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Consortium Blockchain Example

Monax | Explainer | Permissioned Blockchains

Monax | Explainer | Permissioned Blockchains

What is a Permissioned Blockchain Network? The DNA of a permissioned blockchain network is no different than the DNA of an unpermissioned blockchain network. With the exception of one gene that has been mutated. Properly permissioned blockchain networks differ from unpermissioned blockchain networks solely based on the presence (or absence) of an access control layer built into the blockchain nodes. The first primary difference between a properly conceived permissioned blockchain network and an unpermissioned blockchain network is whether the participants in the network have an ability to restrict who can participate in the consensus mechanism of the blockchains network. Permissioned blockchain networks allow the network to appoint a group of participants in the network who are given the express authority to provide the validation of blocks of transactions. Or, to participate in the consensus mechanism. The second primary difference between a properly conceived permissioned blockchain network and an unpermissioned blockchain network is whether the participants in the network have an ability to restrict who can create smart contracts (if the blockchain node is logic optimized ) and/or transact on the blockchain network. Together, at Monax, we call these capabilities based permissions. The Benefits of Permissioned Blockchain Networks To understand the benefits of permissioned blockchain networks to their participants, we must consider the relative advantages which they have vis a vis their unpermissioned cousins. We must also consider the relative advantages which permissioned blockchain networks have vis a vis their cousins on the other side of the spectrum: hub and spoke distributed databases. Permissioned Blockchain Networks are More Performant Than Unpermissioned Blo Continue reading >>

Types Of Blockchains - Public Blockchain | Private Blockchain - Sofocle

Types Of Blockchains - Public Blockchain | Private Blockchain - Sofocle

Anyone in the world can download the data and read the data. Anyone can participate in the consensus process to write the data or block into the public Blockchain. There are numerous public blockchains. Bitcoin which is a peer to peer currency exchange was the first public Blockchain followed by Ethereum which allows anyone to build smart contracts and decentralized apps on it. Some other examples are Dash and Lisk. Some people think that since public blockchain is open source, it is not secured. On the contrary, it is highly secured using cryptography and consensus protocol. Examples Bitcoin, Ethereum, Dash, Lisk, Factom and Blockstream Consortium Blockchain as the name suggests is controlled by a consortium of members. It has pre-defined set of nodes, the users with access to write the data or block. For example in the case of Trade Finance use case, the consortium may be participating banks, importer, exporter, ports of sending and receiving countries, custom officials etc. Some of these participants will have write access and some or all will have read access. It is not fully decentralized as public blockchain. In Private Blockchain, all permissions are kept centralized to an organization. Companies who wanted to create own currencies started using this type of Blockchain. One major criticism of Private Blockchain is that since it is not decentralized, its just a distributed database. There are some points in favor of this approach. One it allows some organizations who have compliance and privacy requirements to implement Blockchain. Second, it adds the values like cryptographic auditing and known identities to the internal processes. But with private Blockchain, the central idea and beauty of decentralization and open protocols gets lost. Continue reading >>

Announcing Support For Multi-member Consortium Blockchain Networks On Azure

Announcing Support For Multi-member Consortium Blockchain Networks On Azure

Announcing Support for Multi-member Consortium Blockchain Networks on Azure Christine Avanessians Senior Manager, Microsoft Azure As your blockchain application development efforts and pilots mature, we realize that the requirements for the underlying consortium network will change, and that you will need to easily and securely create and deploy across multiple regions and support members comprised from organizations that exist within separate administrative and trust boundaries. We are excited to announce expansion of our blockchain support on Azure to be the first public cloud that enables multi-member consortium blockchain networks addressing enterprise scenarios that require a deployment of a private network across Azure regions, subscriptions, and Azure Active Directory (Azure AD) tenants. As we work with customers, we see scenarios divide into three common topologies: 1. Single organization, multiple subscriptions: This is a common topology when divisions in an organization do not trust each other, for example when one division is auditing another division. Each division has its own footprint, but they are physically separated in different subscriptions across the same Azure AD tenant. 2. Multiple organizations, private: This is the true consortium scenario where each organization will have its own footprint and subscriptions, Azure AD tenants, and regions are all different. Given enterprise IT requirements, the services deployed must not be publicly accessible on the internet, even though communication will occur across organizations. 3. Multiple organizations, public-facing: Similar to the above topology, but in industries, enterprises, or scenarios where IT requirements allow or require the services deployed to be accessible to the public, over the internet. T Continue reading >>

