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Consortium Blockchain Example

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 >>

Private Or Consortium Blockchain

Private Or Consortium Blockchain

SOLUTIONS > Private or Consortium Blockchain Private Blockchains has an access control layer built into the protocol. We have built scalable and enterprise grade private Blockchain solutions for large organisations. Platforms being utilised for deploying these network are over MultiChain, Hyperledger and Chain. A consortium blockchain is a blockchain where the consensus process is controlled by a pre-selected set of nodes; for example, one might imagine a consortium of 15 financial institutions, each of which operates a node and of which 10 must sign every block in order for the block to be valid. The right to read the blockchain may be public, or restricted to the participants, and there are also hybrid routes such as the root hashes of the blocks being public together with an API that allows members of the public to make a limited number of queries and get back cryptographic proofs of some parts of the blockchain state. These blockchains may be considered partially decentralized. A fully private blockchain is a blockchain where write permissions are kept centralized to one organization. Read permissions may be public or restricted to an arbitrary extent. Likely applications include database management, auditing, etc internal to a single company, and so public readability may not be necessary in many cases at all, though in other cases public auditability is desired. Lets start with the class of blockchain applications that will be most familiar, in which a group of entities wishes to set up a financial system. Within this system, one or more scarce assets are transacted and exchanged between those entities. In order for any asset to remain scarce, two related problems must be solved. First, we must ensure that the same unit of the asset cannot be sent to more than on 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 >>

Set Up Blockchain On Azure - Nethereum

Set Up Blockchain On Azure - Nethereum

Nethereum supports Microsoft Azure, which puts Azure infrastructure at the service of your Nethereum project, the below will show you how to deploy a private Blockchain on Azure: 1 - Create an Azure account or sign in if you already have one 2 - Create a new resource on your Azure dashboard 3 - In the resource search bar, enter ethereum consortium blockchain Select the ethereum consortium template, then click Create. 4 - Click create to confirm deployment model 5 - Enter the specifications of your blockchain, then 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) Storage type for transaction db. (Standard or Premium) The number of transaction nodes to be created. (1 to 5) Storage type for transaction db. (Standard or Premium) - The storage replication policy. (LRS, GRS, RAGRS) Size of transactional nodes VMs. (Standard A, Standard D, Standard D-v2,Standard F series, Standard DS, and Standard FS) 6 - Submit a network id, some passwords, then click OK. The network id should be ideally between 4 and 9 digits number. 7 - Review your blockchain's specs, then click OK. 8 - Agree (or not) to the Terms of use, give Azure servers a few minutes to deploy your chain, you're done! 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 >>

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 >>

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 >>

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 >>

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 >>

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 >>

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 >>

Private Blockchain Vs Public Blockchain

Private Blockchain Vs Public Blockchain

You cannot be a crypto investor or entrepreneur without having a real understanding of the differences between these types of blockchains as well as their implications. Even if they are based on similar principles, their operation is, in fact, different to all levels. So the tokens issued by these blockchains will not be assessed in the same manner. A blockchain is so-called public (or open) when anyone can become a member of the network without conditions of admission. In other words, anyone wishing to use the service proposed by the network can download the protocol locally without having to reveal his or her identity or meet predetermined criteria. A protocol is a computer program that could be compared to a Charter in that it defines the rules of operation of a network based on a blockchain. For example, the members of the bitcoin network download the Bitcoin protocol (through the intermediary of their wallet) to be able to join the network and exchange bitcoins, but the only condition is to have an Internet connection. It is different with a private blockchain (or closed) since the members of the network are selected before being able to download the protocol and therefore use the proposed service by the network. The mining capabilities and the system of consensus as a whole are centralized within the hands of the same entity. A network based on a private blockchain is therefore not decentralized in itself. Finally, consortium blockchains provide many of the benefits of private blockchains without focus the mechanism of the consensus between the hands of the same entity. In this article, we will mostly focus on the diffrence between public and private blockchain. The differences between these types of blockchains are based on the levels of trust existing among the 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 >>

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 >>

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