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Definition: private blockchain


Although many people have heard about Bitcoin, Ethereum and other public blockchains, there are also private blockchains that are used among organizations. Mostly based on the Ethereum platform, a private blockchain for a particular industry allows organizations to transfer funds or execute contracts that are not in the public domain. However, the private blockchains provide the same salient features of public blockchains in that they provide immutable proof of ownership that cannot be altered. See blockchain and Ethereum.