Public vs private blockchains

[Abiky]

Ever since Bitcoin was created by Satoshi Nakamoto, there has been a huge interest in blockchain technology among business, companies, and even banks worldwide.

Cryptocurrencies like Bitcoin, and Litecoin are called public blockchains, where anyone can add entries, and verify transactions in a free way. However, banks have taken the advantage of using the blockchain technology for their own means, and decided to create private chains where its access is limited to authorized members.

Now, if you take a look at these concepts, they are more similar to the Internet vs the Intranet. Which is why, I'm curious to know what are the advantages or disadvantages between these forms of blockchains?

Will they coexist in the future? Or will one of them prevail?

Please let me know what do you think about this, as I want to learn more about both of these chains. 

[franky1]

there is still utility in using blockchains whether public or private.

the issue is that a "blockchain" is just an empty base template. it has no specifics. it can be PoS, PoA or PoW
the chain link can be MD5, Sha or other hashing.

it can be distributed to x known nodes or x00,000,000 unknown nodes.

what  is 'locked in' (immutable) can be the important data itself, or just references to other important data that can be edited in a separate 'network'

once you realise that blockchain is just the next level of database programmability. one step above relational databases, but several steps below all the extra layers bitcoin chose to use.. you realise there is some funky things you can do with it.

check out all the 1000+ altcoins that do different things. and there are still many possibilities not even thought about yet.

right now the bankers 'hyperledger' has more features/abilities than the old banking systems. but not quite as diverse as bitcoin. so its playing in the middle. but there are advantages they have found.

we should not think hyperledger is not a threat. because i can see it can pose a threat to bitcoin, although not immediately apparent to banking customers as they wont see the differences (much) at the front end. but the underlying things will / has swayed some of the bitcoin devs over to the bankers side to help them build out their features

[muhcoins]

Ever since Bitcoin was created by Satoshi Nakamoto, there has been a huge interest in blockchain technology among business, companies, and even banks worldwide.

Cryptocurrencies like Bitcoin, and Litecoin are called public blockchains, where anyone can add entries, and verify transactions in a free way. However, banks have taken the advantage of using the blockchain technology for their own means, and decided to create private chains where its access is limited to authorized members.

Now, if you take a look at these concepts, they are more similar to the Internet vs the Intranet. Which is why, I'm curious to know what are the advantages or disadvantages between these forms of blockchains?

Will they coexist in the future? Or will one of them prevail?

Please let me know what do you think about this, as I want to learn more about both of these chains.  

i'm sure in the future they will find a way to make these blockchains communicate between them(making them coexist). of course it  isnt need in every case, but just like a intranet, in some cases, it's nice to have a feature like that with another one.

[Jet Cash]

i'm sure in the future they will find a way to make these blockchains communicate between them(making them coexist). of course it  isnt need in every case, but just like a intranet, in some cases, it's nice to have a feature like that with another one.

It's called Visa.

[naidray]

I am sorry I'm not aware of any successful private blockchain so far.

In my understanding there is no need of private blockchain. When there is a central authority there is no need to have a public ledger. I guess the concept of privateblock chain will get fade away over time when government/banks understand the real need of blockchain.

[franky1]

I am sorry I'm not aware of any successful private blockchain so far.

In my understanding there is no need of private blockchain. When there is a central authority there is no need to have a public ledger. I guess the concept of privateblock chain will get fade away over time when government/banks understand the real need of blockchain.

avoids internal staff theft/manipulation if done right
no requirement of central server as each regional office has copy.

less security staff / IT maintenance staff / auditing staff / accounting staff / HR staff / internal affairs staff, as it becomes more self governing/self reliant even if all the nodes are part of one company

though i love bitcoin 100% you do have to keep an open mind to the opposition to be aware of it.
over hyping bitcoin and downplaying the competition makes you ignore reality, which can then slap you with a reality stick, with a shock later

[shinratensei_]

Ever since Bitcoin was created by Satoshi Nakamoto, there has been a huge interest in blockchain technology among business, companies, and even banks worldwide.

Cryptocurrencies like Bitcoin, and Litecoin are called public blockchains, where anyone can add entries, and verify transactions in a free way. However, banks have taken the advantage of using the blockchain technology for their own means, and decided to create private chains where its access is limited to authorized members.

Now, if you take a look at these concepts, they are more similar to the Internet vs the Intranet. Which is why, I'm curious to know what are the advantages or disadvantages between these forms of blockchains?

Will they coexist in the future? Or will one of them prevail?

Please let me know what do you think about this, as I want to learn more about both of these chains. 

May you miss one about the consortium chain. 

Private - The cheaper fees, fully private or restrict the permission,

The pointless point - It can be changing for any time and I mean about the rules.

Even the private was giving more advantages rather than public but seems like All of that was useless in my mind.

[European Central Bank]

let's see what a fully operational example looks like before casting judgement. i get the feeling we haven't even scratched the surface of what blockchains will end up doing in every area of our lives.

[Velkro]

I am sorry I'm not aware of any successful private blockchain so far.

In my understanding there is no need of private blockchain. When there is a central authority there is no need to have a public ledger. I guess the concept of privateblock chain will get fade away over time when government/banks understand the real need of blockchain.

Agree, private blockchain is just a database. Nothing else. Databases existed since forever and blockchain is new fancy word for it.
Bitcoin is unique because it is public, no central authority and huge securing it computing power.

Nothing else matters as famous band song.

[yayayo]

[...]

though i love bitcoin 100% you do have to keep an open mind to the opposition to be aware of it.
over hyping bitcoin and downplaying the competition makes you ignore reality, which can then slap you with a reality stick, with a shock later

Dear franky, I really hope that you might be slapped with a reality stick some day. That would greatly improve the quality of discussion here, because you could realize that most of your posts actually belong to the altcoin section of this forum.

