PRIVATE vs PUBLIC BLOCKCHAIN

A Deep Dive into public vs private blockchain.

Enterprise companies do not know how to decide with public and private blockchain technologies. Here, we will dig deeper and understand the features and compare public vs private blockchain.

A public blockchain network is a blockchain network where anyone can join whenever they want. Basically, there are no restrictions when it comes to participation. More so, anyone can see the ledger and take part in the consensus process.
For example, Ethereum is one of the public blockchain platform models. Let us check out the best features in this public blockchain vs private blockchain guide.

Enterprise companies do not know how to decide with public and private blockchain technologies. Here, we will dig deeper and understand the features and compare public vs private blockchain.

Basically, digital currencies exchanged in a private blockchain are like Monopoly money, while in a public blockchain if in an exchange can be traded for any other digital or traditional currency.

Public Blockchain: Best Features
High Security
Public blockchain companies always design every single platform in a way that offers full security. Every single day, enterprises and organizations deal with online hacks. It is becoming a big hindrance as time is going by.
Furthermore, it causes billions and billions of dollar losses every year.
But with all the security protocols of a public blockchain, they can easily stop all the hacking issues they face. More so, they can finally ensure true value or better data quality for any project.
The security protocols may vary based on the platform, but I can safely say that public blockchains are robust.

Open Environment
As you already know, the public blockchain is open for all, just like its name. So, no matter where you reside, you can log into these platforms. You would only need a good internet connection and a computer.

Anonymous Nature
This is one of most criticized features of public blockchains that most of the users love.As it is a public domain, this feature is mainly for the safety of one’s possessions. However, people did use it for illegal reasons as well.
People can use any new technology for bad and good purposes. Thus, it should not reflect on public blockchain technology in any way, and as a matter of fact cash is still king since criminals prefers cash for money laundering.1

According to the United Nations, the estimated amount of money laundered globally in one year is 2 to 5% of the global GDP, or $800 billion to $2 trillion, with more than thank 90% of money laundering going undetected today.

Concurrently, the cryptocurrency industry has also been criticized for being a tool for money laundering, despite statistics stating otherwise. It is estimated that only 1.1% of all cryptocurrency transactions are illicit.2

Why Use This?
True Decentralization
In a public blockchain, you will get true decentralization. This is something that is quite absent in private blockchain networks. As everyone has a copy of the ledger, it creates a distributed nature as well.


Full Transparency
Well, nothing can compare to a fully transparent platform to anything else. Basically, the public blockchain companies tend to design the platforms so that it is fully transparent to anyone on the ledger.


Immutability
The public blockchain network is fully immutable. But what does that mean? Well, it means that once a block gets on the chain, there is no way to change it or delete it. So, it makes sure that no one can just alter a certain block can get benefits from others.


Full User Empowerment
Typically, in any network, the user must follow a lot of rules and regulations. In many cases, the rules might not even be fair ones. But not in public blockchain networks. Here, all the users are empowered as there is no central authority to look over their every move.

Private Blockchain: Best Features
High Efficiency
Even though public blockchain came first, they tend to lack inefficiency. Why? Well, it is because they introduce everyone to the network.


Empowering Enterprises
Private blockchain solutions work to empower the enterprises rather than individual employees. Companies do need great technology to back up their processes. More so, these solutions are mainly for the internal systems of an enterprise.

Why Use This?
Saves Money
Maintaining a private blockchain is rather simple compared to public blockchains. Private blockchain platforms take up only a few resources. But on the other hand, public blockchain takes up a lot to support the platforms’ enormous crowd. Thus, in the long run, it saves a lot of money.

A detail from the digital collage Everydays: The First 5,000 Days, by artist Beeple, aka Mike Winkelmann. Photograph: AP

Public Vs Private Blockchain: The Ultimate Comparison

Here we show you a benchmark of #AURA and #Quadrans vs #OTIchain, #Bitcoin, #Ethereum, #Hedera Hashgraph in collaboration with Raffaele Bini.3


Businesses need to be acquainted with the benefits and drawbacks of public and private blockchains to ascertain which blockchain type will prove the most beneficial for their specific requirements.


The general consensus is that public blockchain and private blockchain are competitors. However, that is not the case. Both platforms serve different business scenarios. Public blockchains tend to better serve B2C players whereas private blockchain platforms are better suited to B2B scenarios. Thus, businesses should adopt a blockchain platform, i.e., public blockchain or private blockchain depending upon the desired goal.


The Proof of Stake consensus mechanism has recently been in the spotlight for quite some time in the context of blockchain scalability issues.


Without going into details about its advantage over Proof of Work, Proof of Stake eliminates the need to spend a huge amount of electricity to validate blocks.


