Advantages of Private Blockchain
Private Blockchains have many benefits over Public Blockchains. Below are some of the main benefits that private blockchains have over public blockchains.
- Security: Private blockchains are more secure than public blockchains. This is because the network is not open to everyone, which makes it less vulnerable to attacks. Additionally, private blockchains can have security measures that are not possible on public blockchains, such as permission access.
- Cost: Private blockchains are more cost-effective than public blockchains. This is because you do not need to pay mining fees or transaction fees.
- Privacy: Private blockchains offer more privacy than public blockchains. This is because only authorized users can access a private blockchain.
- Increased Speed: Private Blockchains are faster than Public Blockchains. This is because private blockchains have fewer nodes, which reduces the time it takes to verify a transaction.
- Increased Scalability: Private blockchains are more scalable than public blockchains. This is because you can tailor the size of your private blockchain to meet your specific requirements.
- Increased Efficiency: Private blockchains are more efficient than public blockchains. This is because private blockchains allow you to control who has access to your blockchain.