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Jan 3 in BlockChain

Q: Consortium blockchains

1 Answer

Jan 3

These type of blockchains are not governed by a single person or organization.

They are controlled by a group of Organizations.

All the transactions are verified by all or some of the particapating memebers of the different organizations.

Examples of these type of Blockchains are r3 and EWF

Permissioned v/s Permissionless Blockchains.

Permissioned blockchains are usually private blockchains which require special permissions to become a node of the blockchain network.

Some public blockchain networks can also be permissioned, anyone can read from these blockchains but special permissions are needed to add transactions.

Example of a public permissioned blockhain is Ripple. In Ripple anyone can perform transactions but only permissioned nodes can verify and add them to blockchain.

Permissionless blockchains are the public blockchains in which anyone can become a node and can participate in the process of mining using various consensus algorithms.

Most public blockchains like Bitcoin and Ethereum are permissionless

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