Instead, blockchain participants with the most coins are selected by the algorithm for the right to validate blocks.
The assumption behind Proof of Stake is as follows: those who hold a stake in a network have an incentive to act in its interest.
Other things being equal, the higher the stakes, the greater should be their interest in preserving the system.
Just as in PoS, in the PoA consensus, identity as a form of stake is also scarce. But unlike in PoS, there is only one identity per person.
Identity staking means voluntarily revealing who you are in exchange for the right to validate blocks.
Identity staking can act as a great equalizer, empathised and valued equally by all actors.
Individuals whose identity (and reputation by extension) is at stake for the security of a network have an incentive to preserve the network.
For the concept to work in real, live contexts, certain conditions must be met:
Identity must be true: this means that there must be a standard and robust process to verify that validators are indeed who they claim to be.
Eligibility for identity staking should be hard to achieve so that the right to be a validator is earned, valued and costly to lose.


This is the big PoA identity issue at stake: whoever decides to approve the two conditions above may have an interest in controlling the blockchain through the individuals they have given permission to or pursue economic goals that are increasingly oppressive to them.


AURA is a combination of a permissioned PoA blockchain (for obvious reasons, having to ask permission to participate in the stake) and several applications that use it as a backend for supply chain tracking and anti-counterfeiting of objects.

In Aura since consent is permissioned, the cryptocurrency used therein cannot be valuable or trusted, as it is controlled by a few parties


OTICHAIN is a permissionless PoS blockchain (so anyone can participate in the consensus to secure the network, without censorship or bias) and 1TrueID provides a number of applications that use OTICHAIN as a backend for supply chain tracking, anti-counterfeiting of objects, certifying the ownership of the object to an individual, giving the certification to a third party (in case of sale/gift), using the cryptocurrency embedded in OTICHAIN to transmit value to objects or individuals using it.


From the information retrieved, becoming an AURA node means setting up a server as the consortium says and paying a significant start-up fee.


About Quadrans, I am happy to revise with a note from a member of the Quadrans Foundation technical team, Piersandro Guerrera, original quote:

[quote] Becoming a node of Quadrans (another PoA blockchain used by TextileChain) means paying 1000 euros a year, plus their cryptos at the price they deem appropriate for the client.[/quote]

Revised one as informed from Piersandro Guerrera, (see in the comments):

As written in the Quadrans Foundation website, Quadrans “uses both Proof of Stake and Proof of Work protocols and combines them into a modified Proof of Authority.”


Becoming a node of OTICHAIN means investing (not paying) the amount you want to have a significant return and not having to pass any visa or censorship of any kind.


A bit of technique:
Premised on the attached scheme I would add a comparison with the audience:
An important detail with Hedera is that OTICHAIN uses a transaction security system based UTXO and node confirmations, Hedera uses Hashgraph which accepts all blocks on principle creating a multitude of sidechains. Which does not allow to “reject” a block and does not allow to change the rules of the game (Fork) for code improvement because everything applies.

https://otichain.com/Businesses need to be acquainted with the benefits and drawbacks of public and private blockchains to ascertain which blockchain type will prove the most beneficial for their specific business requirements.

1.https://www.europol.europa.eu/newsroom/news/cash-still-king-criminals-prefer-cash-for-money-laundering 2.The Hidden Truth Behind Money Laundering, Banks And Cryptocurrency (forbes.com)
3.https://www.linkedin.com/in/raffaele-bini-5esse/

A detailof the digital collage BE by Emanuele Bertoli. Photograph RB
A detail from the digital collage BE by Emanuele Bertoli aka BE. Photograph: RB

Images in this post are considered to be in the public domain since found on the web and media therefore supposed to be copyright-free images – it’s not intended from the author of the post to violate any copyright right infringement laws, or to offend anyone; in the case you advise a violation, would you advise me and I’ll promptly remove them. The post it’s also an expression of my personal opinion. 

The Revolution from What to Who ©

better world

Actually we don’t really know what we are eating, we don’t know what we are dressing, at the end, we do not know Who We Are!

Eco-LabelsComing back from Geneva my mind was overloaded of certification schemes,  whilst I was thinking that the sole certification we will need in the future could be the “I MADE IT, and this is why the blockchain, and let me say 1TrueID can be a real revolution.

Finger scanner icons on black background.You are Your Certifier!

We’ve come too far to give up who we are; now, we have the possibility to allocate a digital identity to everything’s and without the need of  external auditors or advisory or authority. You will tell your story and the story of every product genuinely , being the sole responsible in front of your customers.

