How Permissioning Regulates Access on the WAB Blockchain
The WAB blockchain require special permissions to read, access, and write information on them. This kind of blockchain is termed “permissioned blockchains”. The configuration of such blockchains is intrinsically built to control the participants’ transactions and clearly spell out their roles in which each participant can access and contribute to the blockchain.
In most cases, it also entails maintaining the identity of each blockchain participant on the network. The selected participants who can act as transaction validators on networks. Permissioned blockchains, which are ideal for internal business operations, have very different dynamics, hence permitting the central governing entity or consortium of entities to decide on all odds relating to how the network is created, its rules and protocols and what users can do.
In its technical sense, permissioned blockchain networks possess an access-control layer entrenched into the blockchain nodes. All such permissioning and profile maintenance is taken care by this access-control layer. These differ from the un-permissioned or public blockchain networks which don’t have a control layer.
Permissioned blockchains differ from private blockchains in the sense that they permit only known nodes to participate in the network. For instance, a bank may be managing and running a private blockchain operated through a designated number of nodes internal to the bank. But permissioned blockchains permit anyone to join a network once identity and role are defined.
Permissioned Blockchains are Distinguishable
More importantly, permissioned blockchain networks are different from unpermissioned blockchain networks based on the presence (or absence) of an access control layer built into the blockchain nodes.
The first basic difference between a permissioned blockchain network and an unpermissioned blockchain network is whether the participants in the network have an capacity to limit and determine the number of participants in the consensus mechanism of the blockchain’s network.
Secondly, another difference between a permissioned blockchain network and an unpermissioned blockchain network is whether the participants in the network have the say to limit who can create smart contracts and transact on the blockchain network.
Permissioned block chains are more performant than the permission less ones. Also, permissioned blockchains are more cost effective. Public blockchain networks are costly to adopt simply because of spam control. Public blockchain networks of logic optimized blockchain nodes like the Ethereum network has a pricing structure which is linked to computation operations.
So every time a contract needs to go into a loop, users of that contract must pay to run that loop. How much users are required to pay will be dependent on how many times the contract must iterate through the loop. The more times through the loop, the more computational operations will be required, and the more money must be expended
Permissioned blockchains are also customary among industry-level enterprises and businesses whose security, identity and role definition are considered vitally important. Take for instance, a manufacturer creating a product may opt for a permissioned blockchain structured to cater for supply chain management.
However, the transactions on permissioned blockchain may also involve logistics partners, financing banks, and other vendors involved in the supply and financing process. These external parties, though part of the whole network, don’t have to know the price at which the manufacturer supplies the products to various clients. Use of permissioned blockchains allows such role-limited implementations.
Permissioned blockchains serve as restricted ecosystems, where all users are not free to join the network, view the recorded history, or give out transactions of their own. Permissioned blockchains are usually used by centralized organizations, which utilize the power of the network for their own, internal business operations. In the same vein, Company consortiums are also much likely to make use of private blockchains, make secure record transactions and exchange information between one another.
Some of the key features of permissioned blockchains include:
Varying decentralization: members of the blockchain network are permitted to undertake negotiatiations and make decision with respect to the level of decentralization that the network will have.
In a private blockchain, it is completely accepted if they are fully centralized or partially decentralized. Some degree of central control is required. Also, private blockchains are permitted to determine which consensus algorithms they want to adopt yet the governance model is very vital here in this scenario given the fact that there is no even distribution of power among the members in this network. This ultimately has given rise to the creation of level tiers of private blockchain users, thereby permitting individuals to do only what their job requires them to do.
Transparency & Anonymity: private blockchains are not transparent and open to all. It operates strictly based on formal anonymity. They are free to choose to do so depending on the inner organization of the businesses. However, when it comes to privacy, it is not needed on a central level; it can be individually determined on a user-case basis. Typically, many private blockchains store a large amount of data relating to the transactions, and operations carried out by users. Because there is no internal economy for most private blockchains, there is no need to see how monetary tokens are being sent or used.
Governance: for permissioned blockchains, governance is largely determined by members of the business network. However, there are sundry dynamics which can determine how decisions are made on a central level, yet there is no need for consensus-based mechanisms, where the entirety of the network must agree to a change. Unpermissioned blockchain networks are public spaces and as such have all the challenges of public goods governance when it comes to ensuring the networks evolution via updates to its rulebook or mechanisms of interaction.
As a result of this, innovation is slow to be integrated by these networks; and their security and consensus models have vexed challenges. Enterprises attempting to put in place business process automation in consortium’s need a network that can move in different directions and that can be optimized for different ideas than a public network would likely be optimized to achieve.
Permissioned blockchain networks only permit transparent governance within the consortium and here is why the WAB network is suitable for business, governmental and enterprise-level usage.
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