What Is a Public Blockchain?
A public blockchain is a type of distributed ledger technology (DLT) that allows anyone to join the network and view, validate, or even add new transactions. It is an open-source platform where all participants can access the same data without any restrictions. Public blockchains are decentralized networks with no single point of control or authority; instead, they rely on consensus mechanisms such as proof-of-work algorithms to ensure security and trustworthiness. This makes them ideal for applications requiring transparency and immutability in their operations.
Public blockchains have become increasingly popular due to their ability to facilitate secure peer-to-peer transactions without relying on third parties like banks or governments. They also provide users with greater autonomy over their digital assets since there’s no need for intermediaries when transferring funds from one user to another. Furthermore, public blockchains offer enhanced privacy features compared to traditional financial systems by allowing users to remain anonymous while still being able to securely transact online using cryptocurrencies like Bitcoin and Ethereum.