Permissioned blockchains are private networks where access is restricted to certain users. They are typically used in enterprise settings where the participants are known and trusted.
Permissioned blockchains are a type of distributed ledger technology (DLT) that are designed to be more secure and private than public blockchains. Unlike public blockchains, permissioned blockchains require users to be granted permission to access the network and view or transact with the data stored on it. This permissioning process is designed to ensure that only authorized users can access the network and view or transact with the data stored on it.
Permissioned blockchains are typically used in enterprise settings, where the need for privacy and security is paramount. They are also used in applications where the data stored on the blockchain needs to be kept confidential, such as in the financial services industry.
Permissioned blockchains are typically built on a private network, meaning that the network is not open to the public. This allows the network to be more secure and private, as only authorized users can access the network and view or transact with the data stored on it.
The permissioning process for a permissioned blockchain is typically done through a consensus mechanism, such as a proof-of-stake or proof-of-authority consensus algorithm. This consensus mechanism is designed to ensure that only authorized users can access the network and view or transact with the data stored on it.
Permissioned blockchains are also typically more scalable than public blockchains, as they are not limited by the number of users on the network. This allows for faster transaction speeds and more efficient data storage.
Overall, permissioned blockchains are a type of distributed ledger technology that are designed to be more secure and private than public blockchains. They are typically used in enterprise settings, where the need for privacy and security is paramount, and are also used in applications where the data stored on the blockchain needs to be kept confidential. The permissioning process for a permissioned blockchain is typically done through a consensus mechanism, such as a proof-of-stake or proof-of-authority consensus algorithm, and they are also typically more scalable than public blockchains.