Shared Assembly or Public Assembly - A shared assembly has version constraint. It is stored in the Global Assembly Cache (GAC). GAC is a repository of shared assemblies maintained by the .NET runtime. It is located at C:\Windows\Assembly OR C:\Winnt\Assembly. The shared assemblies may be used by many applications. To make an assembly a shared assembly, it has to be strongly named. In order to share an assembly with many applications, it must have a strong name. 

A Strong Name assembly is an assembly that has its own identity, through its version and uniqueness.