A private blockchain is a Peer-to-Peer network which is made centralized by connecting all the nodes to a central point that governs the entire network. This kind of blockchain systems are generally used by banks and companies for managing and controlling their internal operations. A private blockchain requires an invitation from the central system to join the network and it must be validated by the service provider or by a set of rules defined by the service provider.
A Private Blockchain establishes a permissioned network which in turn, places restrictions on the users that are allowed to participate in the network activities. So every new participant requires the permission of the governing party to join the network. However, the mechanism for access control may vary. For instance, the existing participants can decide the future entrants or a regulatory system could be established for the participants. In many cases, a consortium is responsible for all the decisions. Once a new participant is added to a private blockchain, it plays a significant role in carrying out decisions on the blockchain by taking part in joint consensus.
How Oodles Technologies Serves You?
Oodles Technologies comes at the forefront when it’s about Blockchain Development Services. We have our expertise in building top-tier private blockchains for streamlining the workflow of a business.
Oodles Technologies provides a highly secure private blockchain infrastructure of distributed peers that helps companies in validating transactions through secure contracts. We provide custom-tailored blockchain solutions for varied business needs.
Why Oodles ?
Custom development solutions for Private Blockchain with runtime parameters.
Ability to create multiple key values and identity databases.