Classification Of Blockchains

Classification Of Blockchains

Initially, the blockchain technology presumes complete freedom and independence of the chain, in which there is no single administrator. However, interest of large companies and financial institutions in the new technology led to the emergence of more centralized forms of blockchain , when there is a centralized control system while distributed data are preserved. Such transformations allow us to talk about different types of blockchains: public blockchain ; blockchain , which belongs to the consortium and completely private block (the classification of Vitalik Buterina, the creator of the Ethereum platform). They differ by the level of access to the information of participants in the network , as well as their ability to influence its development. Any person in the world can get an access to public blockchains. This means that he or she can send transactions and wait for their inclusion if they are valid, and also participate in the consensus process, that is, determination which blocks will be added to the chain. Unlike conventional economic systems that are strictly regulated and centrally managed, public blockchains are protected by the principles of crypto-economics. Crypto economics is based on a combination of economic incentives and cryptographic verification of data. According to these principles, the influence on consensus in making a decision is proportional to the volume of economic resources. Such systems are generally considered to be "completely decentralized. Bitcoin and Ethereum are the most popular examples of public blockchains. The public nature of the blockchain allows these platforms to be used to make direct transactions between users without intermediaries. Blockchain, belonging to consortium[ edit ] Consortium blockchains are controlled by a pr Continue reading >>

Public And Private Blockchain Concepts And Examples

Public And Private Blockchain Concepts And Examples

Public and Private Blockchain Concepts and Examples There has been tremendous interest in blockchain, the technology on which Bitcoin functions. Nakamoto developed the blockchain as an acceptable solution to the game theory puzzle Byzantine Generals Problem. This lead to a number of firms adopting the technology in different ways to solve real world issues, wherever there was an element of trust involved. Majority of them could be relating to the ability to provide proof of ownership for documents, software modules/licenses, voting etc. As you know, we at LTP have been doing a lot of research to understand other use cases of blockchain apart from Bitcoin-based payments. Recently we had released a comprehensive analysis of 50+ startups and 20 use-cases of blockchain. Though there have been news of large companies accepting bitcoin (Ex.: Amazon, Microsoft, Dell) and the overall acceptance reaching a 100,000+ merchants figure, upon deeper examination we realize that large corporations do not store the Bitcoin payments. They generally partner with a Bitcoin payment processor who converts the Bitcoins to cash as and when they receive a payment and this converted amount is what the corporates take into their account. What a bummer! By definition, blockchain is a ledger of all transactions that have been executed and could be seen as a write-only platform, wherein transactions once executed cannot be modified later. This platform has been further divided into Public and Private blockchain. Is there a third one? a hybrid mode such as a Consortium blockchain as represented by Vitalik Buterin, founder of Ethereum, a decentralized web 3.0 publishing platform. A public blockchain is a platform where anyone on the platform would be able to read or write to the platform, provided th Continue reading >>

The Emergence Of Blockchain Consortia

The Emergence Of Blockchain Consortia

Blockchain is a technology that requires collaboration to be effective, which is why companiesboth allies and competitorshave begun working together in consortia. But creating a successful blockchain consortium requires planning, investment, and commitment. Explore the Signals for Strategists collection Some technologiessay, spreadsheets or photo-editing softwareare valuable in the hands of a single user. Others require buy-in from many users, both partners and competitors, with their value increasing as more parties sign on. Blockchainthe digital distributed ledger technology that underpins Bitcoin and promises to transform so many industriesis evolving rapidly. 1 But one blockchain trend is not particularly technological in nature: A growing number of companies that are seeking to develop and deploy business solutions based on blockchain technology are pursuing their goals as part of a consortium, which is a group of companies that join together, typically to set standards to enable the development of new infrastructures. Distributed ledgers are business-to-business workflow tools, which entails that blockchain practically demands collaborationto set standards, develop infrastructure, and execute transactions. And these consortia are the mechanism through which blockchain-interested companies, regulators, and governments are collaborating. Some consortiamost notably in financial servicesseem on track to succeed. But not all are set up for success. Any company seeking to capitalize on blockchains potential to increase operational efficiency and enable new business models and client solutions should consider joining or forming a blockchain consortium while heeding the lessons from the first generation of consortia. In particular, adequate funding, robust governance, an Continue reading >>

