Permissioned Blockchain and Its Advantages Permissioned Blockchains are considered as an additional blockchain security system that is used for maintaining the access control layer by enabling the performance of certain identifiable participants. This is a reason why permission blockchain are different from public and private blockchain. In other words, permissioned blockchain is the third category of blockchain which contains a mixture of public and private blockchain with various customization options. This blockchain allows anyone to join the permissioned network after accomplishing their verification process and allocation of particular and designated permission to perform some specific activities on the network. Such types of blockchains are specifically created to grant special permission to each participant to perform a specific function like read, access and write information on the blockchain. Nowadays, businesses and enterprises are implementing the permission based blockchain networks through which they can put necessary restrictions while configuring the networks as well as control the activities of the participants as per their desired roles. How does it work? The permissioned blockchain can be designed and accessed in different ways. These types of blockchain have a basic configuration like blockchain will control the transactions of the participants and define their roles in which they can participate to access and contribute to the blockchain. This may also include maintaining the identity of each blockchain participants on the network. These are called as permission blockchains. Key benefits of Permissioned Blockchain
Permissioned blockchain offers an extra level of security over typical blockchain system such as bitcoin with its access control layer feature These blockchains are beneficial for those who need extra security, identity and role definition within the blockchain They are different than other common public blockchains such as Bitcoin and other cryptocurrencies
Example of Permissioned Blockchain
When it comes to the blockchain network used for managing the deals in farm produce products from its origin (farm) to end-user (customers), the permission blockchain can prove beneficial by managing the multiple entities involved in the network. For example, a farmer is cultivating a medical plant and ships it to multiple markets across the globe. This process includes the involvement of multiple parties such as the country’s customs department that permit the entrance of the product in the nation, shipping companies who move the product and warehouse operators who store the product within a specified temperature range. Now, the farmer can finalize the product price and quantity for selling his produce to different countries. The other entities like the custom department, shipping company and warehouse operator don’t need to know about the agreed prices between farmers and his various buyers. They just require limited information such as quality specifications and quantity. In this scenario, permission blockchain is beneficial by enabling such restricted implementation and limit the permission of those participants on the blockchain. If you also want to implement permission blockchain in your business then Group50 permissionbased blockchain consultants can help you in the best way. At Group50, they have in-depth knowledge of blockchain and its multiple technology platforms that enable them to assist in its implementation in different business sectors. They have created a plug and play permissionbased blockchain solution supported by IoT platform and driven by smart contracts. The blockchain can be used for a number of purposes but Group50 is mainly focused on a few supply chain use cases including food, aircraft, automotive, healthcare, oil, and gas, etc. Contact the Group50 experts to receive permission-based blockchain consulting services and bring your business to the next level. Visit: group50.com