Difference between public and private cloud

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I'm working on a project that revolves around cloud computing and I'm becoming very confused over the difference between public and private cloud. From what I understand, public cloud relates to multiple users working on the same physical machine (which makes it unsafe for data). While for the private cloud, it's much more safer than data because there's only one user with access. Is that the case or am I missing something else?

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Actually it doesn’t matter if it runs on the same physical machine.  Most of the times it consists of a number of servers, networking devices and storage, and a private cloud is not necessarily ‘much more secure’ (and it is not related to only one user having access).

In simple terms, it is related to the number of organizations that the cloud serves.  If the cloud is dedicated to serve a single organization (no matter whether it is local or external to that organizations facilities) then it is considered a private cloud, but if the virtual infrastructure is shared among more than one organization, it would be considered a public cloud.

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