I'm not surprised that after you've expressed your great love for a Maduro-style socialist dictatorship (https://bitcointalk.org/index.php?topic=1719546.msg17224671#msg17224671) you continue nonstop praising centrally controlled blockchains as great alternatives compared to Bitcoin.

You simply love central control. That's why you endorse UnlimitedScamCoin of narcissist Roger Ver as well. However that raises the question: What are you doing in a Bitcoin forum?

ya.ya.yo!

[franky1]

ya ya ya

we know you would love bitcoin to be a blockstream authoritarian currency.

you have no clue what socialist is and so you try to hide your own desire by deeming anyone that wants an open community to be a dictatorship by you twisting/adding words.. to fit your desire

you have no clue.

as for my comments. i am level headed and atleast aware and research the competition to understand whats at stake.
but you keep your head in the sand while you praise blockstream as your leader.

one day you will realise your leader is part of hyperledger and they want to tether bitcoin to hyperledger so they can suck people over to their banker controlled sidechains.

you really need a wake up call because unlike you, many of us have seen the bait and switch of those adoring blockstream and loving alternative networks by cowardly not doing any research and then accusing those that want to keep bitcoin strong and open of wanting the opposite.

your rhetoric is boring, not original and become very very clear to see.

[GreenLighter]

Both will have different uses in the future

[Xester]

Both will have different uses in the future

Yes they will have. Public blockchains are records that are made available for the public to view, transactions can be monitored by the government and by all sectors. While private blockchain keeps the ledgers of transactions in the secret. In the future, these two will have different usage but as of now it is hard to determine what kind of blockchain will rule in terms of bitcoins and other altcoins.

[nara1892]

Public blockchains, including Bitcoin,
Ethereum , Hyperledger , and most altcoins, are built to be accessible by anyone with adequate technology, which has so far meant a computer and access to the internet. Meanwhile, private blockchains are secured by the ancient model of user rights and secrets that we’ve become so comfortable with ever since the first lock was invented. The fewer people who know about your database, the safer it is in this model. This can work great if you don’t plan on sharing it with many people, but throughout history, there have been countless examples of this approach to security failing. Keys can be designed to be very smart, but there is always a hacker out there who is smarter. (Or an inside guy who is sneakier.)
read more on https://magnr.com/blog/technology/private-vs-public-blockchains-bitcoin/

so it is appropriate if banks want to use private blockchain in order to keep their costumers safe. and I think they will coexist in a period of time.

[rajasumi2]

I would recommend that the blockchain should not be made public like it is now as all people will know which person has how much bitcoins .it is very important to note that private blockchain s are better

[25forsure#]

If buziness can make proft then of course there will be private blockchain.  There will be both.

[Abiky]

I am sorry I'm not aware of any successful private blockchain so far.

In my understanding there is no need of private blockchain. When there is a central authority there is no need to have a public ledger. I guess the concept of privateblock chain will get fade away over time when government/banks understand the real need of blockchain.

That is why I think that private blockchains might not succeed in the long term, as they are restricted only to authorized members which limits development and productivity in these types of systems. In contrast, public blockchains might prevail as they are open for anyone to develop within it, as well as address any security issues found to help make the whole ecosystem much secure.

Nevertheless, open and permissionless blockchains might take the lead, as it will be better improved as time goes by bringing the attention of developers worldwide due to its open source nature. The result of private blockchains, would be total centralization by those who operate them.

I would become surprised to see at least one private blockchain to emerge successful. Just my opinion. 

[Paxful_Marketing]

The best example of this i can give you is Windows vs. Linux

Windows:
Mobiles
Personal Computers
Servers
Gaming Consoles


VS

Linux (Open Source):
Mobiles, Tablets
Personal Computers
Data Centers / Web Servers
Super Computers
Satellites
Televisions
Cameras
Robots
Etc. SAME LINUX KERNEL

[Kprawn]

For me it comes down to trust. These private Blockchains will be manipulated by the banks. { How many people trust banks? } Let's take a

quick example to substantiate my point :

A : Banks/Private Blockchains have sole decision making power over the decision to increase the Coin total. { How many coins there will be }

B : Public Blockchains/Bitcoin rely on the consensus decision of the public to increase the Coin cap. { Less coins = scarcity }

Who would you choose to determine the Coin Cap? A or B  

Remember the amount of coins generated in total is one of the factors that would determine the value of your coins over time.  

[Abiky]

Both of them will exist in different sectors, many people will know about public/open blockchain and it's project while only few people won't even heard about private/closed blockchain.
However, i think private/closed blockchain in small business might be useless.

For me it comes down to trust. These private Blockchains will be manipulated by the banks. { How many people trust banks? } Let's take a

quick example to substantiate my point :

A : Banks/Private Blockchains have sole decision making power over the decision to increase the Coin total. { How many coins there will be }

B : Public Blockchains/Bitcoin rely on the consensus decision of the public to increase the Coin cap. { Less coins = scarcity }

Who would you choose to determine the Coin Cap? A or B 

Remember the amount of coins generated in total is one of the factors that would determine the value of your coins over time. 

Blockchain is just a technology, it's not always about coins. Many companies have found other usage of blockchain.

The thing about private blockchains, is that they are subject to manipulation, as well as being a centralized solution for the transfer of assets, transactions, etc. It may prove to become a secure system for companies and businesses, as well as become faster than a public blockchain, but it will lack the true features of a blockchain which are immutability and decentralization.

In short, private blockchains are like intranets, while public blockchains are just like the internet we use nowadays. They may co-exist for years to come. Just my opinion.