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Consortium Blockchain Development

We at InfoGrains provide services on all varieties of Blockchain developments, consortium Blockchain being one of them, as one of the top businesses utilizing block chain technology. Consortium Blockchain can be best described as semi-private Block chain. It is also known as Federated Blockchain. Although similar to hybrid Blockchain as it contains both private and public block chain features, consortium block chain can be distinguished easily by the fact that multiple organizational members can become part of the decentralized network. technology.

Consortium Blockchain's traits

Partially decentralised

Unlike public blockchain networks, consortium blockchains are controlled and accessible solely by consortium members.

Controllable

With a consortium blockchain, changes to the data are possible as long as the majority of institutions agree.

Data privacy

The consortium blockchain maintains data privacy because only consortium users have access to it.

Faster transactional speed

Compared to public and private blockchain networks, transactions are carried out significantly more quickly because there are fewer nodes involved.

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Consortium Blockchain for Businesses

The consortium arrangement frequently develops naturally between a few businesses or members inside a single business who are interested in learning more about Blockchain Businesses that need both public and private blockchains should use a consortium blockchain. Blockchain makes sense for your business because it improves and streamlines member-to-member operations and communication. On the Blockchain network, participants work together to solve issues straightforwardly and efficiently.

Need for Consortium Model

When approaching future decentralized software solutions, the Consortium model is particularly helpful for rivals to organize themselves, as cooperation is required to utilize the full advantages of blockchain technology. As the competitors realized that blockchain is a team sport, a new term “coopetition” is formed which means that while still being strategic rivals, competitors and other members of the same industry who are investigating and experimenting with Blockchain technology may organize a variety of consortia to advance or create cooperative Blockchain digital platforms. They may, for instance, continue to engage in competition by creating competing applications on top of the blockchain platform they are jointly maintaining.

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What is appealing about working together in a Blockchain Consortium?

The nature and architectural design of the Consortium make it appealing for many organizations to work together. Instead of an independently developed solution, the industry may favour and use technology developed by collaboration. This technology has an advantage over other blockchain types due to the specialized software created exclusively for consortia. To develop interoperable solutions, peer-to-peer interaction is welcomed. Instead of beginning from scratch, Consortium Blockchain allows the new kid on the block to join the established framework and share information.

Industries Most Suitable for a Consortium

Banking and finance

This one has to do with the creation and exchange of assets. KYC is a typical application as well.

Logistics

The consortium will help track products to determine their provenance and method of supply.

Healthcare and Insurance

Hospitals and insurance providers can join the consortium to effortlessly and paperlessly share information.

Academics and education

Consortium blockchain technology in education could reduce false claims of unearned academic credits.