Consortium Blockchain is a group of private blockchains, each owned by separate institutions, that have come together to share information to improve existing workflows, transparency, and accountability.
A consortium blockchain is a combination of several private blockchains owned by different entities, where each of them forms a node in the chain as a stakeholder in the alliance and can leave or join the network only with the permission of the stakeholders.
While each organization operates its own node or blockchain, the data within can be accessed, shared and distributed by organizations within the consortium. In doing so, cross-organizational and cross-tech solutions can be developed to improve their existing workflows, accountability, and transparency, thereby addressing the issues and challenges faced by individual blockchains.
The goal of forming a blockchain consortium is to promote collaboration between a group of complementary blockchains. This helps everyone to solve the problems they face individually and develop solutions that can be applied to the entire consortium. Based on the established structures in each block chain, solutions can be developed in a shorter time using shared resources. Thus, less development costs are required due to economies of scale.
website tech support FixJoomla.com
ICOLINK.COM 2023 © All Rights Reserved
Share this page in Social Media: