PUBLIC BLOCKCHAIN BASED SOLUTIONS

The public Blockchain protocols operate on Proof of Work (PoW) consensus algorithm. Unlike private Blockchain, these public ledgers are open source which implies that everyone can participate without permission.

  1. Any entity can download the code in their local device and begin running a public node. They can ratify transaction in the network and hence become a participant in the process of achieving consensus.
  2. The distributed public ledger permits anyone to send transactions through the network. If these transactions are valid, they’ll be added to the Blockchain.
  3. Anyone can view the transactions on the Ethereum public Blockchain. Although these transactions are transparent, they are anonymous or pseudonymous in nature.

Examples: Bitcoin, Ethereum, Monero, Dash, Litecoin, Dodgecoin, etc.

Effects:

  1. Public Blockchains have great potential to transform the way current business models operate by utilizing disintermediation.
  2. It greatly helps in cost cutting as public blockchain don’t incur infrastructure costs. The creation and running of decentralized applications (dApps) don’t require the maintenance of servers or system admins.
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