Permissioned Blockchains are different from public and private Blockchains as they maintain an access control layer. This means that only specific participants are allowed to perform certain actions on a permissioned Blockchain platform.
Permissioned Blockchain can only be accessed by privileged members or by those who have access to a coded key or an invitation from the masters of the said system.
In this manner, an additional layer of security and regulation of every link in the chain is maintained. It also maintains a good amount of control over who, when and under what circumstances performs a certain action. It also controls which entity will function as a node and which will be limited to utilizing the products of the node’s work.
An increasing number of enterprises and governments and leveraging smart contracts and other Blockchain-based products to enhance their operations and administration.
Some popular applications of Permission Blockchain are in financial transactions, Logistics, Medicine, Government, Energy supply sectors.
The process of obtaining a corporate permissioned Blockchain includes the following steps:
Permissioned Blockchains are beneficial because of their cost-effective nature.