Consortium Blockchain Development
Company
As a leading provider of Blockchain development services, Hokrix offers expertise in various types of Blockchain implementations, including Consortium Blockchain. Consortium Blockchain, also known as Federated Blockchain, can be described as a semi-private Blockchain. It shares similarities with hybrid Blockchain as it combines features of both private and public Blockchains. However, what sets consortium Blockchain apart is its ability to include multiple organizational members within the decentralized network technology.
Talk to our experts
Consortium Blockchain's traits
Partially decentralised
Unlike public blockchain networks, consortium blockchains are controlled and accessible solely by consortium members.
Controllable
With a consortium blockchain, changes to the data are possible as long as the majority of institutions agree.
Data privacy
The consortium blockchain maintains data privacy because only consortium users have access to it.
Faster transactional speed
Compared to public and private blockchain networks, transactions are carried out significantly more quickly because there are fewer nodes involved.
Consortium Blockchain Development for Businesses
Consortium arrangements often arise organically among a few businesses or members within a single business. If your blockchain business requires the integration of both public and private blockchains, leveraging consortium blockchain development services is highly recommended. Implementing blockchain technology makes sense for your business as it enhances and streamlines operations and communication between members. Within the blockchain network, participants collaborate to address challenges directly and efficiently, resulting in improved overall performance.
Need for Consortium Model
The Consortium model proves to be highly beneficial when approaching decentralized software solutions in the future, particularly for rivals in the industry. Cooperation becomes essential to leverage the full benefits of blockchain technology. Recognizing that blockchain is a team sport, competitors and other industry members exploring and experimenting with blockchain technology have adopted the concept of “coopetition.” This term refers to the ability to be strategic rivals while also forming consortia to advance or establish collaborative blockchain digital platforms. In this scenario, competitors can continue to compete by developing competing applications on the jointly maintained blockchain platform.
What is appealing about working together in a Blockchain Consortium?
The nature and architectural design of the Consortium model hold great appeal for organizations seeking collaborative efforts. Rather than independently developing solutions, the industry tends to favor and adopt technology that emerges from collaboration. Consortia-based technology offers an advantage over other types of blockchains, as it involves specialized software specifically designed for consortium use. Embracing peer-to-peer interaction, Consortium Blockchain facilitates the development of interoperable solutions. Rather than starting from scratch, new entrants can join an established framework within the consortium and seamlessly share information.
Industries Most Suitable for a Consortium
Banking and finance
This aspect relates to the creation and exchange of assets, including the implementation of Know Your Customer (KYC) procedures, which is a common application in this context.
Logistics
The consortium will play a crucial role in tracking products to ascertain their origin and supply chain methodology. This enables enhanced transparency and traceability throughout the entire product lifecycle.
Academics and education
Consortium blockchain technology implemented in the education sector has the potential to mitigate false claims of unearned academic credits.Â
Healthcare and Insurance
The consortium offers a seamless and paperless information sharing mechanism for hospitals and insurance providers.Â