Getting Started With Azure Ethereum Consortium Blockchain

Getting Started With Azure Ethereum Consortium Blockchain

Getting started With Azure Ethereum Consortium Blockchain Azure started supporting a number of distributed ledger technologies that fulfill business requirements in security domains and much more. Azure has started Blockchain as a Service (BaaS). It will emerge as a platform for rapidly creating applications on cloud technologies. Azure has come up with many blockchain solutions, like Ethereum Consortium, STRATO Blockchain LTS, Emercoin Blockchain etc. In this article, we are going to discuss Ethereum Consortium Blockchain template solution by Azure. The template will be used to deploy and configure a private Consortium Ethereum Network quickly. To create blockchain network, go to the Azure portal and log in with your Admin account. Click + New on the home page. Search for Ethereum Consortium Blockchain. Select the template, then click Create. It will open "Basics" bladewith input parameters as follows. After filling all the parameters, click OK. Resource Prefix: Prefix for naming the deployed resources.(1 to 6 characters long) VM user name: Administrator of all virtual machines created.It is also used while creating the Ethereum account.(1 to 64 characters long) Authentication type: The method to authenticate to the virtual machine username/password or username/ssh key.(Password or SSH public key) Password: The password for the administrator account.(12 to 72 characters long) After clicking on OK, it will open Network size and performance blade with input parameters as follows. After filling all the parameters, click OK. The number of mining members in the network. Subnet will be formed for each mining member. (2 to 12 members) The number of mining nodes deployed per member.Total mining nodes = Members * Nodes Per Member. (1 to 15 nodes/member) The storage replication Continue reading >>

Public, Private And Consortium Blockchains

Public, Private And Consortium Blockchains

Public, Private and Consortium Blockchains Tristan Winters September 25, 2016 7:09 AM A beginners guide to the different types of Blockchains. What are the essential points of distinction between three separate classes of the same blockchain technology --public, private, and consortium? Bitcoin is the original blockchain. Though the word itself never appears in the whitepaper , the vision was for a truly peer-to-peer cash system for the internet age. The blockchain results from the pursuit of that end goal. Bitcoin brings together several technologies, allowing scarce PoW (proof ofwork)network tokens to become a type of digital cash. It is often forgotten that the blockchain is not the end in itself. It serves the system. The intention was never to create a blockchain; the intention was to create a type of digital cash. In any case, and for whatever reason, the dialogue has shifted focus. The blockchain is the thing. It is a technology gaining increasing attention. Experimentation is accelerating, and the vernacular is expanding. Now we have different types of blockchains. This is contentious. It is a new field and opinions differ greatly. In very general terms, it is a tamper-resistant database, distributed over a network, that achieves consensus without a single point of control. This definition is keptdeliberately broad to satisfy all sides of the debate. Bitcoin is both the original blockchain and the original public blockchain. Public blockchains are best understood according to their key characteristics. The most important characteristic is that the database, representing the list of all transactions since the inception of the database, is publicly available and viewable by anyone, anywhere. Further, participation in the network, and the ability to submit transac Continue reading >>

On Public And Private Blockchains

On Public And Private Blockchains

Over the last year the concept of private blockchains has become very popular in the broader blockchain technology discussion. Essentially, instead of having a fully public and uncontrolled network and state machine secured by cryptoeconomics (eg. proof of work, proof of stake), it is also possible to create a system where access permissions are more tightly controlled, with rights to modify or even read the blockchain state restricted to a few users, while still maintaining many kinds of partial guarantees of authenticity and decentralization that blockchains provide. Such systems have been a primary focus of interest from financial institutions, and have in part led to a backlash from those who see such developments as either compromising the whole point of decentralization or being a desperate act of dinosaurish middlemen trying to stay relevant (or simply committing the crime of using a blockchain other than Bitcoin ). However, for those who are in this fight simply because they want to figure out how to best serve humanity, or even pursue the more modest goal of serving their customers, what are the practical differences between the two styles? First, what exactly are the options at hand? To summarize, there are generally three categories of blockchain-like database applications: Public blockchains: a public blockchain is a blockchain that anyone in the world can read, anyone in the world can send transactions to and expect to see them included if they are valid, and anyone in the world can participate in the consensus process the process for determining what blocks get added to the chain and what the current state is. As a substitute for centralized or quasi-centralized trust, public blockchains are secured by cryptoeconomics the combination of economic incentive Continue reading >>

The Difference Between A Private, Public & Consortium Blockchain.

The Difference Between A Private, Public & Consortium Blockchain.

