Jpm Coin announced to be traded on private blockchain network. So what does private blockchain mean, how is it different from public blockchain networks?
What does blockchain mean?
Blockchain technology is the name of the indispensable technology that forms the basis of all kinds of crypto money.. All projects run on this base. We can say that blockchain is the meeting point of decentralization and anonymity.. But not every project has the same level of decentralization and anonymity.. One of the main factors in the variability of these two features is the type of blockchain chosen.
We see that this technology, which is still in its very early period, now includes JP Morgan, one of the world’s largest banking giants.. While JP Morgan will produce the cryptocurrency in its Ethereum “factory”, it will run its system on a private blockchain network.. So what is a private blockchain? Before answering this question, let’s take a look at the public blockchain.
What does public blockchain mean?
The public blockchain network is open source and accessible to anyone who wants to enter the system. Those who want to contribute to the network, all they have to do is open an account.. So anyone with an account can upload their data to blockchain ledgers.. Because these networks are public.. Since it is public, no single entity can modify transactions entered and verified on the blockchain.. Transactions are fixed by nature.
The working principle of public blockchains does not require permission. There is no central authority that you can get permission from.
The most famous blockchain network is the Bitcoin blockchain network, which hosts the largest cryptocurrency, as we all know.. The most popular network after this network belongs to Ethereum. Ethereum blockchain hosts over 80% of ICOs. In this respect, Ethereum has an irreplaceable place and labor in the crypto money world.. Cryptocurrencies created on the Ethereum network collect resources in ETH during the fundraising phase.. This has played a major role in increasing ETH prices.
Private blockchain What does it mean?
Private blockchain is similar to the public blockchain in terms of recording data and transactions in distributed ledgers.. However, in private blockchain networks, access is restricted and subject to permission.. There is one or more central parts that decide who can enter data.. Therefore, the information in the private blockchain network is not public, it cannot be accessed by anyone.
In this respect, it is declared that the private blockchain networks are central.. Unlike public blockchain networks, these networks do not follow the philosophy of decentralization.
JPM Coin will also be run on such a private blockchain network, not a public blockchain network.. The sole authority of the network will be JP Morgan.. Everything will be run under his supervision and oversight.
Private blockchains are popular with companies that do in-house transactions and logins.. Said to increase supply chain transparency and efficiency in areas such as finance, healthcare and manufacturing. There are also possibilities for customization.
Another form derived from a private blockchain network can be defined as a consortium blockchain.. It is possible to define a consortium blockchain as a hybrid form where multiple entities have the ability to verify transactions.
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Featured public blockchains
Public or public blockchains, as we mentioned above, developers who want to contribute to the network can make some updates to the blockchain network. Able to develop blockchain-based applications (Dapps) compatible with the network. Dapps industries have recently started to gain popularity and generate serious turnover.. So much so that electronics giant Samsung has started developing blockchain compatible mobile phone models.. Blockchain compatible Samsung mobile phones can be installed from the blockchain keystore.
Please See: Samsung supports 3 new Tron Dapps apps
General blockchain networks are followed with interest by China. So much so that the Ministry of Industry of China periodically publishes a ranking of the most successful public blockchain networks.. This index; China Blockchain Technology Evaluation Index (CBTAT). Calculates 3 sub-index values for this index. The index is reached by adding these sub-indices.. These sub-indices are:
i- Technology
ii- Applicability
iii- Creativity
EOS, Ethereum and Tron are the first ones, respectively There are three rows. Bitcoin is in the 9th place.. We see the ranking in the table below.
Although the Bitcoin blockchain ranks 9th in the above ranking, its “creativity” score is 42.9. Bitcoin ranks first in creativity rankings. It is also noteworthy that blockchains such as China-based Neo, Qtum and Tezos are also in the ranking.
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