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Private Vs Permissioned Blockchain

What Is The Difference Between Public And Permissioned Blockchain

What Is The Difference Between Public And Permissioned Blockchain

You have presumably been there: a job interview, with a panel of interviews sitting opposite to you thoroughly scrutinizing your resume. Whats more, you cant help the feeling that they dont believe you. As a matter of fact, you cant blame the interviewers for being skeptical. According to research that was currently conducted by Statistic Brain, it turns out that most of the information contained in job applications and resumes are falsified and misleading. How can we ensure that there is transparency in our credentials? Blockchain technology promises a world in which data is embedded in a digital code, stored in transparent, and decentralized databases protected from deletion, editing, and tampering. This system is designed to forestall fraud, by offering access to third-parties for purposes such as assessment and job interviews. Additionally, Blockchain was designed in a way that it securely does away with the middleman in any given transaction. It is achieved through setting up a peer-to-peer transaction. In this case, each transaction is verified and synched with every node related to the blockchain before it is recorded to the system. For a better understanding, let me explain how a blockchain works on your computer. Imagine that three company accountants have the same file on their computers. When you make a transaction, an email is automatically sent to the three accountants informing them of the transaction. One of the accountants then reacts to this notification by checking whether you can afford the transaction. Once the validation is done, the accountant who took care of the transaction replies to the other two with their reasoning, and if they all agree, then everyone updates their file. Now that we know how a blockchain explained, the question that could b Continue reading >>

Public Vs Private Blockchain In A Wide World Of Unique Applications

Public Vs Private Blockchain In A Wide World Of Unique Applications

Public vs Private Blockchain In A Wide World Of Unique Applications Recently we explored the fundamental concept of blockchain and how its revolutionizing record keeping in a wide swath of industries. We focused on the public blockchain, an incorruptible record keeping system; transparent by being public and un-hackable due to its distributed nature. However, there is more to this globally distributed ledger system than being public and transparent. The advantages of blockchain technology transcend these characteristics, which have been made famous by applications like bitcoin. There are also private and permissioned blockchains that prioritize different elements of the technology in order to serve a variety of other applications. Public, permissioned and private blockchains are defined by who can use the system and who hosts the blockchain in order to validate transactions. Anyone can be a user or a node (host) on a public blockchain, while permissioned blockchains are operated by a wide but defined group, such as the primary stakeholders of a specific industry. A private blockchain, as the name suggests, is run and used by one organization. Each form of blockchain places a different level of importance on anonymity, immutability, efficiency, and transparency. The public blockchain, that has been made famous by bitcoin for example, prioritizes anonymity, immutability, and transparency over efficiency. Whereas permissioned blockchains value immutability and efficiency over anonymity and transparency. The private blockchain can be confusing for those just getting to grips with complex systems like bitcoin. By prioritizing efficiency over the anonymity, immutability and transparency it foregoes the characteristics normally associated with the technology. The range of app Continue reading >>

Research | Bitfury

Research | Bitfury

Information on existing bitcoin activity: The Bitfury Group believes research is key to building a healthy blockchain ecosystem. We are committed to promoting the academic climate around blockchain and bitcoin technology for future technological improvement and ensured community stability. As blockchain technology expands around the world, we believe it is essential to continue studying and evaluating the technologys potential. Our white papers and fact sheets tackle some of the most pressing questions in the blockchain community. The Bitfury Group, the worlds leading full-service Blockchain technology company, and its world-class global development team detail in this white paper a new solution to help reveal relationships between bitcoin addresses that minimizes errors in data and ensures greater accuracy in linking bitcoin addresses for criminal investigations, while also showing bitcoin users ways to protect their privacy. The Bitfury Group released a white paper today, titled On Blockchain Auditability, that explores the key properties of legitimate Blockchains, including auditability, accountability and non-repudiation. The white paper explores how Blockchain technology allows for these properties, including blockchain receipts, blockchain anchoring, and proof of work. This white paper focuses on the existing tangling techniques of shared send transactions and presents an approach to detect usage of mixing schemes. First, we demonstrate that a substantial part of shared send transactions could be untangled. Second, we propose a number of practically useful modifications to this challenge and we present the results of computational experiments on shared send untangling. The whitepaper establishes a theoretical approach to shared send transaction analysis, which fo Continue reading >>

