Hybrid Blockchain — An alternative solution for augmenting companies
The world of blockchain is vast and has been noticeably developing each day. Considering a brief understanding of the blockchain space, there can be two camps rapidly growing with a fine fence in between. The trench has a substantial sized community supporting the public blockchain that favors decentralization on one side and on the other side it has a community of corporates supporting private blockchain which is mostly operated by a single entity and controlled by higher level of authorities.
Well, before the new approach in the form hybrid blockchain was introduced, the scaling companies had no option but to adapt the established public or private blockchain.
Let’s dive into to brief information about the established options for scaling companies before understanding how the hybrid blockchain, can be an exclusive alternative for the scaling companies.
Public Blockchain
· This is the most prominent type of blockchain the trading community is familiar with, a sit is open to the public allowing everyone to join and trade off the digital assets.
· It is a decentralized network, so everyone in the network owns the network and read or/and send the transaction without confinements.
· Here, the advanced cryptographic methods are incorporated to secure the data.
· The public blockchain has many projects running on it and probably the msot prominent examples are Bitcoin and Ethereum.
· It often uses a computationally complex form of consensus, which probably has issues with the fast transaction process and scalability, and this pose a potential threat to enterprise use.
Private Blockchain
· It is a database that exists in an isolated environment across a business network. It is a network that gets the business partners connect through operations nad benefits from a shared database.
· It requires the participants in the network to be known to each other and are trust worthy.
· The key concept of private blockchain is permissions. The permissions are required for every operation or activity in a network.
· The limit of participants and scope of consensus in private blockchains helps in achieving better scalability and processing speed.
· This type of blockchain is criticized for not ensuring the anonymity and decentralization. The most renowned private blockchain platform is Hyperledge Fabric, which is supported by IBM.
Now, that we see both the approaches has their own benefits and setbacks, the companies are diving into the latest approach called Hybrid blockchain that can serve as the alternate solution for their specific needs.
Hybrid Blockchain
Hybrid Blockchain is explained as the combination of public and private blockchain, incorporated by a single entity to reap the benefits of both the blockchain approaches.
Since, both the types of approaches has certain confinements, the augmenting companies are aiming to tailor their solution by incorporating methods that best suits their needs.
For an instance, talking about the large logistic companies that have many partners and clients, which creates a complex networks for the companies. This is where the implementation of hybrid blockchain comes in to the picture that helps a logistics company to be able to reap the benefits of both the public and private blockchain.
· The private part of hybrid blockchain solution will have a classic permissioned setup that can be used for transactions among the partners. This network serves fast and is secured and scalable.
· While, the public part comprises a large list of small partners and subcontractors, the company will be able to make changes on the network easily with trust establishment.
With all the above benefits the hybrid block chain platforms are gaining attention for the set of convenient options they bring fro scaling companies.
One such hybrid block chain platfrom that brings in the convenient options especially entertainment specified is AMUSE.
AMUSE — A business specified Hybrid block chain platform
AMUSE is an entertainment business platform that is powered by blockchain and is aiming at the pursuit of helping creators produce and distribute the creative content. Facilitating the users with transparency and providing them with an option of incorporating the combination of both public and private transactions on one hybrid platform, the AMUSE is setting up its way to be the world’s future innovative blockchainized entertainment platform.
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Final word
Incorporating the Hybrid blockchain solution to make your operational model more effective can be a good lay land, but the hybrid blockchain is a complex solution and is definitely not for everyone. But it surely deserves you attention for the benefits and customizability it brings in.
