We often get asked the question, ‘Is it better to use public or private chains for our enterprise needs?’.
It’s a great question, meriting further discussion to outline the differences between the two and understand why blockchain must be public to unlock the full benefit of the technology.
As the technology is still in its infancy, terminology and underlying concepts are often misconstrued. One of our goals at nChain is to dispel the myths and cut through the noise to make this powerful technology accessible.
In this video, Dr Wei Zhang, our Principal Researcher and Research Delivery Lead, outlines why public blockchains will thrive.
To summarise, leveraging a public blockchain removes the need to build bespoke networks, and importantly they incentivise immutable audit trails without compromising privacy.
An inherent property of blockchain technology is trust. A public chain inherits trust through transparency, immutability and availability. This means blockchain technology can and should be complementary to existing systems, enhancing and optimising these systems, while disrupting infrastructures that were not designed for today’s needs.
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