Blockchain technology is an emerging technology that combines

cryptography, data management, networking, and incentive mechanisms to

support the checking, execution, and recording of the block between the
parties. The core component of blockchain technology is a decentralized
database. This decentralized nature of the blockchain means that no one has
to know or trust anyone else. Each node in the network has a copy of the
exact same data in the form of a distributed ledger . If any member ledger is
corrupted or altered then it will be rejected by the majority of the members in
the network.

Public Blockchain

Public blockchain, as the name indicates, is the blockchain for and of the
public. There is no one in charge, and anyone can take part in the process.
These types of blockchains are open and transparent. Since there is no one
in charge, decisions are made through a decentralized consensus
mechanism.
Characteristics:
 It is an open network where nodes can join and leave without the
permission of anyone.
 All nodes in the network can verify a new piece of data added to the
network.
 This blockchain includes a protocol of incentive mechanism that aims to
ensure the correct operation of the blockchain system.
 This public blockchain is said to be permissionless as anyone can access
it without any kind of permission, and the ledger is shared and
transparent.
 It is secure to the 51% rule.
 There is no need to use your real name, or identity, everything can be
hidden.
 In any network, the user has to follow rules that might not even be fair.
But not in public blockchain networks.
 No regulation hence no limit to how one can use the platform for
betterment.
 It offers anonymity, no one can track your transaction back to you.
Implications:
 Everyone can change current business models through the reduction in
the use of middlemen.
 It is not necessary to maintain servers or system administrators. Hence
there is considerable cost reduction for the businesses.
Advantages:
1. Transparency: Public blockchains are transparent and open for everyone
to access. This makes the ledger accessible to all, eliminating chances of
corruption and ensuring transparency.
2. Security: Public blockchains are designed to operate with maximum
security. The decentralized nature of the network makes it difficult for
hackers to compromise the system.
3. Empowerment: Public blockchains empower all participants to validate
transactions without any central authority overlooking their actions.
4. Immutability: Public blockchains are immutable, meaning no one can
tamper with the system, ensuring that transactions are secure.
Disadvantages:
1. Power Consumption: Public blockchains require a lot of computational
power due to their decentralized nature. This increases energy
consumption and can be detrimental to the environment.
2. Scalability: With more users on the blockchain, the network becomes
burdened with more transactions, leading to scalability issues.
3. Conspiracy: The decentralized nature of public blockchains means that
no one knows who validates the transactions, increasing the risk of
potential conspiracy.
4. Transactions: Public blockchains can be slow due to the time it takes to
process all transactions on the network.
5. Acceptance: Due to the openness and transparency of public
blockchains, it can be difficult for governments to accept them as they are
not controlled by authorities.