A private blockchain is set up by businesses who look at restricting participants and have a set of rules put in place by the network starter.
At VSynergize Global, we have the expertise to develop private blockchains for corporate and other clients, keep in mind the requirements and ensuring internal security for the company.
Where are Private Blockchain used?
Energy & Utilities
Retail & E-Comm
Why Vsynergize Global?
- Expertise to develop private blockchains for corporates as well as product companies
- We ensure internal security for the company
- Our private bloackchain applications are low on maintenance
How Private Blockchain Work
Your own blockchain for use in a corporate envirnoment or product development
Create your own Genesis block
Create private directory to store blockchain data
Fire up your private network
Create account and password, start transacting
Advantages of our
Private blockchains are more favoured by banks as they have a clear governance model and not led by a group of unknown miners. They also have the assurance of having the ability and flexibility to change the protocol and revert transactions if they ever needed to do so.
Private blockchains do not run the risk of the systems suddenly shutting down, due to unforeseen errors, as the nodes of a private blockchain do not depend on a central computer running it.
No native cryptocurrencies
Banks and other institutions do not recognize cryptocurrencies. When using a private blockchain, it is not necessary to deal with them. Instead, we can design closed ledgers around issuance and movements of conventional assets. Moreover, they cannot be considered illegal, as they will only be a part of your internal processes
Private chains have a selected number of participants and are therefore highly efficient with their capacity being much greater than that of public networks.
Since miners are pre selected and not anonymous, they are highly trusted. There's a slim to zero chance of someone acting suspiciously on a company-owned network.
Private blockchains have just a few nodes validating blocks with quick and steady flow of transactions. Hence they are cheaper to use and much quicker.
Abide by regulations
Private blockchains are built in full compliance to AML (Anti-Money Laundering), KYC (Know Your Customer) and HIPAA (Health Insurance Portability and Accountability Act) laws. These regulations prevent the network from being used for any criminal purposes.
Want to Learn More?
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