Fri 19 Apr 2024
7:00:54 AM
kristofertaylorr@gmail.com
Posts: 160
Bronze Poster
|
What is a Consortium Blockchain?
I've read about public and private blockchains, but what exactly is a consortium blockchain, and how does it differ?
----
|
|
Fri 19 Apr 2024
8:14:45 AM
hilljoshua701@gmail.com
Posts: 141
Bronze Poster
|
Re: What is a Consortium Blockchain?
A consortium blockchain is a partially private blockchain where multiple organizations manage the platform. Unlike a fully public blockchain that anyone can access, or a private blockchain controlled by a single organization, a consortium blockchain allows a group of selected entities to participate in the decision-making process of the blockchain network. This setup is ideal for businesses that require both high levels of security and trust amongst various stakeholders. It is commonly used in industries like finance, supply chain, and healthcare where data privacy and regulatory compliance are crucial, yet there is a need for some level of collective governance and transparency. For an in-depth exploration of consortium blockchains, their advantages, and typical use cases, this article provides comprehensive insights: https://paybis.com/blog/glossary/what-is-a-consortium-blockchain/ It explains the structure, functionality, and benefits of using consortium blockchains in professional environments.
----
|
|