Why & When Blockchain? | Blockchain Development & Consulting Solutions & KYC Blockchain

What kinds of blockchains exist?

Private Permissioned

Operated by one entity. These Blockchains value efficiency over anonymity, immutability and transparency. For example, Ripple.

Public Permissioned

Single Industry – Operated by known entities such as stakeholders of one industry. They value immutability and efficiency over anonymity and transparency.

Public Permissioned

Multi-Industry – Operated by known entities such as stakeholders across multiple industries. They value immutability and efficiency over anonymity and transparency.

Permissionless

Anyone can be a user or run a node. Generally speaking public Blockchains such as Bitcoin value anonymity, immutability, and transparency over efficiency. This means your identity can be safe as you purchase goods online

Characteristic	Private Permissioned	Public Permissioned : Single Industry	Public Permissioned : Multi Industry	Permissioniess
Authority, Control and Trust	Ledger management facilitated by a single company for private use -- centralised trust	Ledger management facilitated by an industry utility, open to limited public use -- semi-centralised trust	Ledger management facilitated by an industry utility or open to public use -- semi-centralised trust	Ledger management facilitated by the distributed network/participants -- distributed consensus/trust
Business Context	Intra-Company	Inter-Company or within an industry	Inter-Company or across industries	Inter-Entity (company and individual) across a network or ecosystem
Access Rights	Single company purpose permissioning	Single industry purpose permissioning	Defined multi-industry/purpose permissioning	Multi-Industry/Participant and Multi-Purpose permissioning
Membership	Static	Static	Semistatic	Fluid
Accountability, Legal Standing	Legally accountable actors	Legally accountable and potentially regulated actors	Legally accountable and potentially regulated actors	Limited/Zero legal accountability and unregulated actors
Deployment Style	Private	Private or Public	Private or Public	Public
Record Immutability	Potentially Editable	Potentially Semi-Editable	Potentially Semi-Editable	Predominantly Irrevocable
Consensus Mechanism	Proof of Stake, Federated Byzantine Fault Tolerance Agreement	Proof of Stake, Practical Byzantine Fault Tolerance, Deposit-Based, Federated Byzantine Agreement	Proof of Stake, Practical Byzantine Fault Tolerance, Deposit-Based, Federated Byzantine Agreement	Proof of Work
Advantages	Authenticated and secure by known user rights Optimisation of protocols and the network for specific use cases Shared network/management utility costs Easier governance and policy enforcement Open to regulatory oversight Controlled standards development Operationally faster Underlying product/service/business model stability and protection			All data public/transparent Ability to resist hacking No centralised entity control No separation of users from application developers Ecosystem growth via network effect Open source "Unlimited" developer resources "Unlimited" native asset creation and conveyance Reduces participant fees
Disadvantages	Single point of failure May not be fully open source Reinforces existing supplier product fee structures Supplier-centric as opposed to buyer- or customer -centric Limited developer resources Required corporate consensus Product/application design separated from customers/users Potentially limited asset creation and conveyance			Scalability issues create transaction latency Complicated governance Untrusted actor participation Potential for mining concentration Potential for illegality Direct financial incentives required to maintain the network

What kind of Blockchain does my organisation need?

The characteristics that you need to look for in your blockchain are:

What kinds of blockchains exist?

Private Permissioned

Public Permissioned

Public Permissioned

Permissionless

Ready to see how Belfricsbt can work for you?