Private And Permissioned Ledgers

Private And Permissioned Ledgers

In the 4th part of this series, Ill take a deeper look at a different approach to maintaining data privacy private blockchains. So far, this series has focused on solutions to improving privacy on public blockchains. As weve seen, its not easy to maintain financial and data privacy in the face of systems whose strengths are rooted in their public nature. Through cryptography and diligent engineering, the community have found a number of solutions to common privacy issues. As Ill explain, private blockchains are not one of those solutions. Instead, I believe they serve best as a restatement of the issues facing public blockchains today, especially acute for the enterprise privacy and scalability. In the second half of 2015, the industry took a turn. The price of Bitcoin was stagnant . The Ethereum Genesis block had been mined , but Ethereum wasnt yet on many peoples radar. After the excitement of 2013 and maintained interest of 2014, VC funding was getting harder to come by. Having just graduated a Bitcoin-focused accelerator , our team saw this effect first-hand. Fellow graduates struggled to raise traditional venture capital, opting instead to join other accelerators or forgo funding altogether. Others, however, pivoted to serve enterprise clients, and went on to raise significant rounds. In fact, the trend was mirrored in the greater space, with high-profile Bitcoin infrastructure companies like Gem and Chain pivoting to work on private blockchains and permissioned ledgers. Businesses were sold on the idea of a blockchain. Some were convinced that it could lessen coordination costs between disparate parties. Fair enough. Others heard that blockchains were an existential threat, and were looking to get out in front of the whole thing historically, a difficult proposit Continue reading >>

How To Master The Relevancy Of Permissioned Vs. Permissionless Blockchain And Distributed Ledger Technology?

How To Master The Relevancy Of Permissioned Vs. Permissionless Blockchain And Distributed Ledger Technology?

How to Master the Relevancy of Permissioned vs. Permissionless Blockchain and Distributed Ledger Technology? As the news spotlight moves away from its focus on bitcoin and its spin-offs, and refocuses on the underpinning technology and what it actually means for businesses and all of the participants in the economic fabric, the discussion on the relevancy of Permissioned vs Permissionless Blockchain and Distributed Ledger Technology (DLT) heats up once more. To summarize and as a quick introduction, Blockchain is essentially a distributed database that allows for potentially complex trust relationships between database users. It works via a distributed network of nodes and users to move any digitalized asset from peer to peer (native records or reference records) and validation is done by the majority of nodes (mining; consensus algorithms). By design it doesnt require an intermediate party (authority) or facilitator to authenticate or to settle and confirm transactions. In essence, the primary question driving Blockchain technology is, do I trust that the data I am using is good and I can rely on it to assess my risk? Most have already heard about Blockchain and most likely this is within the context of bitcoin and other cryptocurrency. However, such technology functions in two primary modes: Permissionless (or Public): Permissionless Blockchains allow anyone to participate. The transactions are validated and processed by votes / consensus. A vote does not depend on having a prior identity of any kind within the ledger and no pre-existing trust is assumed between participating nodes. Permissioned (or Consortium / Private): Permissioned Blockchains restrict access in terms of who can perform various actions on the Blockchain. The transactions are validated and processe Continue reading >>

Banks Claim They're Building Blockchains. They're Not

Banks Claim They're Building Blockchains. They're Not

Banks Claim They're Building Blockchains. They're Not By David Floyd | Updated February 23, 2018 11:54 AM EST Even after bitcoin gained some name recognition as nerd money, as a lubricant for dark web commerce, as a latter-day Semper Augustus its technological underpinnings remained obscure to all but the most dedicated cryptoheads. As far as the media was concerned, Nefarious Ross Ulbricht and Mysterious SatoshiNakamoto were the story, not some programmingminutiae whirring in the background. By mid-2015, though, the blockchain was getting noticed. Recode ran the headline "Forget Bitcoin What Is the Blockchain and Why Should You Care?" Bloomberg Markets, "It's All About the Blockchain." The Economist wasn't about to be left out . Before the year was out it was obvious to anyone in the know: bitcoin was a sideshow, a raving 4chananarchistin a Guy Fawkes mask. The main attraction was this mighty engine of certainty, the blockchain . At some point, unfortunately,blockchain hype outstripped analysis. What exactly is this "technology behind bitcoin" that banks, governments and a generation of next-big-thing seeking MBA grads are piling into? Are we all talking about the same thing, or are some of these blockchain-mongers usingthe buzzword of the year to sell oldtech? (See also, Blockchain: The Backbone of Finance's Entire Future .) The Rise of the "Permissioned Blockchain" Bitcoin's blockchain, a form of distributed ledger technology , allows thousands of people who do not know or trust each other to transact with one another. Normally such a network requires a trusted intermediary to keep bad actors from spending their funds twice or laying claim to money that isn't theirs. Not so with bitcoin. Through clever cryptography, bitcoin's proof of work system allows an arbitrary Continue reading >>

