Different Types Of Blockchains (continuation)

in #blockchain2 years ago


  • Federated Blockchains

Another Blockchain technology is the federated Blockchain. It's also called Consortium Blockchains*. It's kind of opposite to the public Blockchain networks. That's because people don't get access to the ledger and any sort of transaction verification process. Everyone doesn't have the right to read this Blockchain.

A group of leaders operates the Federal Blockchains. That's the main reason behind the name of this Blockchain. The privacy of transactions is better in this system. They handle it with great care. Even their scalability is higher than public ones.

The group of its leaders controls all its consensus processes. It's extremely fast. Generally, the banking sectors use the Federated Blockchains. With this Blockchain network, no one has the right to join and participate in the right system without any permission. You'll need proper permission before taking part in any process of this network.

Federated, also known as Consortium Blockchain substitutes legacy systems. It eliminates data redundancies. It makes people directly handle the documents. There are no sem-manual compliance mechanisms. The transaction cost is also less in the federal blockchain network.

B3i 9Insuarance), R3 (Banks), Corda, EWF (Energy) are some of the Federated or Consortium Blockchains.