Public vs. Private Blockchains: Which is Right for Your Business?

The choice between public and private blockchains for your business will have to be in view of their features, singly or both, and how they solve the needs at hand.

Public blockchains are open to all, hence making it promote transparency and decentralization. They are ideal for applications that involve many stakeholders who ought to be able to trust each other, like in cryptocurrency transactions. However, the wide consensus mechanisms needed for validation normally influence scalability and speed in transacting since every participant in the network has to verify the transactions.

On the other hand, private blockchains can restrict access to only accredited users for much better suitability of enterprises dealing with highly sensitive information. They promise that the transaction speed is going to be faster and security enhanced, since participants in validation are limited. 

Therefore, the private blockchain is highly important for your business,  if you're in the financial and medical fields, where data privacy and compliance are everyday concerns. 

However, to know which blockchain is best for your business, that boils down to a question of business goals: central control and speed or decentralization and transparency? Think through well which model better meets your operational needs and specific challenges before deciding on one.