Monax | Learn | Permissioned Blockchains

Monax | Learn | 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 >>

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 >>

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 >>

How To Choose Between Public And Permissioned Blockchain For Yourproject

How To Choose Between Public And Permissioned Blockchain For Yourproject

How To Choose Between Public And Permissioned Blockchain For YourProject If your company is considering creating a project on blockchain, you have two options: working on a public or a permissioned blockchain. The difference between the two is similar to the public and private cloud service. One of them is open to anyone using a certain platform. The other is only available to a select group with permission to use it. To compare, think of your companys email over VPN versus Gmail. The public blockchain is Gmail anyone can sign up and access those services. A permissioned blockchain is a similar to a VPNonly a select group, given access by the company, can use the company email. Third parties are unable to use it, and they have to get approval to join. Still not sure which to choose? Heres how to decide between the two: You probably recognize the most popular public blockchains Bitcoin, Ethereum, and Ripple. Use a public blockchain if you want to involve the general population in your business. Anyone in the world can access a public blockchain to create transactions. And most public blockchains use a consensus mechanism called proof of work a statement proving youve done the work for confirming the transaction and adding it to the blockchain. Imagine I send you one bitcoin in a transaction. That transaction goes to a network of millions of nodes. Somewhere, a bitcoin miner confirms the transaction by solving a mathematical puzzle. They were the fastest to solve it, so they win the right to add the transaction to the blockchain. They record the transaction and their proof of work to get paid a commission, which they earn in bitcoin. This is how standard public blockchains work. But the more your network grows, the more nodes you have in the system. The bigger the networ Continue reading >>

The Difference Between Public And Private Blockchain

The Difference Between Public And Private Blockchain

Blockchain Unleashed: IBM Blockchain Blog The difference between public and private blockchain May 31, 2017 | Written by: Praveen Jayachandran Categorized: Blockchain Developers | Blockchain Explained | Blockchain Identity There are a number of explanations on what blockchain is and what exactly is the difference between Bitcoin and blockchain , but another area where I get many questions, is the difference between public and private blockchain. The similarities of public and private blockchain Many flavors of blockchain have evolved over the years and the terminology is often misconstrued. This is easy to do because public and private blockchain have many similarities: Both are decentralized peer-to-peer networks, where each participant maintains a replica of a shared append-only ledger of digitally signed transactions. Both maintain the replicas in sync through a protocol referred to as consensus. Both provide certain guarantees on the immutability of the ledger, even when some participants are faulty or malicious. The sole distinction between public and private blockchain is related to who is allowed to participate in the network, execute the consensus protocol and maintain the shared ledger. A public blockchain network is completely open and anyone can join and participate in the network. The network typically has an incentivizing mechanism to encourage more participants to join the network. Bitcoin is one of the largest public blockchain networks in production today. One of the drawbacks of a public blockchain is the substantial amount of computational power that is necessary to maintain a distributed ledger at a large scale. More specifically, to achieve consensus, each node in a network must solve a complex, resource-intensive cryptographic problem called a proo Continue reading >>

Private Vs. Public And Permissioned Vs. Permission-less

Private Vs. Public And Permissioned Vs. Permission-less

There are two related concepts regarding the most general types of blockchains: The idea of a blockchain that is public vs. one that is private (the open door and passport bearer photos above), The notion of a blockchain that is permissioned vs. a non-permissioned (or permission-less) blockchain. We have seen people conflate items 1 and 2 (e.g. saying a public blockchain is a permission-less blockchain), and we have seen people maintain a subtle distinction between 1 & 2 above . On this latter point, for people who maintain a distinction between 1 & 2 : the concept is that the public/private distinction has to do with user authentication (WHO are you) and the permissioned/permission-less distinction has to do with user authorization (WHAT can you do). Although there doesnt seem to be (ahem) 100% consensus on exactly what these terms mean, Blocktonite offers the following explanations of these subtle distinctions: These terms are generally used to describe whether a blockchain is open to literally anyone with an internet connection , symbolized by the open door graphic above, or if access (read, write, or read/write) to a blockchain is controlled by one or more parties . A very real example of a private blockchain are those set/up by consortia of parties with a shared interest in a particular community or marketplace. R3 , the consortium of major banking institutions, is a prime example. In the case of consortia based blockchains there are rules for consensus that stray away from the proof of work or proof of state mechanisms of public blockchains like Bitcoin (e.g. 10 out of 15 consortium members must agree before a transaction is posted to the blockchain). You could have a private blockchain under the authority & control of one organization, but, frankly why would you Continue reading >>

