Consortium Blockchain Explained

Blockchain is a piece of technology that was created by a pseudonymous group or individual under the name Satoshi Nakamoto. Satoshi arranged blockchain in a manner that was envisioned to facilitate a decentralized and trust less online payments ecosystem in the form of the digital currency Bitcoin. This has deposited the making of other digital currencies and assets which all utilize blockchain technology as a base upon which to build their various platforms. The most common type of blockchains are public, with the most prevalent being Bitcoin and Ethereum. Though, blockchain types such as a consortium blockchain are another thought-provoking application of Satoshi’s initial blockchain execution.

Consortium blockchains can best be understood when compared to their more popular counterpart, public blockchains. This type of blockchain is one that possesses no access restriction, meaning that absolutely anyone with an internet connection can become a participant of a public blockchain. More specifically, anyone in the world is able to read data that is included on the blockchain, and anyone in the world is allowed to execute transactions on a public blockchain. Importantly, there is also no restrictions as to who can participate in the consensus process for blockchains, which is the process that determines the individual or entity that can add a block to the blockchain. Public blockchains are considered to be fully decentralized, with control over the blockchain not being in the hands of any single individual or entity.



Consortium Blockchain

Consortium blockchains differ to their public counterparts in that they are permissioned, thus, not just anyone with an internet connection could gain access to a consortium blockchain. These types of blockchains could also be described as being semi-decentralized. Control over a consortium blockchain is not granted to a single entity, but rather a group of approved individuals. With a consortium blockchain, the consensus process is likely to differ from that of a public blockchain. Instead of anyone being able to partake in the procedure, consensus participants of a consortium blockchain are likely to be a group of pre-approved nodes on the network. Thus, consortium blockchains possess the security features that are inherent in public blockchains, whilst also allowing for a greater degree of control over the network. An example is Hyperledger is an open source collaborative effort that has been created to advance cross-industry blockchain technologies. Created by the Linux Foundation, the technical goals of Hyperledger are the following:
  • Create enterprise grade, open source, distributed ledger frameworks and code bases to support business transactions.
  • Provide neutral, open and community-driven infrastructure supported by technical and business governance.
  • Build technical communities to develop blockchain and shared ledger use cases, field trails and deployments.
Consortium blockchains are often associated with enterprise use, with a group of companies collaborating together to leverage blockchain technology for improved business processes.

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