Permissioned Blockchain Consulting for Best outcome for your Business Blockchains can be built and accessed in multiple ways. A blockchain that allows equal and open rights to all participants is known as un-permissioned, public or open blockchain. However, there are certain blockchains that need special permission to access, read and write information on them. The intrinsic configuration of such blockchains defines the roles of participants and how they can contribute to them. Such blockchains are commonly utilized by industry-level enterprises. For instance, an automotive business can use permissioned blockchain for its supply chain management. External vendors like banks and logistics partners, though part of the whole network, don’t have to know the price at which the manufacturer supplies various parts to the clients.
Blockchain implementations As opposed to public blockchain that anyone from around the world can join, permissioned blockchain requires an invitation from an organization before
you’re allowed to join. The blockchain developer may opt for few select records, like product name and quantity involved in a transaction available for everyone to read, while only select participants are allowed to view the transaction price. Other implementations of permissioned blockchain include limiting the participants to act as nodes on the network for improved network security. Arriving at the consensus Technically, properly conceived blockchain networks have an access-control layer built into the blockchain nodes that takes care of profile maintenance and permissioning. Un-permissioned networks do not have this access control layer. One more critical difference between a non-permissioned and permissioned blockchain is that while the former uses Proof of Work (PoW) or Proof of Stake (PoS) concept to reach a consensus, the latter uses consensus logarithms like RAFT or Paxos for this purpose. Key advantages of permissioned blockchain include: Privacy Scalability, and Fine grained access control In non-permissioned blockchains, consensus is typically a race to solve a hard mathematical problem to gain financial reward. Validating nodes have to collect all the transactions, choose an order and solve the block’s challenge in which the one with more computational power is likely to succeed. These transaction protocols can withstand significant attacks on the chain, but at the cost of transaction speed and finality. On the other hand, a permissioned blockchain has a much faster process. Validators can take turns to propose a block for the others to approve, and the consensus is more orderly. There is high transaction and finality is often instant. Blockchain technology is still in its infancy but it has already found some impressive applications in the industries like healthcare, food, aircraft, and compliance and regulatory. As with all new concepts, advisory services are absolute necessity to avoid pitfalls.
Permission based blockchain consultants Group50, the renowned business consulting partner for middle market companies has permission based blockchain consultants that can help you navigate this new world with confidence. They understand the technology and the platform in and out. With its specialized permission based blockchain consulting, their expert professionals can help you in strategy formulation and bring all stake holders within your organization to a common level of understanding to guide through the uncharted blockchain landscape. Contact Group50 to dive into the blockchain architecture and get tailor-cut blockchain designed to address your peculiar business needs.