At LimeChain, we help Fortune 500 companies like P&G leverage private blockchains to optimize their business processes. With experience in developing both Proof of Concepts and production-grade solutions, LimeChain is a certified partner for Hyperledger and Corda and EEA mamber.
Private Blockchains Explained
A private blockchain is a peer-to-peer network that is based on the technology of distributed ledgers (such as Bitcoin and Ethereum) but is not accessible by the public. It is one of the three main types of blockchains. Unlike with public, so-called permissionless blockchains, access to a private blockchain must be granted, i.e. permission is required to read and write transactions.
Private blockchains typically do not require the consensus of all nodes in the network for transactions to occur. This means that in such blockchains power is more centralized than in public ones which makes them more efficient in processing transactions.
Given their closed nature and quick transactions, private blockchains are a perfect solution for enterprises.
Want to know more about private blockchain development and how it can be good for your company? Here are some of its benefits:
Benefits of Private Blockchain Development for Your Business
Private blockchains are perfect for enterprise use cases and corporate innovation.
Combining the main characteristics of blockchain-like distributed ledgers and smart contracts, with the privacy and access-only nature of private networks, private blockchains boast the following pros:
Reduced costs –Thanks to smart contract development, processes in the network are largely automated which reduces all sorts of operational and administrative costs. Transactions in the network are also cheaper because they do not need to be verified by all nodes but only a few trusted ones.
Security – A private blockchain is restricted and access is granted only to trusted parties. Access can also be forbidden if needed. This guarantees that confidential information does not become public. Regardless of the nature of the blockchain, any stored information is also cryptographically secured.
Scalability – Private blockchain networks are more scalable and have greater transaction throughput – a central requirement for enterprises. They can process significantly more files than their public counterparts.
This is because not all nodes need to participate in the validation of transactions. Validation can be limited to only a few nodes with greater processing power.
Efficiency – Because of the limited number of participants, downtime on private blockchain networks is significantly reduced, whereas uptime is maximized. Moreover, nodes are also better connected and faults are fixed more easily.
Control – With a private blockchain, an enterprise has control over the infrastructure which allows it to more easily adjust to legal and compliance requirements.
At the same time, unlike with public blockchains, the rules of a private blockchain can be changed by the enterprises that run it. This means that within such a network, transactions can be reverted and balances modified, if necessary.
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The Private Blockchain Development Process
Types of Services
LimeChain offers the following types of services related to the process of developing on private blockchain:
For this purpose, we make use of the following platforms when developing your company’s network:
Private Blockchain Development
LimeChain has an extensive history and background in developing private blockchain networks for our clients and partnering with various members of the community.
We pride ourselves on being members of the Enterprise Ethereum Alliance as well as the Hyperledger Foundation. We are mentors in the R3 startup ecosystem and are also partnering with Hedera Hashgraph and Baseline Protocol to develop their platforms and use them for various ERP integrations.
Our expertise and experience include:
- One of the few Hyperledger Certified Service Providers
- Certified development partner of Hyperledger Fabric
- Certified Corda developers
- Experience on 70+ blockchain projects on both public and private chains
- Experience working with fortune 500 companies (P&G)
- Experience with ERP integrations
Are you interested in developing a private blockchain for your enterprise or organization? Contact us to learn more about how we develop private blockchains and to discuss your business’s needs and requirements!