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Private Blockchain - Coggle Diagram
Private Blockchain
Merits of Hyperledger fabrics
Permissioned membership
Performance, scalability, and levels of trust
Data on a need-to-know basis
Rich queries over an immutable distributed ledger
Modular architecture supporting plug-in components
Protection of digital keys and sensitive data
Use case of Smart Contracts
Corporate document flow
Supply chain business processes
Insurance
Secure voting systems
Auctions of any type or complexity
Key Characteristics
Full privacy
Centralized
High Efficiency and Faster Transactions
Better Scalability
Need of private blockchain
In this type of blockchain read and write is done upon invitation, hence it is a permissioned blockchain.
Private blockchains consume a lot less energy and power.
In a private blockchain, there is no chance of minor collision. Each validator is known and they have the suitable credentials to be a part of the network.
Reduces transaction cost and data redundancies and replace legacy systems, simplifying documents handling and getting rid of semi manual compliance mechanisms.
Consensus Algorithm
RAFT
BFT
PAXOS