Corporate companies are always hesitant with public and private blockchain technology. In this interview, we will discover functions and compare public and private blockchain.
Watch a new Stobox Interview with Mark Smith — a CEO of an enterprise blockchain platform Symbiont that is being used by major financial institutions, bringing classical finance on-chain.
? How financial applications on the private blockchain are different from public ones;
? What are the challenges in the adoption of blockchain by traditional financial institutions;
?How will the financial landscape look in the future given the competition between DeFi and CeFi?
Follow the link to learn more about Symbiont — https://www.symbiont.io/
Request a free 30-minute consultation, if tokenization is an interesting mechanism for you: https://stobox.io/tokenization
In Public Blockchain anyone can see the ledger and take part in the consensus process. Public blockchains are immutable and decentralized. Cryptocurrencies, such as Bitcoin(BTC), Litecoin, Ethereum (ETH) are the public blockchain platforms examples. ETH also allows the creation of smart contracts that are distributed across thousands of nodes. DeFi is also inherently public-blockchain based
It can be problematic to incorporate the public blockchain network into the corporate blockchain process. If you want a fully decentralized network system, then public blockchain is the way to go.
Public blockchain doesn’t have any regulations that the nodes have to follow, it can offer the highest level of privacy for enterprises. In the case of Private Blockchain, organizations use the distributed ledger technology (DLT) but they don’t make their data public. In private blockchain platforms, the transaction fees are extremely low; it saves a lot of money; it isn’t fully decentralized like the public.
Semi-private blockchains are blockchains that can also be kinda hybrid. Ripple and EOS can be seen as semi-private blockchains.
Despite the rise in institutional adoption of cryptocurrencies, there are still significant obstacles preventing traditional financial institutions from seamlessly integrating with the decentralized financial world.
00:00 — Intro
1:33 — About Mark
5:14 — How are permissioned financial applications different from public ones?
10:17 — Challenges in the adoption of blockchain
16:15 — Company troubles over private blockchain infrastructure for corporate company
23:23 — Future of the financial landscape
29:16 — Last words
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