We can own, we can share, we can be social or private, the only thing you can’t do in an advanced supply chain blockchain vision is to be fake or misleading, and all of that sounds good 🙂

No needs to declare that Class I and “Extra class” cucumbers are allowed a bend of 10mm per 10cm of length and  that Class II cucumbers can bend twice as much, you will simply let the world see where you grow how you cultivate them and the way you nurture your crop, and why not in real time.

cucumber

In the Future like it was in the past we will join the love to know the “WHO MADE MY”,  to communicate one to one with him. Like in the past we will have thousands of artisan making the difference, millions of makers communicating in real time with the final consumer, no more products the markets don’t want or do not deserve to buy.

revolution 2

You Love my product, OK I am the one who produced it, yes it is me really me, how I can improve, what you would like me to do for you?

This is only the beginning of the Makers Revolution smaller and bigger.

…coming soon the 1TrueID B2C revolution

And all of that for a sustanaible living, since we do not have planet B for now.

BE_stage_Slight

Images in this post are considered to be in the public domain since found on the web and media therefore supposed to be copyright-free images – it’s not intended from the author of the post to violate any copyright right infringement laws, or to offend anyone; in the case you advise a violation, would you advise me and I’ll promptly remove them. The post it’s also an expression of my personal opinion, and do not intend as well to have any commercial purpose.

Being 7 years far ahead others

arrival-png

Born Ahead

italian version

Secondo l’Ansa, pare che qualcuno abbia presentato un bottone 4.0 rivoluzionario, ma, questa tecnologia e brevetto è già stato annunciato da BerBrand sette anni fa e da 1trueid poi, anche in conferenza stampa ad Eataly di Milano:

  • 2010mektrax7 BerBrand 1° premio SMAU su tecnologia Rfid inserita in un bottone e nella supply Chain
  • 2016 la conferenza stampa, c/o Eataly (in discussione i vari articoli)
  • 2017 l’evoluzione Blockchain, (in discussione i vari articoli)
  • 2017 selezionati all’interno dell’Accenture Fashion Hub di Piazza Gae Aulenti,
  • 2018 sarà bellissimo vedrete, annunceremo qualcosa di unico al mondo, come nostro stile

Centinaia di migliaia di “bottoni” o meglio tag intelligenti sono già in commercio nel solo sistema moda con tecnologia 1trueid, utilizzata dai migliori brand di alta gamma, sia per anticontraffazione, che per il customer engagement, in fase di sperimentazione per le nuove lavatrici del futuro, ma anche utilizzata in ambiti particolarmente smart come per la gherardicamicia su misura di Alessandro Gherardi.

Curioso anche vedere come il servizio inserisca in fotografia normalissimi bottoni, qualche verifica in più avrebbe di certo aiutato.

Certo, può capitare uno sbaglio, del resto le conferenze stampa le facciamo per questo, il mondo si evolve velocemente, essere informati richiede un’attenzione importante, ma è anche vitale tutelare le società veramente innovative che, grazie alla ricerca e importanti investimenti, creano valore e lavoro.

Born Ahead

English Version

According to Ansa, the leading wire service in Italy, and one of the leaders among world news agencies, it seems that someone presented a revolutionary button 4.0, but, this technology and patent has already been announced by BerBrand 7 years ago and by 1trueid® then even at a press conference at Eataly in Milan:

  • 2010 BerBrand 1st SMAU prize on Rfid technology inserted into a Button and Supply Chain
  • 2016 the press conference, c / o Eataly (discussing the various articles)
  • 2017 evolution Blockchain, (discussing the various articles)
  • 2017 selected within the Fashion Hub Accenture of Piazza Gae Aulenti,
  • 2018 will be beautiful you will see, we will announce something unique in the world, as our style

Hundreds of thousands of “buttons” or better smart secure tags 1trueid® are already on the market just on fashion system, worn by top-of-the-range brands, both for anti-counterfeiting and customer engagement, being tested for IOT washing machines, but also used in particularly smart areas such as Alessandro Gherardi’s custom shirts.

It is also curious to see how the service puts in the picture a normal button; a better verification would certainly help.

Of course, everyone can make a mistake, this is also why we make press conferences, the world evolves quickly, being informed requires important attention, and it is vital to protect truly innovative companies that, thanks to research and important investments, create Value and work.

Images in this post are considered to be in the public domain since found on the web and media therefore supposed to be copyright-free images – it’s not intended from the author of the post to violate any copyright right infringement laws, or to offend anyone; in the case you advise a violation, would you advise me and I’ll promptly remove them. The post it’s also an expression of my personal opinion, and do not intend as well to have any commercial purpose.

APPLE ‘’some kind of Fruit Company”

apple be

Forrest Gump’s Investment in Apple would be worth $7 Billion Today, that’s why I’m a Business Angel and I decided to be one of the 1Trueid founders.

