Private Blockchain
- Blockchain networks either function in a private setting, such as a closed network, or are managed by a single identity.
- Although this Blockchain is much smaller than a public blockchain network, it is still decentralised and features peer-to-peer connectivity.
- They are frequently not accessible to anybody who wishes to contribute computing power, but rather operate on a small network within a company or group.
- Business blockchains and permissioned blockchains are two other names for them.
Advantages of Private Blockchain
- Blockchain networks either function in a private setting, such as a closed network, or are managed by a single identity.
- Although this Blockchain is much smaller than a public blockchain network, it is still decentralised and features peer-to-peer connectivity.
- They are frequently not accessible to anybody who wishes to contribute computing power, but rather operate on a small network within a company or group.
- Business blockchains and permissioned blockchains are two other names for them.
Disadvantages of Private Blockchain
- Developing Trust: A private network has fewer users than a private network.
- Lower Security: Because there are fewer nodes or participants in a private blockchain network, it is more susceptible to a security breach.
- The limitation of private blockchains is their dependence on a central Identity and Access Management (IAM) system. Full administrative and monitoring capabilities are offered by this system.
Uses of Private Blockchain
- Supply Chain Management: A company’s supply chain can be managed using a private blockchain.
- Asset Ownership: Assets can be tracked and verified using a private blockchain.
- Internal Voting: Using a private blockchain also makes it possible to conduct internal voting.
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