The blockchain is a decentralized, state-of-the-art technology that has the potential to revolutionize not only the FinTech industry (which it already did) but every aspect of our day-to-day life. Being a secure digital ledger, it has paved new ways for secure record keeping.
In broader terms, there are three types of Blockchain: Public Blockchain, Private Blockchain, and Federated or Consortium Blockchain.
As the name suggests, Private blockchain can be managed and controlled by a single organization and the access can be limited to that one organization and its different departments. Of course, the network is Peer-to-Peer but only within the firm. In this way, a private blockchain is slightly different from the public blockchain as the information is not shared outside a department and the company itself. Only the permissioned users can have access to the information. For this reason, it is also called a Permissioned blockchain.
There are numerous use cases for private blockchains. Some are being currently considered in industries:
We, at Oodles Technologies, provide end-to-end Blockchain Development Solutions to our clients. We also have our expertise in building private blockchains for small-to-medium enterprises. We have more than four years of experience in Blockchain Applications Development and a seasoned team of Professional Blockchain Developers. Over the past few years, we have attained requisite excellence in building Private Blockchains for leading firms from across the globe. We provide world-class Private Blockchain Solutions for the banking sector as well.
