Understanding private Ethereum networks
We have extensively discussed Bitcoin and public Ethereum. Blockchain applications are favored for a variety of purposes. Some of those applications are built to reduce the cost of communication and coordination, as well as increase trust among all business parties. As a result, the network of the business is more accountable, and the operation of the business is more smooth and efficient. Besides, as new blockchain applications start to play a role in business, new business models are developed and opportunities are emerging.
Blockchain applications for enterprise can be built on public Ethereum, as known as Mainnet. But those applications can also be built on private blockchains. With a public blockchain, anyone can become a node of the network and access all the activities inside it. The key challenges for enterprise adoption are privacy and confidentiality. Enterprises need both of them for legitimate reasons:
- Privacy will be enforced...
