WHY ARE BUSINESS ORGANIZATIONS MOVING TO PRIVATE BLOCKCHAINS? 15

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Why are Business organizations moving to
private Blockchain

• The Blockchain is the latest buzz in the market.
  It is the technology which the companies are
  eyeing as the future. It has a multitude of
  benefits that make it the most sought-after
  technology of the companies. When it comes to
  Blockchain, then its a distributed ledger which
  has all the information stored in chronological
  order. Moreover, all the data on the Blockchain
  are time-stamped, so it becomes effortless for
  the companies to trace any information.

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Why has private Blockchain famous?

• In past few years we have seen a rapid growth in
  the acceptance of the blockchain concepts, the
  companies are eyeing it to be the technology of
  the future. Between private and public
  blockchain, the companies are mostly emphasizing
  on the use of private blockchain for some reasons
  which we will be looking ahead in the blog. In
  case of the private blockchain, the access and
  permissions are tightly controlled, and the
  rights to modify or reading the blockchain is
  restricted to only a few users, you can say that
  it is centralized which is not the case with
  Public blockchain.

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• In the case of the public blockchain, the system
  is comparatively open and easy to access. It has
  an independent network. In case of the private
  blockchain, the user is sure that they will reap
  the benefits of private blockchain while availing
  the interests of all the features of blockchain
  like decentralization, immutability, no
  interference of the third party, etc.

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What is public Blockchain and private Blockchain?

• Though this picture looks quite lucrative its
  not there is a particular segment that does not
  trust the entire operation of the blockchain,
  primarily because anyone can become a part of the
  blockchain, thus making the system more
  vulnerable. When it comes to blockchain there are
  two variants
• Public Blockchain As the name indicates,
  public blockchain is a blockchain that anyone can
  read, trade and transact. In public blockchain,
  you can also expect to see them included if they
  are valid and any person can participate in the
  consensus process.

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• Private Blockchain Private blockchain is where
  permission is kept centralized to one location.
  The write permission is centralized, but the read
  permission may be public or restricted to an
  arbitrary extent. Its applications include
  auditing, database management, etc. Such
  applications are usually confined to the
  enterprise, and thus there is no need for the
  readability to be public and although in case of
  auditing, the public readability may be required
  and thus private blockchain is designed for
  enterprise solutions. Thus, benefiting companies
  a lot.

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Advantages of private Blockchain over
public Blockchain

• When it comes to the series of advantages that
  private blockchain offers over the public
  blockchain, then the most critical aspect of it
  is that companies reap the benefit of blockchain
  while restricting the readability. Apart from
  this, there are other sets of advantages which
  makes private blockchain an excellent choice by
  the companies
• Flexibility- The essential feature of private
  blockchain is that the company using this
  platform can change the rules of the blockchain,
  modify balances, and report transactions.

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• In the case of the private blockchain, the
  validators are known so sudden market
  fluctuations wont affect the functioning.
• In the case of the private blockchain, only a few
  nodes are involved in validation, and these nodes
  have the high processing power, it consumes
  lesser energy an thus becomes cost-effective.
• The nodes are well-connected, and thus you can
  fix it by manual intervention.

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• Read permissions are restricted, and therefore
  private blockchain provides a greater level of
  security as compared to the public blockchain.
• Thus, we see that private blockchain offers a
  series of benefits which covers the cost aspect,
  the time consumption aspect, and the security
  aspect. It means that private blockchain proves
  to be highly beneficial for the companies if they
  are looking for a cost-effective, state of the
  art and secure technology.

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Take Aways-

• After reading this it appears that private
  blockchain looks promising as far as businesses
  or enterprises are concerned, but when it comes
  to its application on the ground, then there are
  specific areas of concern, which if improved, can
  make blockchain a viable solution for the
  companies to establish transparency and seamless
  flow of work. Lets analyze the complaints about
  blockchain-
• Inability to share data
• Compatibility issues

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• If companies are planning to use blockchain, then
  it must overcome all these differences. Moreover,
  we are planning to use blockchain as a means to
  transmit and transfer value then it must be able
  to form a conduit to connect the disconnected
  system such that a seamless flow of information
  is created.
• Learn More about Blockchain

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert v2
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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