Consortium Blockchain

Assalamualaikum

Greetings to you all!

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Consortium blockchain is kind of blockchain which operates by multiple organisations instead of public or any single entity. Hybrid blockchain is another name of consortium blockchain because it is combining public and private blockchain elements together here.

There are some of the characteristics of consulting blockchain that I am going to describe below;

• This blockchain has multi organisational ownership means there are multiple organisation which own and operate this blockchain that consists of companies government and different high level institutions.

• This blockchain give permissioned assess which means that only authorised members can heaven access of it after validation and approval before joining consortium.

• Consortium blockchain have decentralized system of governance so all the consortium members will be responsible for decision making and it will be distributed in them equally so members will work together for governing and making decisions about blockchain operations.

• Combination of public and private blockchain architectures both are used by consortium blockchain because I have talked about it that this is another name of hybrid blockchain so this thing permits for free and limited access to the Blockchain network.

There are some of the advantages or benefit of consortium blockchains that I am going to describe here;

• These type of blockchains are helpful in offering highest level of security because assess is limited for authorised members and they can also join after validation and approval.
• As we know that there are group of organisations involved for its governing so due to this reason cost will remain minimum and efficiency will remain enhanced at consortium Blockchain.
• Consortium blockchain is useful for facilitation of collaboration and sharing of information with members that can lead to innovative opportunities in business.
• Consortium blockchain is designed in a way of meeting particular regulatory needs that cause reduction in any risk if it is involved related to non compliance.

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There are some of the use cases of Consortium blockchain that I am describing below;

• Blockchain is very helpful in tracking and verification of movement of different kind of goods or products as well as materials by the use of supply chain and this is its one of the special use case.

• Consortium blockchain is useful for facilitation of fastest and safest cross border payments which cause significant reduction in requirements for any intermediate entity.
• Consortium blockchain are useful for creation and management of digital identities which is responsible for minimising risk of any theft or fraud related to person's identification.
• This blockchain is useful for secure storage and management of healthcare information which is useful for enhancing over all patient outcome and minimising cost so this is another special use case of this type of blockchain.

Let's have a look at some of the examples I am sharing below;

• R3 Corda is developed by R3 and there are more than 200 financial institutions involved in this consortium blockchain platform.
• Hyperledger fabric is another example of consulting blocks in platform which is developed by Linux Foundation and behind IBM and Intel company support is present.
• Energy web foundation is another most common and important example of Blockchain network that is getting support from shell company and its major focus is at energy in industry.

In conclusion I must want to say that consortium blockchain is another name hybrid blockchain which is governing by multiple organisations as I have told as well as I have also discuss its associated benefits , some of its special use cases as well as some of its most common example of this topic is easy to understand and clear for everyone...

Have a blessed day