A private blockchain is a restricted, permissioned network where access is controlled by a central authority. Unlike public blockchains, private blockchains are typically used by businesses for internal operations, such as supply chain management, enterprise resource planning, and secure data storage. These blockchains offer high-speed transactions, enhanced security, and privacy. Participants must gain permission to access the network, which makes private blockchains ideal for organizations looking to retain control over their data while benefiting from blockchain’s decentralized nature and immutability.
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