A consortium blockchain is a collection of different financial organizations, each with its own personal blockchain. This blockchain allows a selected beforehand number of miners to manage the procedure for consensus.
What Exactly Is Consortium Blockchain?
A variety of companies or entities administer and operate consortium blockchains. Customers must be invited to join and be authorized before they can use the network’s resources since it is a distributed ledger with permissions.
The consortium blockchain divides the maintenance of the distributed ledger system and verification of transactions among the member entities. As opposed to being managed by a single governing body, organizations that are members administer the nodes of the network that validate payments and maintain the blockchain.
Use Cases Of Consortium Blockchain
- Healthcare
- Finance
- Identity Verification
- Real Estate
- Government Services
- Control of the Supply Chain
- Energy Management
- Intellectual Property Management
Conclusion
If you wish to get economic benefits for your company by partnering with other businesses, federal blockchain can optimize interaction and dynamic cooperation between both sides. It provides users with an encrypted yet partially autonomous network by combining the greatest of both realms, such as both private and public blockchains.