The Trust Trade-off: Permissioned Vs Permissionless Blockchains

The Trust Trade-off: Permissioned Vs Permissionless Blockchains

The Trust Trade-Off: Permissioned vs Permissionless Blockchains By Devon Allaby, Business Designer at Fjord Australia. As the media frenzy surrounding Bitcoin fades from the front page, the enthusiasm for Blockchain has remained stalwart. However, the transition from Blockchain as a conceptual topic to a technology with a solid developer community and production ready deployments has given birth to some interesting design debates one of which is the permissionless vs the permissioned Blockchain model. If youve heard people talking about Blockchain in a general sense, most likely they were talking about a permissionless Blockchain. This model is what general public are familiar with because the most famous Blockchain projects (Bitcoin and Ethereum) are permissionless Blockchains meaning that anybody can create an address and begin interacting with the network. The other reason this model is the more widely discussed of the two is because the characteristics of a permissionless Blockchain (decentralised, anonymous and equally accessible to anyone with a computer) are the characteristics that aligned remarkably with political movements that began to gain serious ground after the Global Financial Crisis in 2008. In contrast, the permissioned Blockchain is a closed and monitored ecosystem where the access of each participant is well defined and differentiated based on role. They are built for purpose, establishing rules for transaction that align with the needs of an organisation or a consortium of organisations. The permissioned Blockchain isnt looking to overthrow the political system, or remove the need for established financial institutions. Instead it leverages some of the other core elements of Blockchain architecture (immutability, ability to grant granular permissio Continue reading >>

What Is The Difference Between Public And Permissioned Blockchains?

What Is The Difference Between Public And Permissioned Blockchains?

Join 4,500+ attendees at Consensus 2018. Register Now! What is the Difference Between Public and Permissioned Blockchains? In our guide "How Does Blockchain Technology Work?" ,we introduced a description of the three technologies that make up blockchain technology:cryptographic keys, a distributed network and a network servicing protocol. Bitcoin is the most ambitious kind of blockchain. Anyone can use bitcoin's cryptographic keys, anyone can be a node and join the network, and anyone can become a miner toservice the network and seek a reward. Miners can walk away from being a node, return if and when they feel like it, and get a full account of all network activity since they left. Basically, anyone can read the chain, anyone can make legitimate changes and anyone can write a new block into the chain (as long as they follow the rules). Bitcoin is totally decentralized. It is also described as a 'censor-proof' blockchain. For these reasons, it's known by its widest description, a public blockchain. But, this is not the only way to build a blockchain. Blockchains can be built that require permission to read the information on the blockchain, that limit the parties who can transact on the blockchain and that set who can serve the network by writing new blocks into the chain. For example, Ripple runs a permissioned blockchain. The startup determines who may act as transaction validator on their network, and it has included CGI, MIT and Microsoft as transaction validators, while also building its own nodes in different locations around the world. A blockchain developer may choose to make the system of record available for everyone to read, but they may not wish to allow anyone to be a node, serving the network's security, transaction verification or mining. It's a mix-and- Continue reading >>

Public, Private, Permissioned Blockchains Compared

Public, Private, Permissioned Blockchains Compared

Public, Private, Permissioned Blockchains Compared By Shobhit Seth | April 10, 2018 6:00 AM EDT Over the past several years, blockchains have evolved in a variety of flavors depending upon their buildand configuration. The content stored on the blocks of the blockchain and the activities performed by the various participants on the blockchain networks can be controlled depending upon how the blockchain is configured, and how it is expected to fulfillthe desired business purpose. Broadly speaking, public and private blockchains are the two most common flavors used heavily among the various cryptocurrency networks and the private enterprises. A third category, permissioned blockchains, has also gained traction in recent times. This article looks at the key differences between the public, private and permissioned blockchain networks. If one desires to create an open blockchain similar to bitcoin , which enables anyone and everyone to join and contribute to the network, they can go for an open, public blockchain. A public blockchain network is completely open and anyone is free to join and participate in the core activities of the blockchain network. Anyone can join or leave, read, writeand auditthe ongoing activities on the public blockchain network, which helps a public blockchain maintain its self-governed nature. The public network operates on an incentivizing scheme that encourages new participants to join and keep the network agile. Public blockchains offer particularly valuable solution from the point of view of a truly decentralized, democratizedand authority-free operation. Along with the ease of use and participation, the public network also comes with a few disadvantages. The primary ones include heavy power consumption that is necessary to maintain the distribu Continue reading >>

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