A private blockchain is a peer-to-peer network based on distributed ledger technology such as Bitcoin and Ethereum that is not open to the public. One of the three basic types of blockchains is this one. Access to a private blockchain, unlike public, so-called permissionless blockchains, must be granted, Transactions on private blockchains often do not require the agreement of all nodes in the network. This means that the power in such blockchains is more centralized then in public blockchains, making them more efficient in transaction processing.
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