The difference between a Private, Public & Consortium Blockchain. Blockchain Marketplace : Multiven expose son projet au coeur de la Crypto Valley The difference between a Private, Public & Consortium Blockchain Intrepid ReviewAs financial institutions begin to explore the possibilities of blockchain technology, they are coming up with systems that complement their existing business models. A private or a consortium blockchain platform, as opposed to the public platform that Bitcoin uses, will allow them to retain control and privacy while still cutting down their costs and transaction speeds. In fact, this private system will have lower costs and faster speeds than a public blockchain platform can offer. Blockchain purists arent impressed. A private platform effectively kills their favorite part of this nascent technology: decentralization. They see the advent of private blockchain systems as little more than a sneaky attempt by big banks to retain their control of financial markets. Though the evil plot narrative is a bit much. If big banks can utilize a form of blockchain technology that revolutionizes finance, and if they are willing and able to pass these benefits onto their customers, then it is hardly an evil plot. the idea that there is one true way to be blockchaining is completely wrong headed, and both categories have their own advantages and disadvantages.[1] Lets take a deeper look at what these might be. A Blockchain was designed to securely cut out the middleman in any exchange of asset scenario. It does this by setting up a block of peer-to-peer transactions. Each transaction is verified and synced with every node affiliated with the blockchain before it is written to the system. Until this has occurred, the next transaction cannot move forward. Anyone Continue reading >>

35 Amazing Real World Examples Of How Blockchain Is Changing Our World

35 Amazing Real World Examples Of How Blockchain Is Changing Our World

35 Amazing Real World Examples Of How Blockchain Is Changing Our World Opinions expressed by Forbes Contributors are their own. It's quickly becoming apparent that blockchain technology is about far more than just Bitcoin . Across finance, healthcare, media, government and other sectors, innovative uses are appearing every day. Here is a list of 35 which I have come across. While some may fail to live up to their promises, others could go on to become household names if blockchain proves itself to be as revolutionary as many are predicting. Guardtime This company is creating keyless signature systems using blockchain which is currently used to secure the health records of one million Estonian citizens. REMME is a decentralized authentication system which aims to replace logins and passwords with SSL certificates stored on a blockchain. Gem This startup is working with the Centre for Disease Control to put disease outbreak data onto a blockchain which it says will increase the effectiveness of disaster relief and response. SimplyVital Health Has two health-related blockchain products in development, ConnectingCare which tracks the progress of patients after they leave the hospital, and Health Nexus, which aims to provide decentralized blockchain patient records. MedRec An MIT project involving blockchain electronic medical records designed to manage authentication, confidentiality and data sharing. ABRA A cryptocurrency wallet which uses the Bitcoin blockchain to hold and track balances stored in different currencies. Bank Hapoalim A collaboration between the Israeli bank and Microsoft to create a blockchain system for managing bank guarantees. Barclays Barclays has launched a number of blockchain initiatives involving tracking financial transactions, compliance and com Continue reading >>

What Are Consortium Blockchains?

What Are Consortium Blockchains?

Blockchain development has been in the spotlight in 2017, and will definitely continue to gain more attention in the coming years. Blockchain, a decentralized public ledger system for sending and receiving data will bring about amazing opportunities thanks to its allowance of increased transaction speeds, security and transparency. The blockchains used for familiar cryptocurrencies like Bitcoin and Ether are all considered public blockchains because anyone can access, read and create the data-containing blocks (a process known as mining). However, with traditional businesses and governance models, there are reasons to not decentralized control and security. To address this situation, private and consortium blockchains were developed. Private, Public And Consortium Blockchains A public blockchain is a blockchain that anyone in the world is free to read, submit transactions to and participate in the mining process for. Platforms such as Bitcoin, Ethereum, Monero, Dash, Litecoin or Dodgecoin all employ the public blockchain that is transparent, but anonymous. Meanwhile, a private blockchain, the inverse of a public blockchain in almost all key attributes, allows organizations or individuals to control who can see what transactions, and when those people can see them. With private blockchains, writing permissions are retained by a single person or organisation. This allows them to carry out the wishes of an individual while keeping certain transaction information private. A typical example for a private blockchain is MONAX, an open platform for developers and devops to build, ship, and run blockchain-based applications for business ecosystems (2). So what is a consortium blockchain versus a fully private one? To solve the confusion, Vitalik Buterin, co-founder of Ethereum Continue reading >>

