How much do you know about blockchain-- Private chain

DaDa / tr. by Phil Newell)

The biggest difference between a private chain and a public chain is that it is only open to individual individuals or entities. Therefore, the write permission of the private block chain is in the hands of only one organization. Read permission is either open to the public or is restricted to any extent.

The characteristics of private block company

(1) the transaction speed is very fast.

The transaction speed of a private chain can be faster than any other blockchain, even close to the speed of a regular database that is not a blockchain. This is because even a small number of nodes have a high degree of trust, and each node is not required to validate a transaction.

(2) better protection of privacy

The private chain makes the data privacy policy on that blockchain exactly the same as in another database, without dealing with access permissions and using all the old methods, but at least, this data will not be publicly available to anyone with a network connection.

(3) the transaction cost is greatly reduced or even zero.

There can be completely free or at least very cheap transactions on the private chain. If an entity controls and processes all transactions, they no longer need to charge fees for their work.

However, even if the transaction is processed by multiple entities, such as competitive banks, for example, for example, they can process the transaction so quickly for the same reason, so the cost is still very small; this does not require a complete agreement between nodes, so few nodes need to work for any one transaction.

(4) help to protect its basic products from being damaged

It is this that enables financial institutions such as banks to embrace private chains in the current environment, banks and governments have a vested interest in taking care of their products, and national legal tender for cross-border trade is still valuable.

Application of Private Block chain

Linux Foundation

The Linux Foundation is a non-profit alliance that aims to coordinate and promote the development of Linux systems and to promote, protect and regulate Linux. The organization was founded in 2007 by the Open Source Development Laboratory (Open Source Development Labs,OSDL) and the Free Standards Organization (Free Standards Group, FSG), where MeeGo is the Linux operating system managed by the Linux Foundation.

Super ledger

Super ledger (hyper ledger) is an open source project launched by the Linux Foundation in 2015 to promote blockchain digital technology and transaction verification. Members include more than a dozen different stakeholders, including ABN AMRO and Accenture, with the goal of enabling members to work together to build an open platform to meet a variety of user cases from many different industries and simplify business processes. Due to the characteristics of peer-to-peer network, decentralized account book technology is completely shared, transparent and decentralized, so it is very suitable for applications in the financial industry, as well as countless other industries, such as manufacturing, banking, insurance, Internet of things and so on. Through the creation of open standards for decentralized books, virtual and digital forms of value exchange, such as asset contracts, energy transactions, marriage certificates, safe, efficient and low-cost tracking and transactions.

R3CEV

R3CEV is a New York-based blockchain startup whose R3 blockchain alliance has so far attracted 42 giant banks to participate. They include Wells Fargo, Bank of America, Bank of New York Mellon, Citibank, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Bank of Australia, Royal Bank of Canada, SEB, Societe Generale and so on.

The above is the introduction of "private chain" brought by DaDa. Please look forward to the more wonderful content in the future.