Private Blockchain is a de-centralized type of Blockchain?
Answers
This is a false statement. Private blockchains are centralised but public blockchains are decentralised. Private blockchains are more beneficial than the public blochains. Private blockchains are of great use to the corporations which wants to modify its ongoing functions. Anybody can access or participate into public blockchains like Bitcoin which have a reputation of being an incorruptible ledger.
Blockchain: A blockchain is referred to as the growing list of records. These records are linked using cryptography, a security mechanism. Modification of data is not possible in a block chain.
Types:
- Public blockchains
- Private blockchains
- Consortium blockchains
Private blockchains: As they are only available for limited access, they are more secure. The blockchains are fast and cheap and ensures fast delivery of services.
They provide change in transactions as per law.
Private blockchain is a centralized blockchain.
Hence, the given statement is false.