Secure, faster and transparent private blockchain service.READ MORE
Contemporary, secure and faster private blockchain networks can be initiated only upon valid invitation. In this decentralized network of blockchain each and every contributor holds supreme power in choosing peers to take part in the network in order to perform transactions. This is also considered highly secured than so called public blockchain as none can simply play with data also mistakes made are easily traceable. The reason why enterprises prefer private blockchain is due to extreme secured features available. In private blockchain network it is not possible to join without initiator's permission nor the control access or transaction rights can be easily transferred to third parties. .
Because of private blockchain allows the network participants to share data within organizations, in a much safer way, it is considered the most potential method for improving the efficiency of the back-office settlement process.
As the private blockchain network, all the dataset remain intact within the organization. Also provides the ability to slowly grow from a private blockchain network into a widely accessible public blockchain network.
Having set up a private blockchain network, an organization can take complete control over the participants of the network. Also, take the advantage of blockchain/decentralized technology by setting up groups and entrants who can verify transactions internally. Will have minimal or no scalability issues and allows faster transactions.
The only difference between how private and public blockchain works is, the private blockchain network requires authorization from the network starter. To give control access or the transaction rights to other parties, it's not open for all. The private blockchain is majorly used in enterprise level applications by financial, healthcare and legal industries where the security, scalability and higher TPS are extremely important.