be corrupted , lost , or changed without the network knowing about it .”
With a public blockchain , anyone can download the peer-to-peer client software , view the ledger , and interact with the blockchain . This means that no single party has control over the massive amount of data the IoT devices generate , with Lundqvist claiming this makes it virtually impossible for anyone to compromise or corrupt data records .
“ Public blockchains , however , were developed for , and largely associated with , cryptocurrencies and are designed to preserve an individual user ’ s anonymity , treating all users equally ,” Lundqvist explains . “ This means that when it comes to enterprise applications – including managing IoT ecosystems – the strength of public blockchains also becomes a weakness and poses several challenges around privacy and control .”
For many enterprises , the idea of allowing every participant to have full access to the entire contents of the database does not sit well . “ As a result , a new generation of private blockchain is emerging where a single authority or organisation ultimately retains control , and no one can enter this type of network without proper authentication ,” Lundqvist says .
“ Some private blockchains can look more like centralised networks but they offer many , if not all , the distributed benefits . Any overall control they do retain helps to improve privacy and eliminate many of the illicit activities often associated with public blockchains and cryptocurrencies .”
Blockchain powered by AI and ML The foundation of blockchain technology , and the driving force behind its continuing evolution , is AI . The ever-improving fields of AI , coupled with ML , have helped keep
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