Public Blockchain 101
A public blockchain has an open network. The information is available in a public domain. Due to its permission less nature, any party can view, read, and write data on the blockchain and the data is accessible to all. No participant has control over the data in a public blockchain. Public blockchains are also decentralized and immutable. It means that once an entry is made on the blockchain, it cannot be modified or deleted once the entries are validated. Some of the benefits of public blockchain are:
- Distributed ledger: All nodes in the blockchain participate in the validation of transactions.
- Open reading and writing of data: Any participating party can read, write, and view data on the blockchain.
- Immutable: Once an entry is validated, it cannot be modified or deleted.
Best Known Public Networks
The two most known public blockchains are Ethereum and Bitcoin network.
Bitcoin network was the first blockchain ever created by Satoshi Nakamoto, in January 2009 he released version 0.1. (If interested here is a link to the white paper) This blockchain network is good for exchanging its crypto called Bitcoin. A block contains data about the transactions.
On the other hand, Ethereum started in mid-2015 with a goal to solve problems noticed in the Bitcoin network and bring a big upgrade in the world of blockchain. In these problems they included the long transaction time small block seize and the 51% problem in centralized mining. The upgrade we have talked about is the concept of smart contracts. (Here are some links to a broader Introduction to Ethereum and Ethereum Virtual Machine)
There are other Public chains what we are going to talk about an other time. All in all Public blochains are used in a very big range of industries and can be used in them safely. Our develpers have the most experience developing on Ethereum from all of the chains. If you are interested in Blockchain go and check out what we can offer.
For comparing Public vs Private Blockchain check out our article.