To understand the inherent security risks in block chain technology, it’s important to understand
the difference between public and private block chains.
will you plz explain wat is public and private block chain?
Public Blockchain – This is the model of crypto and could be thought of as the original distributed ledger structure. For a number of reasons, it is still considered by many to be the prototype for all blockchains, although it is not without drawbacks.
In simple terms, public blockchains can receive and send transactions from anybody in the world. They can also be audited by anybody, and every node has as much transmission power as any other. Before a transaction is considered valid, it must be authorized by each of its constituent nodes via the chain’s consensus process. As long as each node abides by the specific stipulations of the protocol, their transactions can be validated, and thus add to the chain
Private blockchain-In private blockchains, only specific, pre-chosen entities have the ability to create new transactions on the chain (this is known as “write permissions”). Thus, a private blockchain is a closed network that offers constituents the benefits of the technology, but is not necessarily decentralized or distributed, even among its members. The extent to which each constituent can view (“read”) and create and validate transactions (“write”) is up to the developers of the chain
