What is the difference between a private and a public blockchain?

The main difference between private and public blockchains is that a private blockchain is managed by a single entity and access to it is restricted, while a public blockchain is accessible to anyone with an internet connection. A private blockchain offers faster processing times and more control for the owner, but the cost of setting up or maintaining such a network may be much higher. On the other hand, the code of public blockchains are visible to everyone, so they provide complete transparency; at the same time, because anyone can join such networks, it makes them much less secure than private ones. Ultimately, each type of blockchain has its own strengths and weaknesses; organizations must weigh out these considerations carefully when selecting which type of blockchain is best for their business needs.