Given all of this, it may seem like private blockchains are unquestionably a better choice for institutions. However, even in an institutional context, public blockchains still have a lot of value, and in fact this value lies to a substantial degree in the philosophical virtues that advocates of public blockchains have been promoting all along, among the chief of which are freedom, neutrality and openness. The advantages of public blockchains generally fall into two major categories:
Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for the better world. Blockchain council creates an environment and raise awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally.    
Send your Bitcoins to a specially formed Bitcoin address. The address is specially designed so that the coins will now be out of your control… and out of the control of anybody else either. They’re completely immobilized and can only be unlocked if somebody can prove they’re no longer being used elsewhere (I’ll explain what I mean by this in a minute).   In other words, you’ve used the core bitcoin transaction rules I described above to lay down a specific condition that the future owner – whoever it ends up being – needs to fulfil in order to take control
A big thanks to Diego Salvador for helping me write this episode. Him and the rest of the team over at Rootstock are doing fantastic work with cryptocurrency and Sidechains. We wish them all the best. I'll be sure to leave a link to their website in the top of the description so you can go check it out and learn more if you wish. And as always, be sure to subscribe and I will see you next time.
There is a whole other issue of identity theft that needs to be addressed. Just a short note here as this is a big subject: If the private key to identity object is stolen, the true owner of the identity needs to have a way to change the key. One approach to that would be to use the private key of the bitcoin transaction that created the first version of the identity object. Another way could be to prove the ownership of other public keys on the identity object, like the one used for encryption (PGP key management suggests a separate key for each purpose, signing, encryption, etc.). Other non-automatic ways could include a trusted third-party, social proof, etc.
Sidechains solve a lot of problems, but at what cost? The introduction of sidechains makes things even more complex and much harder to understand for those who are not actively involved in the blockchain space. This also divides assets, no more “one chain, one asset” adage, which further complicates things. And on a network level there are multiple independent unsynchronised blockchains interacting with each other.
“Blockchain could significantly reduce time delays and human mistakes, and monitor cost, labor, waste and emissions at every point in the supply chain. In the food sector, a manufacturer could automatically identify contaminated products in a matter of seconds and wouldn’t need to pull an entire product line from store shelves in the case of contamination.”
A company called Blockstream has been focusing on these developments and has announced the release of Sidechain Elements, which is an open-sourced framework for sidechain development. It includes a functioning code and a testing environment for working with sidechains with several components: the core network software to build an initial testing sidechain, eight new features not currently supported by bitcoin, a basic wallet and the code for moving coins between blockchains.
Federated Blockchains operate under the leadership of a group. As opposed to public Blockchains, they don’t allow any person with access to the Internet to participate in the process of verifying transactions. Federated Blockchains are faster (higher scalability) and provide more transaction privacy. Consortium blockchains are mostly used in the banking sector. The consensus process is controlled by a pre-selected set of nodes; for example, one might imagine a consortium of 15 financial institutions, each of which operates a node and of which 10 must sign every block in order for the block to be valid. The right to read the blockchain may be public, or restricted to the participants.
We are a reputed software development agency that believes in delivering efficient and reliable digital solutions to all kind of businesses. If you're having a creative startup idea with a great vision, we will offer you the wings to fly really high in the practical world. If you're an already well-established enterprise, we will help you to win the kings crown and maintain its shine. We Design, Architect and Develop digital solutions ... Read more

Many people believe this is the future of the blockchain. It maintains network security and allows for scalability. The biggest criticism is that it heavily favors those with more funds as smaller holders have no chance of becoming witnesses. But the reality is, smaller players have no hope of participating in Proof of Work either, as mining from your own laptop at home is no longer a reality. Smaller players get outcompeted by bigger players who have massive mining rigs. STEEM and EOS are examples of DPOS blockchains. Even Ethereum is moving to POS with its Casper project.


