Is A Private Blockchain the way to go? - The AI Company - 0 views
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pintadachica on 13 Dec 18Blockchain are certain to disrupt almost all industries fundamentally. Though there are technical issues, the idea of utilizing a blockchain to prove ownership, to prevent double spending and to establish trust and transactions in an otherwise trust-deficient world, is gaining excitement and acceptance. More and more enterprises are getting curious about the blockchain and are willing to start investing in learning, prototyping, and building on top of the blockchain technology. Starting out with the blockchain requires investment in a building the domain expertise, establishing the identity, establishing the infrastructure and deciding the blockchain that the enterprise wants to work with. Among these decisions is the question: Should the enterprise choose a public blockchain or a private blockchain. Both have advantages and disadvantages and the question can often come down to what are the short term goals and potential applications that the enterprise wants to build on the blockchain. Public BlockChains The default option when considering blockchains is the public blockchain. This is the blockchain that is truly decentralized, leverageable for any type of transaction and in the case of the Ethereum blockchain, offers SmartContract authoring capability that makes the blockchain very attractive for building contracts that reflect the needs of the real world. However, for an enterprise deciding between public or private contracts, there are some considerations that require attention. Speed and Scalability Public blockchains tend to be slower as they are limited by the number of transactions that can be verified every second and confirmed every 10 minutes. There are several efforts underway to make blockchains faster and more scalable however those will take time to get implemented. Speed and scalability will continue to be an issue and contracts and applications that require instant or near real time execution will suffer from this lack of speed and scale. Se