Make the right pick in permission based blockchain with a reputed consultancy Blockchain technology is making inroads into a variety of industry verticals including supply chains, automotive, food chains, manufacturing and other domains due to its ability to share with multiple entities a consistent, verified and tamper-resistant source of truth. A blockchain is essentially a tamper-resistant distributed network that provides and important trust layer for business information and transactions. Blockchains can be of two types:  Permissionless blockchain  Permissioned blockchain A permissionless blockchain allows anybody to create an address and begin interacting with the blockchain network. Each party can choose to run a node for the blockchain, create smart contracts and participate in transaction verifications. Such a system has to be decentralized and distributed so that no one entity can censor parts of it or bring the network down. The longer the history, harder it is to tamper with the records stored on the immutable blocks in the network chain. The more distributed and decentralized a network is, harder it will be to bring it down. Internet is an excellent example of a permissionless network where anyone can create a website of their choice. Closed ecosystem makes permissioned blockchain the choice of organizations Permissioned blockchain, on the other hand, is a closed ecosystem in which each participant is well-defined. It is built specifically for the organizations to efficiently
exchange information and transactions. Stakeholders opt to form a blockchain network wherein only authorized entities are allowed to run the nodes that validate transaction blocks and execute smart contracts on the blockchain. These blockchains need special permission to read, access and write information on them. Each network participant’s role is defined who can act as transaction validators on the network. Permissioned blockchains are ideal for business consortiums and enterprises for whom role definition, identity and security are important. Role-limited implementation provides confidentiality to permissioned blockchain Supply chains often make use of permissioned blockchain. Such a network may involve logistics partners, banks and other vendors. These parties, though being part of the network, need not know the price at which the manufacture supplies the products to various vendors. This role-limited implementation is the key characteristic of the network that provides it a unique value proposition for business specific use cases. Properly conceived permissioned blockchain networks provide an access control layer built into the blockchain nodes. On the other hand, permissionless or public blockchain networks do not possess such an access control layer, so every participant of the public blockchain network can freely access it. Get a custom permissioned blockchain for your business Permissioned blockchain, such as Scioebc offered by the Group50 business consultancy uses a consensus mechanism called “proof of stake� rather than proof of work consent of permissionless blockchain, resulting in the transactions that are confirmed incredibly quickly. Permission based blockchain consultants at Grop50 have expertise in developing a private blockchain to meet your specific business needs. They will break down the computation requirements for a given meta-network into the segments which only apply for a particular application, thus drastically increasing the speed of
execution of the smart contracts. This way, the network becomes more performant as each node will perform only the computation necessary to support a given application. If you are in need of a permission based blockchain consulting for your firm, contact Group50.