A private blockchain is a permissioned blockchain where access is restricted to specific participants or organizations. Unlike public blockchains, which are open and decentralized, private blockchains offer more control over the network, ensuring that only authorized users can participate in the consensus process. This type of blockchain is ideal for enterprises that require a high level of privacy, security, and efficiency, as it allows for faster transactions, reduced costs, and scalability. Private blockchains are commonly used in industries like banking, healthcare, and supply chain management.
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