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Private Blockchain - Coggle Diagram
Private Blockchain
Introduction
managed by administrator
participants need consent to join the network
Key Characteristics
Immutable
Distributed
Dcentralized
Secure
Consensus
Unanimous
Faster Settlement
Need
integrity of sensitive data
tracking the flow
verifying payments
providing authority in logistics
Smart Contract in Private Environment
Data operated is much more sensitive
operated with data stored outside of the blockchain
State Machine Replication
helps us to achieve a consensus in a permission mode
no need to execute a smart contract to all the nodes
subset of contract executor executes and propagates with other nodes
Consensus Algorithms
PAXOS
maintain the same ordering of commands
replicas eventually converge to the same value
RAFT
decomposed into relatively independent subproblems
cleanly addresses all major pieces
Byzantine Faults
Byzantine Fault Tolerant (BFT)
Practical BFT