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You're reading from  Building Blockchain Projects

Product typeBook
Published inApr 2017
Reading LevelBeginner
PublisherPackt
ISBN-139781787122147
Edition1st Edition
Languages
Solidity
Tools
Blockchain
Concepts
Cryptocurrency
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Author (1)
Narayan Prusty
Narayan Prusty
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Narayan Prusty

Narayan Prusty is a full-stack developer. He works as a consultant for various start-ups around the world. He has worked on various technologies and programming languages but is very passionate about JavaScript, WordPress, Ethereum, Solr, React, Cordova, MongoDB, and AWS. Apart from consulting for various start-ups, he also runs a blog titled QNimate and a video tutorial site titled QScutter, where he shares information about a lot of the technologies he works on.
Read more about Narayan Prusty

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What is a consortium blockchain?

To understand what a consortium blockchain is, or, in other words, what kind of blockchain implementation consortiums need, let's check out an example. Banks want to build a blockchain to make money transfers easier, faster, and cheaper. In this case, here are the things they need:

  1. Speed: They need a blockchain network that can confirm transactions in near-real time. Currently, the Ethereum blockchain network block time is 12 seconds, and clients usually wait for a couple of minutes before confirming a transaction.
  2. Permissioned: They want the blockchain to be permissioned. Permissioning itself means various different things. For example: permissioning can include taking permission to join the network, it can include taking permission to to be able create blocks, it can also be taking permission to be able to send specific transactions and so on.
  3. Security: PoW isn't secure enough for private networks as there is a limited number of participants; therefore, there...
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Building Blockchain Projects
Published in: Apr 2017Publisher: PacktISBN-13: 9781787122147
© 2017 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Narayan Prusty

Narayan Prusty is a full-stack developer. He works as a consultant for various start-ups around the world. He has worked on various technologies and programming languages but is very passionate about JavaScript, WordPress, Ethereum, Solr, React, Cordova, MongoDB, and AWS. Apart from consulting for various start-ups, he also runs a blog titled QNimate and a video tutorial site titled QScutter, where he shares information about a lot of the technologies he works on.
Read more about Narayan Prusty

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