ZIY012 - What is the difference between a public and a permissioned blockchain?
Alastair Caithness
Strategic Business Development Leader | 15+ Years in Fintech, Energy, SaaS and Financial Sectors | ?? Mental Health Advocate | Follow for Energy, Bitcoin and Blockchain updates!
For my latest Vlog, i'm discussing what is the difference between a public and a permissioned blockchain?
A good case study to use in order to differentiate the two types of blockchain is Bitcoin and Libra.
Bitcoin operates on a public blockchain and can be used for end-to-end transactions which are frictionless and out-with government control which also means that Bitcoin is essentially exempt from all international banking and finance charges.
Another well-known digital currency or cryptocurrency is Facebook’s upcoming launch of Libra. However, Libra is a stablecoin and although it shares many characteristics with Bitcoin and its basic function overlaps, Libra has been designed to operate on a permissioned blockchain instead of a public blockchain.
The permissioned blockchain is defined by one owner (or a group) who controls the variables in what is fundamentally a carefully designed and balanced digital ecosystem. Information is stored, updated, yet, protected. The basic function of a public blockchain is that it is anonymously updated and is not subject to sanctions or parameters that in return ensure the safety of the information that is placed on the blockchain.
Being able to differentiate between a public and permissioned blockchain means investors will be able to make more informed decisions based on factors such as security, traceability and knowing who exactly has access to the information you place on it.
Learn More about Ziyen Inc - https://www.ziyen.com
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