With distributed ledger technology and blockchain, you can enable reliable data sharing and process automation beyond the limits.
A private blockchain network is a decentralized peer-to-peer network, comparable to a public blockchain network. However, the network is governed by a single organization, which determines who is authorized to participate, implements a consensus procedure, and maintains the shared ledger. Depending on the use case, this can greatly increase participant trust and confidence. A private blockchain can be used within a company’s firewall and even hosted on-site.
A public blockchain, such as Ethereum, is one that anybody may join and participate in. Significant computer power is required, there is little or no privacy for transactions, and security is inadequate. These are crucial considerations for blockchain use cases in the industry.
The management of a blockchain can be shared across multiple companies. Who can submit transactions or access data is determined by these pre-selected organizations. When all members need to be permissioned and share responsibility for the blockchain, a consortium blockchain is perfect.