The idea emerged that the Bitcoin blockchain could be in fact used for any kind of value transaction or any kind of agreement such as P2P insurance, P2P energy trading, P2P ride sharing, etc. The Ethereum project decided to create their own blockchain, with very different properties than Bitcoin, decoupling the smart contract layer from the core blockchain protocol, offering a radical new way to create online markets and programmable transactions known as Smart Contracts.
- Public blockchains are just that, public. Anyone that wants to read, write, or join a public blockchain can do so. Public chains are decentralized meaning no one body has control over the network, ensuring the data can’t be changed once validated on the blockchain. Simply meaning, anyone, anywhere, can use a public blockchain to input transactions and data as long as they are connected to the network.
With the public blockchain technology used in TerraGreen, all the nodes connected in the network can see the transaction of each other and the entire activities taken by the individuals among the network.
- Blockchains that are private or permission work similarly to public blockchains but with access controls that restrict those that can join the network, meaning it operates like a centralized database system of today that limits access to certain users. Private Blockchains have one or multiple entities that control the network, leading to the reliance on third-parties to transact. A well-known example would be Hyperledger.
Private blockchains can only be used by those invited by the network’s administrators. Users include companies that are seeking to get invest in blockchain technology; for example, integration into record keeping procedures without exposing sensitive data on the internet.
Private blockchain within TerraGreen certainly has the potential to save millions of dollars for various industries by reducing many different types of behind the scene expenditures that can be automated in a trusted way through blockchain technology.
- Centralized blockchains offer much more customizability and control over the network to the organization deploying it as they can decide who gets to participate in the network. That means that not as much resources have to be invested in competing to secure the network which makes Centralized Blockchains more environment-friendly compared to their Decentralized counterparts.
In TerraGreen a group of users connected to centralized authority can only see the transactions and all the activities take placed between the connected nodes within the specific network that runs the transaction. blockchain centralized
However, in a centralized network, only known and identified parties can transact on the ledger. Therefore, their transactions can be audited.
Comments
Post a Comment