What is the difference between a public blockchain and a private blockchain?

@millie 

A public blockchain and a private blockchain differ in terms of their accessibility, control, and level of privacy.

1. Accessibility: A public blockchain is open to anyone and everyone who wants to participate in the network. Anyone can join, validate transactions, and create new blocks. In contrast, a private blockchain restricts access to a select group of participants who are authorized to be part of the network.
2. Control: In a public blockchain, no single entity or group has complete control over the network. Decisions regarding updates or modifications to the blockchain are made through a consensus mechanism involving multiple participants. In a private blockchain, a single entity or a consortium of organizations usually has centralized control over the network, making decisions on updates and modifications.
3. Privacy: Public blockchains are known for their transparency and immutability, where all transactions and data are publicly visible to everyone. The identity of participants, however, may not be known, as they are represented by pseudonyms. Private blockchains, on the other hand, offer a higher level of privacy. They may provide features like access control, encryption, or selective disclosure of information, allowing participants more control over who can view the data and perform transactions.

Overall, public blockchains are decentralized, open, and transparent, while private blockchains offer more control, privacy, and restrict access to a chosen set of participants.