Private Blockchain Development Company
If you are residing in cryptocurrency industry for a long while, you would be familiar with the word "blockchain". The blockchain is nothing but a distributed ledger that has been used to store the digital transactions of the popular cryptocurrency " bitcoin". The use cases of blockchain have founded to be suitable for industries that are not related to cryptocurrency too. This in a result, many industries and corporate sector started to utilize blockchain to manipulate their business transactions and data.
Most notable industries are banking, supply chain and healthcare. Get detail information about the industries which could be ruled by blockchain.
So, it is clear that blockchain is not only for bitcoin and cryptocurrencies, it could be made as flexible to adopt other industry functionalities too. But, How this could be possible is the question here!! Right?
The answer to the question is, "Private Blockchains"
What are private blockchains?
Before understanding about private blockchain, we should have a deep understanding of public blockchain.
"Public Blockchain" is another term for blockchain. For more details information about blockchain check out our older blog, where you can find what is blockchain technology? How does it work?
An open source public ledger technology, where anyone can read/write/edit and access the data without permission hence it is deemed as distributed and decentralized ledger technology.
Challenges While Opting Open Source Blockchain Technology to a Private Organization
The blockchain is an advanced technology, This part of blockchain difficulties is not reporting the disadvantage of the blockchain. Instead, this section explores the difficulties when we implement the public blockchain functionalities to a closed group, organizations or enterprises use cases.
Though the blockchain is open source, it is not much secured for closed groups like organizations and enterprises.
2. Time and Energy
As blockchain is decentralized, creating a block or consensus in public blockchain will take more time and energy. Because every node in the blockchain will have responsibility to authorize a transaction. So this will not be suitable for private sectors.
Scalability will be the topmost problem in public blockchain. Decentralization characteristic of blockchain will limit the number of transactions to a node which can process. So the growing amount of transactions will result in Scalability issues.
6. Privacy is Limited
7. Storage constraints
Like this blockchain is having a lot of difficulties when we apply this concept for our private or closed group use cases.
Sidechain - An another concept that has been derived to wipe out the common issues of the blockchain. Check out What is Sidechain In Blockchain?
Ref : Fundamental Challenges With Blockchain
To over come all the above challenges, blockchain experts have derived us an advanced blockchain concept "private blockchain technology". Lets have a look about private blockchain in detail below!
Private blockchain is advaned to the public blockchain concept. Here the authority of read/write and moderating access have been issued to a single entity or a group of people. As there exists a central authority in private blockchain, it breaks the prime nature of public blockchain " Decentralization". Hence this kind of ledger technology will be known as distributed data ledger interoperates with cryptography functionalities.
As the private blockchain breaks the concept of "Decentralization" It breaks the common difficulties that we used to face while applying the blockchain concept for private usage.
1. No one has the rights to read/ write/ edit a transaction or a consensus unless he/she has the permission to do it. Hence this type of blockchains is known as Permissioned blockchain.
2. The time taken to verify a single transaction will take less time, as it eliminates the multiple verifications from multiple nodes.
3. Fully Secured. Only if we don't allow third parties to access the network.
Private or Custom Blockchain Development :
As the online business gets dumped with a lot of data that are difficult to handle with, results in finding secured storage. The private blockchain is the best solution for enterprises, industries, and corporates which generates a huge amount of transactional data on daily basis. Banking, supply chain, E-commerce,Telecom and Healthcare are the best example. So if you are a businessman, and are wishing to keep your business data more secured under a closed network, then you can implement private blockchain.
Where you can get private blockchain Development Services?
Bitdeal - Private Blockchain Development Company.
We bitdeal- a reputed blockchain development company, who are the monopoly and the one who initiated to provide blockchain services for the first time in South Asia. We are having a troop of expert blockchain developers, who are familiar with custom blockchain application development for different types of industry verticals.
At bitdeal, you can expect the following Blockchain services too.
1. POC Blockchain Development
2. Smart Contract Development
3. Hyper ledger Development
4. Dapps Development
5. Blockchain Consulting Services
6. Private/ Public Blockchain Development
For improved results, you can hire our dedicated blockchain developers on partly or hourly basis.
If you want to make your business more dynamic and to get digitally transformed with blockchain technology Get connected with bitdeal now!