Pros & Cons of Private Blockchain

[Suba]

Around 2016, private blockchains began to gain popularity and were widely used by certain institutions. We can define a private blockchain as a blockchain that can only be accessed by a group of individuals within an institution, such as blockchains used by banks, health departments, etc. This is very different from public blockchains applied to cryptocurrencies, where anyone can access the public blockchain.

Pros of Private Blockchain:
Data stored in the blockchain is more secure
Can verify the identity of users.
More scalable than public blockchains.
Fast and smooth transactions
Blockchains can be customized to their needs or are more flexible.

Cons of Private Blockchain
Lack of decentralization, meaning network control is under the control of a single group.
The risk of a central point of failure or damage to one part of the network can affect the entire blockchain's operation/function.
Lack of standardized frameworks and protocols, making it difficult to interact with other networks.
Lack of transparency.

 

[Nomad]

Blockchain itself means a public ledger, which means blockchain should be accessible to public, private blockchain violates this rule

 

[Augusta]

Public blockchains offer more accessibility, innovation, security and transparency while private blockchains provide more control and privacy.