The most widely used blockchain solution by businesses

As I mentioned in one of my episodes on Web 3.0, not all blockchains are public. There are also private and licensed blockchains (to understand the nuances between public, private, and authorized blockchains, find my ring by clicking here). In this article, as you can imagine, we will focus on the private blockchain.

private blockchain

To put it simply and quickly, not all players running on a private blockchain have the same rights. Unlike the general solution, only entities that have received a trusted, administrator-verified invitation will be able to take on their duties.

In this sense, verification is necessary by network operators (which already exist). These operators can be the creators of the blockchain or the entities already established on the solution. Thanks to the private blockchain, these representatives can control their access and have privileged rights such as modifying, authorizing or rejecting certain transactions.

  • The network can only be accessed by a limited number of individuals and the new entrants must first be validated by the network operators, in other words, by a central decision-making body.
  • The accessibility of data may differ from one node to another, in other words, from one individual to another depending on the access rights set by the operators.

Concretely, within the framework of a private blockchain, the quality of power has re-emerged but with blockchain technology. Not everyone can participate, transact and certify changes made to this type of blockchain.

The difference between a public blockchain and a private blockchain
Source: PricewaterhouseCoopers

Hyperledger texture

The most widely used enterprise-wide blockchain framework is the Hyperledger Fabric solution.

Source: blockdata.tech


The IBM solution was developed in 2015 and is now available on all clouds: Google Cloud, Amazon’s AWS, Oracle, and SAP. Its adoption has been phenomenal thanks to the solution-enabled modular architecture that adapts to a wide range of use cases. The fabric allows organizations to keep their information confidential while releasing only the data they want to share with certain blockchain stakeholders.

Although the blockchain is private, Hyperledger Fabric is open source, which means it allows all developers to build on what they have already created, making the solution scalable and scalable. This modularity is one of the most valuable features from a business perspective. In addition, the IBM solution implements a proof-of-concept (proof of concept in the Anglo-Saxon version) which allows companies to test technology in order to verify that it proves profitable and that it will operate as intended by the company’s activities before subscribing to IBM’s solutions.

Hyperledger Fabric provides a rich permission system that enables organizations to efficiently allocate read and write access to transactions on the blockchain network. Thus, authorized parties are given public and private keys so that they can interact with the blockchain only when they are allowed to do so.

Concretely, it is possible, for example, to allow only certain members of the supply chain to have access to transaction visibility.

Dans le cas d’une chaîne d’approvisionnement, avec le réseau Fabric, les entreprises disposant d’une authentification permettant d’accéder à la blockchain peuvent avoir accès aux données des transactions antérieures de manière to gain automatique transparence Important). This also makes it possible to reduce interference between players and eliminate fraud or attempted fraud between stakeholders. Real-time updates about product production and shipment are sent to the Fabric solution. Simple, fast and effective follow up.

Hyperledger.org

The advantages that the fabric allows:

Free access: The solution is open source, i.e. publicly available, and consists of an active community of developers. All community members can view, modify, and contribute code as they see fit.

Privacy : Unlike a public blockchain, where all operators have the same information and where none of them can be monitored, a private blockchain can provide an access control layer that allows members, who are all clearly identified, to limit the disclosure of private information to other entities, so that it can only be viewed by by related parties. A key feature in some industries like banking and insurance for example, where customer data has to be kept private.

performance : public block chainAnd Like Bitcoin for example, it requires the validation of transaction blocks by all network operators around the world. In the context of a private blockchain, such as the Hyperledger Fabric architecture, the number of operators is much lower, which greatly improves transaction speed and leads to better performance.

Finally, we easily understand that companies are turning to this type of structure to develop activities via blockchain technologies. Standardized, confidential, scalable, and more efficient solutions than public blockchains. It is now possible to control new arrivals, manage access controls, manage disclosed information or even enforce operations, unlike a blockchain like Bitcoin. The slowness and cost of Bitcoin operations is the price of decentralization, security, and transparency. Although the stakes differ between public and private blockchains, if we put ourselves in the shoes of a company, where the management of private data and the cost of operations are factors to ensure business continuity, to be interested in private blockchains, versus public blockchains, is easy to understand, at least for the time being.

The second most used blockchain by companies this time is the public blockchain: Ethereum. We will quickly dissect aspects of the platform that are popular for both cryptocurrency investors and the business world.

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