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Similarities Of Public And Private Blockchains
- Both function as an append-only ledger where the records can be added but cannot be altered or deleted. Hence, these are called immutable records.
- Each network node in both these blockchains has a complete replica of the ledger. Both are decentralized and distributed over a peer-to-peer network of computers.
- In both, the validity of a record is verified, thus providing a considerable level of immutability, until the majority of the participants agree that it is a valid record and reach consensus. This helps prevent tampering with the records.
- Both blockchains rely on numerous users to authenticate edits to the distributed ledger thus helping in the creation of a new master copy which can be accessed by everyone at all times.