Consortium BlockChain [Blockchain Series]

Hello friends and TFC lovers,trust you're good today. Welcome to my blog once again. Thanks for you usual support via your appreciable comments and upvotes. Well I will love to continue with my series on blockchain. I been unavoidably busy for the past two days and that is why I've not posted here.Well am back to dish out value as usual and I believe we are learning from it.. Be rest assured that I will keep on dishing out value as long as I remain in this space.

Introduction

So far we have learnt about Private blockchain,Public Blockchain,Hybrid Blockchain and without mincing words,I will like to introduce the next in this series which is the Consortium Blockchain. This is a concept I would love to write on to a very appreciable extent today. Well if you are new to this concept be rest assured that you will be so much enlightened at the end of this lesson.

What is Consortium BlockChain

A consortium blockchain is a permissioned type of blockchain where multiple organization operate and decides the mode of operation. It is just like a private blockchain,they share so much similarities,for example you have to be granted access before joining both blockchain,that is why it's called a permissioned blockchain,it's not opened to all.

Now, the obvious difference between a private blockchain and a consortium blockchain is that a single organization runs the affairs of a private blockchain while multiple organization runs that of a consortium.Simple put, consortium implies many or group. I believe this is clear now.

A Consortium blockchain still possesses an appreciable level of decentralization even though it shares similar features with a private blockchain which is known to be more of a centralized chain.
Let me quickly discuss briefly on why consortium blockchain is decentralized.

Since the entities in control are more than one,the activities of each organization is checked by the other,one entity cannot decide what happens on the chain, neither can an entity carry out malicious act without being discovered.
The goal of this type of blockchain is for collaborative effort in terms of carrying out organizational operations.

Features of Consortium Blockchain

In this section,we will be considering some of the notable features of Consortium blockchain. This section will also be written in such a way that the benefit will also be captured.

• Faster Speed

I want o believe this is no more a fascinating news. Speed is one of the benefit of a consortium blockchain. Don't forget I said it funtions more like a private blockchain which have fewer nodes that help with verification on the chain. So you can be sure of speed when it comes to transacting on this kind of chain.

• Scalability

Scalability is one of the obvious benefit of this platform. It still boils down to the fact that there are less people on the chain and even when they permit more people into this types of chain,they could as well limit the kind of people that will validate or verify transaction. Some organization could even put certain nodes in charge of verifying transaction to allow for smooth operations.

• Low Transaction Costs

According to my research,you enjoy low transaction fee on a consortium chain. Sometimes these fees remains like that for a very long time because these fee has been fixed based on regulation so it doesn't matter how many people joins or even leave in most cases,it remains unchanged until there is a general agreement to modify it.

• Low Energy Consumption

The energy consumption for maintaining the chain is low when compared to a public blockchain and that is because the algorithms used by most consortium blockchain are less complex and as such excessive need for power will be reduced to the minimum.

• No-Risk of 51% Attack

Leaving out this feature will render this write-up incomplete. A Consortium blockchain is always secured against 51% attack because everything is by authorization. 51% of the users are needed to gain control of the blockchain and they must be from the same organization, without this they can't gain full control, alter or modify things on the blockchain. But as it stands,it is not going to be easy because the organizations operation on the chain are more than one and such detrimental approval will not be granted neither will it be overlooked.

• Regulation

Like I will always say,you have to go for a blockchain that suits your need.Private and consortium blockchain are purely for business organizations and as such there must be rules and regulations that will be put in place to ensure a smooth flow and running of the business.

I will like to wrap up this section here. Do we to DYOR if you are interested in getting more of those features/benefit.

Conclusion

I have been able to clearly explain this concept. I have also been able to point out the fact that consortium and private blockchain are similar and that they are strictly for business enterprise who would like to have fun control over their activities such as restricting the level of access to vital information about the organization. I hope you've learnt from this write up. Feel free to drop your comments and contribution.

Regards:
@lhorgic♥️