the prover proves to others - the verifier that a certain amount of a specific computational effort has been provided) and prioritising security over speed. |
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| __Private blockchains__ (sometimes referred to as managed blockchains) are closed networks accessible only to authorised or select verified users. They are often owned by companies or organisations which use them to manage sensitive data and internal information. | __Private blockchains__ (sometimes referred to as managed blockchains) are closed networks accessible only to authorised or select verified users. They are often owned by companies or organisations which use them to manage sensitive data and internal information. |
