In the year 2009, a new technology which sounded ridiculous at first was invented. Blockchain, Satoshi Nakamoto called it. A payment system in which transactions will be saved on a public ledger. Not only that, it does not require the services of a middleman in the verification. These transactions are visible to everyone despite the anonymity involved when it comes to individual’s identities.Verification of transactions is done through a connection of several nodes. Each node is then rewarded with the coins commonly known as bitcoin.
Although created for the purpose of storing records of transactions in a chain of blocks, it has been discovered that the blockchain technology can be used for other purposes such as cloud storage for a huge collected data, digital identity, smart contracts, voting process (as done recently in Sierra Leone).
Private Blockchain Versus Public Blockchain
A public blockchain is a decentralised system in which the data available is made available to everyone, that is, it is open-source. In the public blockchain, no one is in charge. Anyone can read, see and access the data in it. Anyone can also send transactions to a public blockchain, as long as the data is valid, users all over the world can see the data present in the blockchain. Users can participate in the process of validating transactions and adding these transactions to blocks that get added to chains.
A private blockchain is the total opposite of the public blockchain as there is a mode of regulation present. A user needs permission in order to read, access or write data to the blockchain. A private blockchain is usually owned by an organisation, therefore it is not decentralised but can be called a distributed ledger with cryptography as a security measure.
The Future of Blockchain
Public blockchain seems to be the answer to many problems plaguing the financial sector all over the world. Private blockchain also has a whole lot of advantages which makes it preferable to the public blockchain.
Since a public blockchain is open to all users to make use of, governments, banks and big organisations can make use of features available to store huge amount of data in form of transactions. Recently, Sierra Leone used a public blockchain during their presidential elections. Voters could see their votes, calculate it without any fear of rigging by an opposition party.
The private blockchain can be used by companies who still want to maintain a level of orderliness and authority over their database.The transactions made on the private blockchain are cheaper since they do not need a whole lot of nodes in the verification of transactions. Also, transactions of each client is protected from the prying eyes of the public. All these features make the private blockchain a better option for institutions and private organisations.
Avesta In The World Of Blockchain
Avesta is penetrating the world of Blockchain in a never seen way, filling a gap when it comes to the area of security and privacy which users desire more than anything. On public blockchain, once a user’s password or key is lost, so does the holdings.
On the Avesta platform, clients can retrieve their keys when lost or forgotten. When a user loses their password or dies, the account can be re-issued with the coins still available. The issue of privacy is solved using this private blockchain. Many users prefer that the details of their transactions be kept out of the public eye.With Avesta, clients have the chance to do so. Avesta also allows users make transactions which are faster and this is because only a few nodes are included in the verification. The transaction is for 10s, which is 60 times faster than the transaction time recorded for Bitcoin, Ethereum and Zcash.