Benefits of Private Blockchains
Private blockchain development functions the same way public blockchain development does, except that only users who are granted permission have access. 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 operational costs and optimized business processes
Smart contracts (self-executed contracts written in code) allow for a lot of automation, while decentralized, digital storage of information is another huge benefit.
Increased levels of trust
Instead of storing transactions and data on a single enterprise server, business counterparties access a shared ledger that acts as a single source of truth. Immutability ensures that no transaction can be changed once written on the blockchain
Enhanced information security
Regardless of whether the blockchain is a public or a private one, the stored information is cryptographically secured. In addition, the shared ledger is distributed amongst participants, rather than stored centrally, thus making it an overall more secure way of storing information.
Private Blockchain Development
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 member of the Hyperledger consortium, as well as a certified Corda partner.
We can both consult and work on private blockchain development. Get in touch with us at [email protected] to explore potential blockchain use cases in your industry which can help you stay ahead of the competition.