In the 1994 Oscar-winning movie Forrest Gump, there’s a short scene in which Tom Hanks’ character opens a letter of thanks from Apple after his former military colleague and business partner Lieutenant Dan invested some of the profits from the Bubba Gump Shrimp Company in “some kind of Fruit Company.”

If Gump was real and if he was still clinging on to his investment today, he could have a staggering 12 million shares in the Cupertino Company, worth around $7 billion.

One year ago I successfully introduced  the 1TRUEID company to the Italian press in Milan in a place that resembles one of the mantra of the venture, communicate the real excellence and ‘’made in’’ therefore  EATALY, with the aim to become the one and only Social Book of Things, and, confidently become the one and only competitor to the Facebook Empire.

Some reason to be positive that we can win the challenge:

  • We’ve created a 360 degree environment, like ipod at the era of the mp3 we have fashioned a device that is considered ‘’best of breed’’ from major hardware corporations that now collaborate with us in the further upgrades
  • We’ve created a platform like itunes at that time or facebook now where to share the object that you own and that we certify being of your property
  • We’ve secured and patented the idea, the hardware and the fact that it’s social, not for arrogance but to avoid to so many people to waste energies on the Internet of Things signifying them to invest their energies in deploy 1Trueid solutions; undeniably who would ever want hundreds of app on his Smartphone instead of one?

By the way, day by day Facebook is even more seen like a grey empire whilst on the contrary every user of the 1TRUEID platform benefits of an ultra secure and protected privacy.

Just curios? Sign in! Are you a developer or a maker? Order a starter kit at less than 30 us dollars. 

 

Early Stage investors? You’re now advised!

Images in this post are considered to be in the public domain since found on the web and media therefore supposed to be copyright-free images – it’s not intended from the author of the post to violate any copyright right infringement laws, or to offend anyone; in the case you advise a violation, would you advise me and I’ll promptly remove them. The post it’s also an expression of my personal opinion. 

IT4FASHION & Steve

it4fashion
In the amazing surroundings of The Pagliere building , a complex of great architectural importance, of a unique type in the Florence building landscape  I will be honored to introduce The Book of Things©, 1trueid.

We are in what I call a new ‘’mp3’’ era, the Internet of Things era, and whilst others are focusing mainly on custom made applications, I have contributed to create the secure platform designed to become the future standard of reference.

Together with the platform we have developed a complete environment, thanks also to astounding partners; an ecosystem made of readers, devices, tag, antenna’s, Big Data analysis, payment tools, gaming engagement and more, much more,

1trueid in non financial marketsThis is what makes the difference as it was for ITunes in January 9, 2001.

My personal journey in the blockchain and IOT technology started in ’98 thanks to an intuition, and was confirmed after the success of Facebook, the world is changing from central, to dots connection to a complete interconnected world.

Dozens or even hundreds of start up and start upper now understand the change, but none had our intuition, to build a standard, this is why our motto is:

‘’We build roads, not trucks©”

As it was for Malcom McLean who patented the containers, 1trueid is a patent applied for application, but in the same way of Malcom, the patent purpose is to accelerate our standard dissemination, in fact we are focused on partnership, especially with System Integrators, and my personal motto is:

‘’Collaboration is the new competition©”

1trueid ise1trueid is open to everyone since the entry level is accessible for one of the Forbes 100 Corporate as well for the producer of only 100 exceptional bottles of wine or special oil, or custom made items, or even for the end user to protect his luxury items or to manage his home domotic.

How I come to this? After the intuition comes the realization, and I started my personal journey and scouting with the one trillion club, meaning meeting Corporate with a sum of turnover over the one trillion US dollars, and meeting key leaders and visionaries.

cha-2016-08-01

He has highlighted our tag specially designed for the garment industry.

One of the recent Visionary has been Mark Harrop, the founder and Managing Director of WhichPLM. During a career that has spanned more than four decades, Mark has worked tirelessly to further the cause of PLM providing the unbiased, expert advice that has enabled some of the world’s best known retailers, brands and manufacturers achieve efficiency savings across their entire supply chain through informed technology investments.

diamondI will also reveal an amazing Social 1trueid Project, be among the very first to know about.

So there are a lot of things happenings and do not miss the opportunity to be among the actors and not the spectators; never forget that Forrest Gump’s Investment in Apple would be worth $7 Billion Today, that’s why I’m a Business Angel and I decided to be one of the 1Trueid founders. This will be one of my next post, stay tuned…

Images in this post are considered to be in the public domain since found on the web and media therefore supposed to be copyright-free images – it’s not intended from the author of the post to violate any copyright right infringement laws, or to offend anyone; in the case you advise a violation, would you advise me and I’ll promptly remove them. The post it’s also an expression of my personal opinion.