Public Blockchain
A public blockchain is a type of distributed ledger technology (DLT) that allows anyone to add new blocks and view existing ones. It is a permissionless system, meaning that no one needs permission from any central authority to join or make transactions on the network. All users have equal access and rights within the system.
The most prominent example of a public blockchain is Bitcoin, launched in 2009 as the first decentralized digital currency based on DLT. Bitcoin’s public blockchain enables anyone with an internet connection to join its network without having to ask for permission or pay fees to do so. Every user can view all past bitcoin transactions stored in its immutable ledger and also send money directly between each other without going through third-party intermediaries such as banks or payment processors. As it is open source, developers can inspect its codebase, build applications on top of it, and create new coins using the same underlying technology platform called “blockchain” .
Apart from cryptocurrencies like Bitcoin there are many other examples of public blockchains being used for different types of data storage including smart contracts, financial records, identity management systems etc., which offer transparency and security benefits over traditional centralized databases since they are not maintained by single entity but instead rely on consensus algorithms among participants in order verify their transactions securely across multiple nodes located throughout the world.
Moreover due to lack of central control over these networks they tend be more resistant against censorship compared to private blockchains where only certain pre-approved entities can interact with them making them suitable choice for applications involving sensitive information such as personal medical records or voting systems which require high levels trustworthiness while remaining completely transparent at same time.
In conclusion Public Blockchains provide users with unique advantages like decentralization , immutability , transparency , censorship resistance , low cost transaction fees etc., making them suitable for various use cases ranging from payments processing services up until secure data storage solutions .
