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The journey of blockchain began as a democratic uniform system that wouldn’t involve interference from regulators or third parties. Since the evolution of blockchain, the technology has changed some closed parameters.
The idea is to allow companies or financial institutions to roll out their separate blockchain systems with uniform access control over transactions. Of course, it still would have a heightened secure network system but traditional companies and banks will prioritize the decision maker’s trust.
Companies and Key Reasons to Use Private Blockchains
Companies continue to use private blockchains because they ensure controlled and efficient business processes, offer high-quality, low costs, real-time information, and link external and internal ICT.
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Trace Origin of Products
You’d be surprised how many companies have managed to develop a unique blockchain system to trace the origin of products. For instance, a P2P cryptocurrency exchanger like Cryptster has mastered in cryptocurrency trading & how to utilize Hyperledger Fabric for its private network system. It allows Crypster to enhance its data storage security.
Hyperledger Fabric is ideal to store financial data like smart contracts. With hyperledger fabric, there is no chance of data modification that heightens the overall security. This fabric provides a unique consensus approach that ensures scalable performance and improves privacy at the same time.
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Authenticity Certificates
Essentially, the private blockchain makes it easier for suppliers to show authenticity certificates to get access to the ledger in a secure manner. It creates a high level of trust in the system and allows the organization to trace the source of the products in seconds.
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Immutable and Secure Trail
De Beers is another company that has successfully launched an immutable and secure trail through Tracr, a private blockchain. It allows De Beers to validate the authentication and trace the origin of diamonds. The technology also helps companies to make sure they’re not mining blood diamonds from war or conflict zones.
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No Compromises on Privacy
Comcast also joined forces with industry leaders to roll out Blockgraph. It is a private blockchain system that allows advertisers to reach out to a specific target base with specific ads without compromising the privacy of the viewers.
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Smart Contracts
Healthcare professionals and patients use the big data model of BurstIQ. The private blockchain platform secures the transfer of sensitive medical data through smart contracts and assigns parameters of data accessibility and sharing.
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Transparent Reward System
Spotify also uses Mediachain, a blockchain startup to create a just, transparent, and fair rewarding system for musicians. Long before Spotify decided to buy the startup blockchain company, it had already developed various technologies like a decentralized P2P database that integrates media applications.
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Tracking through Digital Ledger
Shipping leader DHL also uses blockchain-based logistics to power its supply chain processes. It makes a difference when one of the most prominent and biggest shipping companies decided to implement a private blockchain model. DHL uses blockchain technology to track its shipments in the digital ledger and secure transactions.
The Last Words
It is vital to understand that private blockchain is more than just about choosing a reference platform and coding. Besides, blockchain technology is still new and developers often have to face hurdles that require a specific response. It is the main reason developers build applications off and, on the chain, to ensure sustainable solutions.
About Cryptster – We believe in a universal growth of the cryptocurrency and contribute every effort to help the community to promote it for the sake of the social good. Choosing a secure and straightforward platform is crucial to investment security. A P2P trading platform like Cryptster offers the quickest and safest way to buy bitcoin in Nigeria and other altcoins
Reviewed and edited by Albert Fang.
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Article Title: Why Companies Continue to Use Private Blockchains in 2023
https://fangwallet.com/2021/09/10/why-companies-continue-to-use-private-blockchains-in-2021/The FangWallet Promise
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