Private versus Public Blockchains: Is there room for both to prevail?
The buzzword blockchain has reached new heights in finance history. Not since the invention of double-entry accounting in the thirteenth century has a method of keeping up with things promised our world so much improvement.
There are very few people left to deny that the general idea of a blockchain; i.e. sharing a ledger between multiple parties in a decentralized manner to keep everyone honest, is revolutionary and will be useful in our global society soon. Many of the highest financial authorities on Earth have paid it lip service in the last year, from IMF Director Madame Lagarde to the UK’s Chief Scientific Adviser, Sir Mark Walport and Federal Reserve Chairman Janet Yellen. Even people once staunchly against anything to do with bitcoin like JP Morgan CEO Jamie Dimon have recounted and stated for the record that there is something to learn from blockchain technology now.
However, the greatest advancements in blockchain technology are all based on the advantages derived from the public, ‘open’ type of blockchain, while most people in the professional finance world are looking for advancements in the private, ‘permissioned’ type of blockchain.
https://magnr.com/blog/technology/private-vs-public-blockchains-bitcoin/