Private networks, in the context of blockchain, are permissioned distributed ledger systems where participation is restricted to authorized entities. Unlike public blockchains, access to the network and its data is controlled, and validators are typically known and approved members. These networks prioritize privacy, transaction speed, and regulatory compliance for specific organizational use cases.
Context
Private networks are a significant area of development for enterprises seeking to leverage blockchain technology without exposing sensitive data to a public ledger. News reports often highlight their deployment in sectors like finance, healthcare, and supply chain management, where controlled access and high transaction throughput are paramount. Their suitability for inter-company collaboration is frequently assessed.
This paper introduces an efficient voting-based consensus for consortium blockchains, boosting performance and expanding decentralized application utility.
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