Public Blockchain
This Blockchain was designed to securely cut out the middleman. It does this by creating a block of peer-to-peer transactions. Each transaction is verified and synced with every node affiliated with the blockchain prior to being written to the system. The benefit is every transaction is public and users can maintain anonymity. A public blockchain is best utilized when a network needs to be decentralized. Speeds are slower than on a private chain, but still faster and less expensive than the public blockchain. This is perfect for a crypto like Bitcoin. While security is the greatest concern for users, a decentralized network Is more expensive and slower than a public blockchain network.
Private Blockchain
Private blockchain brings the middleman back into the conversation. This allows for greater efficiency and transactions on a private blockchain will be completed much faster. Though it does not give the same security as the public blockchain, trusting a business to run with a blockchain is no more dangerous than trusting it to run without one. A company can choose who has read access to their blockchain’s transactions, allowing for more privacy than a public blockchain.
Hope this helps....
