What is Private Blockchain? GLOSSARY OF TERMS
The Private Blockchain restricts access to the data stored in the registry and also requests permission to participate. In order to join it, the user must be invited. The invitation is then approved by the creator or moderator of the network, as well as by other participants.
We can say that such a blockchain is a centralized system with its own set of rules. All basic functions, including database coordination and transaction verification, are available to a limited number of people.
The advantages of a private blockchain include a large number of transactions-per-second (TPS), which is limited by the bandwidth of the weakest node in the network.
The owner or operator has the right to change or delete the necessary entries in the blockchain as needed.
A public blockchain can benefit corporations looking to ensure a high level of trust between users and reduce risks. At the same time, companies looking to maintain the confidentiality of information prefer private networks.
An example of a private blockchain is Hyperledger Fabric (a framework for developing applications and specialized business solutions based on blockchain), in which only authorized participants can confirm transactions.
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