Here's a look at the key differences between public, private, and permissioned blockchains.

KEY TAKEAWAYS

  • In a public blockchain, anyone is free to join and participate in the core activities of the blockchain network.
  • A private blockchain allows only selected and verified participants; the operator has the rights to override, edit, or delete entries on the blockchain.
  • A permissioned blockchain has properties of both private and public blockchains.
  • Permissioned blockchains have seen an increase in popularity thanks to their ability to allocate specific permissions to various users on the network.

Public Blockchain

A public blockchain is one where anyone is free to join and participate in the core activities of the blockchain network. Anyone can read, write, and audit the ongoing activities on a public blockchain network, which helps achieve the self-governed, decentralized nature often touted when blockchain is discussed.

Advantages

A public network operates on an incentivizing scheme that encourages new participants to join and keep the network agile. Public blockchains offer a particularly valuable solution from the point of view of a truly decentralized, democratized, and authority-free operation.

dApp Uses

dApps have been developed to decentralize a range of functions and applications and eliminate intermediaries. Examples include self-executing financial contracts, multi-user games, and social media platforms.

DApps have also been developed to enable secure, blockchain-based voting and governance. DApps can even be integrated into web browsers to function as plugins that help serve ads, track user behavior, or solicit crypto donations.

Some examples of practical uses for dApps include:

  • Financial services: dApps can be used to facilitate peer-to-peer financial transactions, such as the exchange of currencies or the transfer of assets.
  • Financial services: dApps can be used to facilitate peer-to-peer financial transactions, such as the exchange of currencies or the transfer of assets.
  • Supply chain management: dApps can be used to track the movement of goods through a supply chain, ensuring transparency and accountability.
  • Identity verification: dApps can be used to securely store and verify identity information, such as for voter rolls or passport applications.
  • Real estate: dApps can be used to facilitate the buying and selling of real estate directly between buyer and seller, as well as the tracking of property ownership and related documentation such as deeds.
  • Healthcare: dApps can be used to store and track healthcare records, as well as to facilitate the communication and collaboration of healthcare professionals.
  • Education: dApps can be used to create decentralized learning platforms, allowing students and teachers to interact and collaborate directly without the need for intermediaries.
  • Social media: dApps can be used to create decentralized social media platforms, allowing users to interact and share content without the need for a central authority.
Predictive markets: dApps can be used to create decentralized platforms for predictive markets, allowing users to make predictions on a variety of topics and potentially earn rewards for accurate predictions.