A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions so that any involved record cannot be altered ,without the alteration of all subsequent blocks.
The blockchain is classified into two types as per the use.
- Private Blockchain ( Enterprise Blockchain ) 2.Public Blockchain
Public blockchains are completely open ecosystems in which anyone can take part in the network. The network also has an in-built incentive mechanism which inturn rewards participants for taking part more thoroughly in the system/network.
Private blockchain is not open for all and so people who want to participate in the private chain must gain permission. This is why these kind of blockchains are also called as permission blockchains.
Public blockchains cannot process 100 transactions per seconds.When it comes to telecom or other enterprise that needs 10,000 transactions per seconds and it is only possible by enterprise blockchain with following aspects.
Use-case of asynchronous flows
Uses faster consensus algorithms
Compartmentalizes different process effectively
Executes itself in optimized states
To ensure high availability, the network must be able to avoid issues which may lead to major outages. To have this level of resilience, the network should assume that failures are bound to happen and must be prepared to keep the network running during these situations.
Enterprise blockchain should be build in such a way that it should deploy redundant peer nodes, clustered ordering services, and replicate other working blockchain network without any confusions.
Privacy and security is obviously a huge need for enterprise-level blockchains. Since these are permission blockchains, all members are known entities and carefully vetted before they enter the ecosystem.
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