Bitdeal is a bitcoin cryptocurrency exchange software & Blockchain development company. The main focus of the firm is to reduce the risks in bitcoin trading and to encourage new bitcoin exchange startups by providing a well-developed bitcoin exchange script or a cryptocurrency exchange software.  Being a cryptocurrency exchange software solution, bitdeal has covered around 50+ countries around the world, and have collected more than 200+ ... Read more
"Proof of Work" used by Bitcoin is a competitive consensus algorithm. Each node races to solve a difficult puzzle first. Doing so earns the right to produce a block and you are rewarded in Bitcoin. The block is where the transaction (value of data) is written and confirmed. However, this race is a waste of time and money for those that don’t win. You get nothing unless you are the first to solve the puzzle. Since no one wants to lose, nodes started working together to solve the puzzle and share the reward based on your computational power (the hash rate).

That is however not all. Sidechains also have some specific use cases, unique to a certain blockchain. One example is the usage of sidechains in EOS. EOS is currently facing a RAM problem. RAM is too expensive and developers are complaining. Sidechains could compete with the EOS mainchain by having lower RAM prices, this would lead to competition, incentivizing both the EOS mainchain block producers and sidechain block producers (mainchain and sidechains of EOS are maintained by the same group of block producers) to keep the RAM price as low as possible. This also means there is more RAM available, so the RAM price will go down as a result.
Terasol's mission is to create apps that would help people learn and grow with tech. Every member of Terasol shares the same dream of working towards building apps that would not only create history but also give people the opportunity of experiencing tech they did not know could become essential part of their lives. A lot has changed since we developed our first app; we have grown with each project and refined our skills to serve nothin ... Read more
A blockchain is a continuously growing list of records called blocks, these blocks are linked and secured using cryptographic algorithms. Each block typically contains a hash (a link to a previous block), a timestamp as well as transaction data. Full nodes validate all the transactions, but are unable to settle the disagreements in regards to the order in which they were received. To prevent double-spending, the entire network needs to reach global consensus on the transaction order. It achieves this by using centralised parties or a decentralised proof of work or proof of stake algorithm (and its derivatives).
Nikolai Hampton pointed out in Computerworld that "There is also no need for a '51 percent' attack on a private blockchain, as the private blockchain (most likely) already controls 100 percent of all block creation resources. If you could attack or damage the blockchain creation tools on a private corporate server, you could effectively control 100 percent of their network and alter transactions however you wished."[9] This has a set of particularly profound adverse implications during a financial crisis or debt crisis like the financial crisis of 2007–08, where politically powerful actors may make decisions that favor some groups at the expense of others,[51][52] and "the bitcoin blockchain is protected by the massive group mining effort. It's unlikely that any private blockchain will try to protect records using gigawatts of computing power—it's time consuming and expensive."[9] He also said, "Within a private blockchain there is also no 'race'; there's no incentive to use more power or discover blocks faster than competitors. This means that many in-house blockchain solutions will be nothing more than cumbersome databases."[9]
Sidechain is a chain of blocks based on the main parental blockchain. Sidechains realize the new financial ecosystems via integration into Bitcoin. Relatively new to Bitcoin, the sidechain is an extension that enables the ability both to build a link between BTC and an altcoin and to create new independent services that work via the main Bitcoin blockchain. Using sidechains allows for the creation of various types of smart contracts, stocks, derivatives, etc. It is possible to develop a limitless number of Bitcoin or Ethereum-based sidechains with different tasks and features, assets of which will depend on the main blockchain’s volatility. It allows traditional blockchains to support several kinds of assets, payments, smart contracts and also to increase the level of security and anonymity of transactions.
It might seem that this technology is beneficial for any business, but it is not. Quite often projects fail to justify their will of public or private blockchain implementation. The key reason to use blockchain is the inefficiency of existing centralized solution that is slow, expensive, and lacks transparency and reliability. In other cases, blockchain isn’t required.
Given all of this, it may seem like private blockchains are unquestionably a better choice for institutions. However, even in an institutional context, public blockchains still have a lot of value, and in fact this value lies to a substantial degree in the philosophical virtues that advocates of public blockchains have been promoting all along, among the chief of which are freedom, neutrality and openness. The advantages of public blockchains generally fall into two major categories:

“A private blockchain is hardly different from a traditional database. The term is synonymous with glorified databases. But the advantage is that if they are to ever start adding public nodes to it then it becomes so much more. An open blockchain is the best method for having a trustless ledger. The broader the range of decentralized adoption the better. The Bitcoin blockchain hits all those points. 
×