Types Of Blockchains

Types Of Blockchains

Blockchains & Distributed Ledger Technologies The Bitcoin White Paper was published by Satoshi Nakamoto in 2008; the first Bitcoin block got mined in 2009. Since the Bitcoin protocol is open source, anyone could take the protocol, fork it (modify the code), and start their own version of P2P money. Many so-called altcoins emerged and tried to be a better, faster or more anonymous than Bitcoin. Soon the code was not only altered to create better cryptocurrencies, but some projects also tried to alter the idea ofblockchain beyond the use case of P2P money. The idea emerged that the Bitcoin blockchain could be in fact used for any kind of value transaction or any kind of agreement such as P2P insurance, P2P energy trading, P2P ride sharing, etc. Colored Coins and Mastercoin tried to solvethat problem based on the Bitcoin Blockchain Protocol. TheEthereum project decided to create their own blockchain, with very different properties than Bitcoin, decoupling the smart contract layer from the core blockchain protocol, offering a radical new way to create online markets and programmable transactions known as Smart Contracts . Private institutions like banks realized that they could use the core idea of blockchain as a distributed ledger technology (DLT), and create a permissionedblockchain (privateor federated), where the validator is a member of aconsortium or separate legal entities of the same organization. The term blockchain in the context of permissioned privateledger is highly controversial and disputed. This is why the term distributed ledger technologies emerged as a more general term. Private blockchains are valuable for solving efficiency, security and fraud problems within traditional financial institutions, but only incrementally. Its not very likely that private Continue reading >>

Choosing The Right Type Of Blockchain: Public, Consortium Or Private

Choosing The Right Type Of Blockchain: Public, Consortium Or Private

Choosing the right type of Blockchain: Public, Consortium or Private This weekI will attempt to differentiate between the three different varieties of Blockchain structures namely:Public;Consortium and(Fully) Private. [easy-tweet tweet=The Public type of #Blockchains can be accessed and read by virtually anybody hashtags=Bitcoin, Cryptocurrency, FinTech] Lets begin with the Public kind. As currently envisioned, these are Blockchains that virtually anybody can access and read. Further, virtually anybody could send transactions and expect to see them get included in the chain (at least if they are real/valid transactions.) Finally, virtually anybody can choose to participate in the verification process (called the Consensus process) to assist in determining which transactions get added and for verifying what current form and status the Blockchain is currently in. In an effort to suppress and hopefully prevent any cheating these Public Blockchains are encrypted and require significant economic resources to compute the trustworthiness of the data. Thus the trustworthiness of the chain is not considered as being centralised. Financial incentives are provided to those participants in the Consensus process. Consortium Blockchains, however, only permit the Consensus process to be controlled and performed by a select number of nodes. As a possible example, consider a Central Bank which allows only specified, trusted Banks to provide the necessary calculations and thus verify transactions before adding them to the block. Furthermore, any rights to read the Blockchain can also be restricted (or if desired made public) most often via the use of certain approved APIs. Consequently, this variety is often known as a partially-decentralised Blockchain. The final category (Fully) Priva Continue reading >>

Create A Private #ethereum #consortium #blockchain In#azure

Create A Private #ethereum #consortium #blockchain In#azure

Create a private #Ethereum #Consortium #Blockchain in#Azure Private Blockchain network template inAzure In this tutorial, I demonstrate how to create a private Ethereum Consortium Blockchain network in Azure using one of the Azure Marketplace templates. To begin the process, login to Azure portal and click on the + icon on top left corner. Then in the search box, type in blockchain and it will show you all the available templates with this name, and select the one called: Ethereum Consortium Blockchain by published Microsoft. Ethereum Blockchain template from Azure Marketplace Now, on the right side (following picture), you will see a description of the template and a nice picture of the components it is going to deploy for us. Ethereum Blockchain Template in Azure Marketplace description The following picture shows, what this template is going to deploy and how these component are connected to each other. Note that this is the current template definition and obviously it might change in the future by Microsoft. The Ethereum template will create this network inAzure First tab is Basic which you provide the Resource Group name, Location and the name and password for the VMs that are being provisioned. Resource Groups and VM user name password for the Ethereumnetwork The second tab, is about selecting the size and the plan of the VMs that are being created. For more details around the prices and configuration of each VM instance you can check the Azure portal . VM Size and Service plan selection for the EthereumNetwork The third tab, is about the Ehereum network settings. Each Ethereum network has its own Network ID, with 1 being the ID for the public network. While we have restricted network access for mining nodes, we still recommend using a large number to prevent col Continue reading >>

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