BREAKING DOWN THE CONCEPT OF PUBLIC BLOCKCHAIN
Public blockchain networks can be accessed by almost anyone. Within a public blockchain network, individuals can choose to join or leave the network voluntarily, and they can also take part in writing, reading, and auditing the activities that are being run with a public blockchain. In fact, this very quality is what makes public blockchain networks self-governed.
As no individual can govern the public blockchain network, they are said to be decentralized. Additionally, decentralization help make sure that all the data included in the network are safeguarded and can’t be unchangeable once authorized on the blockchain.
Public Open Blockchain
Often, the term ‘public blockchain networks’ bring the idea of public open blockchain networks to our mind. Absolutely any individual can add data to the public open blockchain platforms, and it immediately becomes visible to every user. Bitcoin, Ethereum, and Litecoin are some of the commonly known public blockchain platforms.
As public blockchain networks protect the users’ anonymity, they are also called as permission less blockchain platforms. Users’ identity being kept unknown make it futile to develop permissions and role-based access. Also, who has permission to read and write the data cannot be supervised. This is a feature that proves to be of immense help in some case scenarios because it is one of the important benefits of using cryptocurrencies.
For instance, when you have a currency or an asset of value, you should be able to spend it, use it, and exchange it for whatever you wish to use it for like everybody else. No class of users should be treated differently, and public blockchain exists to make this possible.
Benefits of Public Blockchains
As stated earlier, almost anyone can submit transactions to the open blockchain platforms such as Bitcoin or Ethereum. The transactions happening are made visible on the blockchain explorer.
The public open blockchains’ database is decentralized and doesn’t feature the involvement of a third-party. Any transactions processed is validated with the involvement of all the nodes in the blockchain.
Any data once entered to the public blockchain network cannot be changed after it is verified.
Mining makes public blockchain networks completely secure. For instance, when working with Bitcoin, network power can potentially end up enabling double-spending and stopping transaction approval among the other malignant acts.
Public blockchains happen to be a great choice in scenarios where safeguarding the anonymity of users and adding value to the solution is important.
The capabilities of public blockchain extend further beyond what we can anticipate. It is greatly beneficial for communities where data requires to be shared across countries worldwide openly and securely. Some of the most common applications of public blockchain networks include insurance pools, global ledgers, etc.
As the rules are set prior to execution, it is pretty difficult to change the data later on. Thus, you will have to convince every single node participating in the blockchain in order to make even the slightest change or to fix a bug.