A private blockchain is a closed, permissioned network where only authorized participants can validate transactions and access the blockchain’s data. Private blockchains are typically used by businesses that require control over who can participate in the network, ensuring enhanced security and confidentiality. These blockchains are ideal for applications in supply chain management, enterprise resource planning, and financial services. By offering a controlled environment, private blockchains provide faster transaction speeds and lower costs compared to public blockchains, while ensuring the integrity and privacy of business-critical data.