{"id":66,"date":"2022-12-04T19:04:24","date_gmt":"2022-12-04T19:04:24","guid":{"rendered":"https:\/\/blog.metu.edu.tr\/e250847\/?page_id=66"},"modified":"2022-12-04T19:16:34","modified_gmt":"2022-12-04T19:16:34","slug":"consortium-blockchain","status":"publish","type":"page","link":"https:\/\/blog.metu.edu.tr\/e250847\/consortium-blockchain\/","title":{"rendered":"CONSORTIUM BLOCKCHAIN"},"content":{"rendered":"\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A consortium blockchain is a semi-decentralized type where more than one organization manages a blockchain network. This is contrary to what we saw in a private blockchain, which is managed by only a single organization. More than one organization can act as a node in this type of blockchain and exchange information or do mining. Consortium blockchains are typically used by\u00a0banks, government organizations,<\/em>\u00a0etc.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Advantages of Consortium Blockchain<\/strong><\/h3>\n\n\n\n

1.<\/strong>The consortium blockchain is completely controlled by a single party, but it is immune to monopoly. This control allows each member to define their own rules, revise or cancel erroneous transactions, modify balances, and take other measures to foster beneficial cooperation for firms with a common goal provided all members agree.<\/p>\n\n\n\n

2.<\/strong>Validation is carried out by known and recognised members of a small network of nodes, removing the threat of a 51 percent assault. Rule breakers are easily detected and lose more than they gain from their dishonesty.<\/p>\n\n\n\n

3.<\/strong>Since the information from authenticated blocks is not disclosed to the public, but is admissible to consortium members, the consortium has a higher level of privacy. Clients of the platform gain a higher level of trust and confidence as a result.<\/p>\n\n\n\n

4.<\/strong>When compared to public blockchains, there are no transaction fees in a consortium environment.<\/p>\n\n\n\n

Disadvantages of Consortium Blockchain<\/strong><\/h3>\n\n\n\n

1.<\/strong>The consortium blockchain may be vulnerable to nefarious players due to its centralized form. When there are only a few people involved, we can conclude that one or more of them is corrupt.<\/p>\n\n\n\n

2.<\/strong>Launching a new consortium blockchain is a delicate process: all members must approve the protocol for communication. Since an enterprise is less flexible than an SME, establishing a common network between several enterprises is very slow.<\/p>\n\n\n\n

3.<\/strong>Upgrading the protocol in such a situation is also difficult: there may be more organisations than at the start, and regulating takes time.<\/p>\n\n\n\n

4.<\/strong>We still need to evaluate the work of the consortia listed below; the model’s effectiveness has yet to be established.<\/p>\n\n\n\n

5.<\/strong>Enterprises frequently fight collaboration, which simply hinders the field’s development.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A consortium blockchain is a semi-decentralized type where more than one organization manages a blockchain network. This is contrary to what we saw in a private blockchain, which is managed by only a single organization. More than one organization can act as a node in this type of blockchain and exchange information or do […]<\/p>\n","protected":false},"author":8323,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-66","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/pages\/66","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/users\/8323"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/comments?post=66"}],"version-history":[{"count":0,"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/pages\/66\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.metu.edu.tr\/e250847\/wp-json\/wp\/v2\/media?parent=66"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}