Private Blockchains provide enhanced privacy, control, and efficiency but may have issues like centralization and limited transparency. Consortium Blockchains offer shared control, improved privacy, and efficiency, balancing characteristics of both public and private Blockchains.
How secure is consortium blockchain?
Enhanced Security: The restricted access model of consortium blockchains significantly reduces the risk of malicious attacks and unauthorized access. Members can confidently share and store sensitive data, knowing it is secure within the trusted network.
How are consortium blockchains used in supply chain?
Consortium blockchain use cases There are multiple participants in this supply chain network, therefore a consortium blockchain makes this process easy as it allows all participants to be on one network. It helps track and identify these articles throughout the supply chain journey.
Is consortium blockchain a hybrid blockchain?
Consortium blockchains are a hybrid model controlled by a group of organizations, instead of a single entity. The right to read the blockchain is often public, while the right to write transactions is restricted.
What is the disadvantage of consortium blockchain?
Disadvantages of Consortium Blockchains Consortium blockchains are more complex to set up and manage compared to private blockchains. This is because of the need for collaboration between multiple different entities.
What is the difference between hybrid and consortium blockchain?
Consortium Blockchain In the same way that a hybrid blockchain has both private and public blockchain features, a Consortium blockchain, also known as a federated blockchain, does. However, it differs because it involves various organizational members working together on a decentralized network.