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True science | private chain, public chain and alliance chain are all called blockchain!

Time : 02/11/2021 Author : m31aet Click : + -
        Since the birth of blockchain in 2008, there have been more and more applications based on blockchain technology. Especially in recent years, the popularity of cryptocurrency has pushed blockchain technology to the top of the wave, but the application of blockchain in different industries is still very different. Blockchain in many cases does not mean that it is completely decentralized, nor is it completely open for circulation. According to the openness and access mechanism of blockchain, blockchain can be divided into public chain, alliance chain and private chain. Public chain is a blockchain in which all participating nodes can read, all participants can send transactions, transactions can be effectively confirmed, and participate in their consensus process.
        The public chain is the most open, the most widely used, and the most decentralized. In the public chain, data storage, maintenance and other operations are no longer dependent on a centralized server, but are jointly recorded and maintained by thousands of network nodes on the global Internet. No one can tamper with the data without authorization. The best example of public chain is bitcoin. Nakamoto created bitcoin as a cryptocurrency and used it as a reward to encourage more nodes to participate in the maintenance of bitcoin network, so as to form a virtuous circle. And the access threshold of bitcoin network is very low. As long as you have a wallet, you can create an account to receive bitcoin without any identity authentication. As long as you like, you can even create a bitcoin account for your dog and cat.
        All transaction data on the public chain are open and transparent, and anyone can view other account balances and transaction activities in the blockchain browser. Every transaction in your cat's bitcoin account is packaged and written on the chain, and these data are open to everyone. The public chain is completely decentralized, reducing credit costs, and can be widely used in all walks of life. At present, the application of public chain is relatively mature in the field of cryptocurrency represented by bitcoin and Ethereum. We can understand the meaning of private chain from its literal meaning. It is a blockchain whose writing permission is controlled by an organization and institution, and the qualification of participating nodes will be strictly limited.
        Because the private chain has such strict restrictions, its degree of decentralization is the lowest. Because it is private, there is no need for a complex consensus mechanism to judge who will keep the account. There is no incentive mechanism or token in the private chain. The value of private chain is mainly to provide a secure, traceable, tamper proof and automatic computing platform, which can prevent internal and external security attacks on data at the same time. At the commercial application level, private chains are used more by enterprises, state institutions or individual individuals. Because it can not completely solve the problem of trust, private chain is more suitable for internal database management, audit, government budget and implementation, or government industry statistics.
        They need to be transparent to each other, but there is no need to be completely transparent to the outside world. We can generally understand that it is a chain created by several people or organizations in the form of alliance. It is a blockchain between public chain and private chain. It can be seen as "partial decentralization", which is only open to allies and jointly maintained by allies. From the perspective of commercial application, alliance chain is easier to establish connection with physical enterprises because of its few nodes, fast processing speed and low transaction costs. At present, it is widely used in the field of blockchain commercialization. For example, B2B scenarios such as transactions and settlements between financial institutions. Among them, r3cev is the most famous. R3cev is the R3 financial blockchain alliance established by 9 institutions, and has reached cooperation with more than 100 financial institutions in three years.
        The company designed corda application to provide a distributed accounting platform for institutions. The system complies with bank standards and synchronizes bookkeeping, managing financial agreements between institutions and partners. This platform is based on industry standard tools and supports a variety of consensus mechanisms. Financial institutions (banks) execute transaction protocols on the platform, that is, smart contracts in blockchain, and process accounts receivable transactions and letter of credit transactions. It can not only improve efficiency, but also greatly improve the prevention of risks and financial fraud, and reduce the operation and compliance costs by 10-15%. In recent years, with the promotion of favorable policies and the participation of Internet giants, blockchain technology has been applied more and more widely.
        Whether it is a completely decentralized public chain, private chain or alliance chain, they all have their own advantages and application fields. I believe that blockchain technology will eventually become a new technology vane in the future.
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