What is best between consortium, private, and public blockchains is often highly subjective, according to one’s own personal needs. This article aims to explain why public blockchains have been gaining steam and what advantages and disadvantages they may offer.
What is public blockchain technology? The basic idea behind it is that certain public blockchains are run in parallel and therefore, provide better performance than any private chain. Consortium blockchains, on the other hand, are run by a private group or a specific organization, such as a corporation.
Public blockchains began their life as a public version of the private blockchains that were available. However, since it is a public chain, it may not be compatible with private blockchains. In this case, the private blockchains become a very viable option to use. The main benefit that they offer over private blockchains is that they allow for a more scalable and secure system, which is ideal for real-time financial transactions.
What is Consortium blockchains? Another important consideration when choosing a Consortium chain for your application is the cost of this type of block chain. Consortium blockchains are run by a single private company. This means that the price can be significantly higher than private blockchains, but that they do provide better security than public blockchains.
As far as security is concerned, the two private chains have their own advantages and disadvantages. On one hand, private blockchains offer an almost completely self-sufficient network, which means that there is no need for a central server, which means that you will have a much higher degree of scalability than you would with public blockchains. On the other hand, private blockchains also give you the added advantage of being open source, meaning that you will be able to find out more about the inner workings of the consortium chain. which means that you will have access to valuable information that might otherwise be kept confidential by the consortium itself.
So, what is the conclusion we can draw from all of this? If you intend to use a private chain, then there is no point in going with a consortium chain, unless you intend to use the private blockchains for your application.
As far as scalability is concerned, when choosing between consortium and public chain, it really comes down to what you are looking for. While private chain offers lower prices for your transaction, there are drawbacks when using these chains for business applications. As far as security is concerned, private chains are much better suited for more advanced applications.
Therefore, if you are planning to use Consortium and public chains for the same application, then you should only make your decision after carefully comparing the different consortium and public chains available. As stated above, there is also a huge difference when it comes to scalability. For most applications, the private chain is definitely a better option for a small business.
However, for larger applications, such as on a large scale network like the internet, then going with a public chain might be the better option. This means that you might end up paying a little more, but you will get the added security, as well as the lower cost of maintaining the network yourself.
As for security, both the consortium and public chain are much stronger than the others. For example, they have a stronger password system, with a higher level of encryption, meaning that your data cannot be intercepted and changed by hackers. In addition, even if the private chain gets hacked, then the public chain will still be able to be used to restore your data in a relatively short time.
If you end up choosing the private chain for your use, then you should ensure that you use a reputable company, one that has been around for a while and that has been able to gain a good reputation as a reliable and professional company. There are many companies on the market today that are offering Consortium blockchains and public chain.
You should ensure that the Consortium and public chain that you choose have a strong password protection system, as this will ensure that your data cannot be stolen from the private chain. Once you have this secured, then you can use the public chain as a backbone for your network. This means that your system is highly scalable and flexible, which will enable your business to scale up and down as required.