A private blockchain network requires an invitation and must be validated by either the network initiator or by a set of rules put in place by the network validator. Every participant holds the ultimate power to choose who can and cannot be a part of the network and perform transactions.
Advantages of Private Blockchain
- Cryptocurrency Auditing
- Since nobody can reach the data without permission, private blockchain is much secured than the public one.
- Improved Efficiency
- The way participants can share date within organizations leads to the most potential method for improving the efficiency of the back-office settlement process.
- Glorified Databases
- As the private blockchain network, all the dataset remain intact within the organization. Also provides the ability to slowly grow from a private blockchain network into a widely accessible public blockchain network.
- Control the Environment
- An organizations can take complete control over the participants of the network as they determine who can submit transactions, read transactions and take part in the consensus process.
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