A public Blockchain is an open, decentralized network that all participants can read, write, join, and participate. The data that is saved on the network is immutable as nobody has the authority over the data to control it.
A transaction once made will be recorded on the ledger making it immutable. In simpler terms, public blockchains are append-only. For a transaction to happen, nevertheless, it must be validated by the majority of the nodes in the public blockchain.
The network is maintained through a distributive system in which all participants have their own copy of the ledger. Apart from their use in crypto trading platforms for which they are popular, Public Blockchain is being intrinsically employed for a range of use cases like public sectors, supply chain management, quality assurance, accounting, voting, stock exchange, energy supply, etc.
Industries that Incorporate Public Blockchain
Here is a list of Diverse industries that encompass public blockchain development services and solutions into their business operations to stay ahead of the curve.
- Entertainment
- Media and marketing
- Healthcare
- Telecommunication
- Insurance
- Retail
- Banking
- Financial service
- Automotive
- Fast-moving consumer goods
Popular Public Blockchains List
Here listed are the Top performing Public Blockchains
- Bitcoin
- Ethereum
- Bitcoin Cash
- Litecoin
- Monero
- IOTA
Features of Public Blockchain
Many different industries, including banking, healthcare, supply chains, and transportation, are looking for a transformation through public blockchain technology to reduce risk, increase transparency, and advance their operations. Let us check out the features that make it popular
- Transparency
The distributed ledger of a public blockchain network can be viewed and acquired by any participant at any given time, and the network itself is absolutely open to the participation of anyone. This results in being completely transparent inside a network that all participants and users share.
- Assured Protection
Owing to the excelling level of security that public blockchain offers and the ledger maintaining mechanism, it is a tedious task and almost impossible to manipulate the network. The transactions are stored and any change to them is not possible.
- Affordable Choice
The decentralized nature of the public blockchain removes the need for any intermediary or any controlling authority, which further results in additional cost savings for the business.
- Effectiveness and Speed of Transactions
The processes empowered by blockchain are faster, more valid, and more dependable compared to the traditional ways of verifying transactions. Smart Contract facilitates pre-determined agreements on the blockchain. Smart contracts are triggered when conditions are met and automatically execute transactions with no compliance & supervision.
What are the Benefits of Public Blockchain?
- Open and transparent Environment
Public blockchain networks are open-source, which implies that anybody may join and contribute to the network's code. With the blockchain being decentralized that requires zero authorization of transactions before they can be carried out. Users can handle transactions independently rather than going via a central authority, thus saving enormous time. This characteristic may be quite advantageous since it indicates the community will have a simpler time deciding how to adopt modifications to the protocol if the majority of its members choose to do so.
- No Reversion
On a public blockchain, transactions cannot be reversed. In contrast, the person or organization in charge of a private blockchain can undo transactions. It implies a transaction cannot be reversed in any way after it has been confirmed and added to a public blockchain. Ensures the transactions can be revisited and rechecked when required.
- Transparency
Public blockchains also offer total openness and reliability. This indicates that every transaction on the blockchain has a permanent record. As soon as changes are made, everyone in the network will be apparently aware of them, making it impossible for anybody to edit or delete information without being discovered.
- Inexpensive
Public Blockchains require no expenses as it is a completely decentralized system, unlike private blockchains. The public blockchain's decentralized structure eliminates the need for any middleman or regulating body, which further reduces costs for the company.
- Scalability
As modifications must be authorized by the governing body, it is not very scalable, which makes it more difficult to conduct transactions and reach a consensus. Public Blockchain eliminates as it has a decentralized structure.
How do you make a Public Blockchain?
Step 1 – Choosing a Suitable Use Case
Having a clear-cut idea of the use case and the industry for the public blockchain are created, there are multiple use cases to choose from like healthcare, finance, supply chain, media, Automotive, etc.
Step 2 – Identification of the Blockchain protocol
The next step would be to select the favorable blockchain protocols from the various blockchain protocols that exist, like Ethereum, bitcoin, Hyperledger, etc from which you want to build your blockchain. The components like smart contracts and consensus mechanisms are chosen to incorporate into the network.
Step 3 – Nodes Configuration
Right after choosing and aggregating all the requirements the next step is to configure the nodes on your public blockchain and create multiple nodes for assured security..
Step 4 – Development of Blockchain Protocol and Integration of Blockchain APIs
Blockchain Protocols should be developed with their necessary parameters such as permissions, key management, Block signatures, etc.,
Step 5 – Develop Smart Contracts
The Backbone of blockchain technology is considered to be smart contracts, the smart contracts should be coded as per your public blockchain’s use cases and requirements.
Step 6 – Audit and Deploy
The final step is to audit the smart contracts to rectify errors and verify the performance before the deployment of the blockchain.
Step 7 – Designing the UI/UX
Consecutively, (Landing Page) an intuitive user interface has to be designed with cutting-edge features that should advertently improve the efficiency of the blockchain.
Final Thoughts
The whole digital space sector is heading towards blockchain, as it is the current trend. In order to compete in the global business market, a variety of businesses, are modernizing their current solutions with cutting-edge blockchain technologies. Due to the utilization of sophisticated functionality and features by public blockchain technologies, several sectors are actively incorporating them. Join the Blockchain revolution by incorporating Public Blockchain Solutions to scale up your business.
