Innovate Your Business With Private Blockchain Service.
Our Private Blockchain Development Solutions
Choose from our range of private blockchain development service offerings designed to meet a business's unique requirements.
Advantages of Private Blockchain Development For You
Private blockchain technology has helped businesses to secure and centralise their data. Explore benefits you can harness by adopting the technology.
Technologies We Use
Why Vegavid Private Blockchain Development Service?
Now build innovative solutions using our latest technology to access full authority over the participants in the network.
Do you also have these questions?
A private blockchain is a type of blockchain technology where only a single entity or organisation has the authority over the network. It is not open for the public to join in as private blockchain solutions will have some form of authorization scheme to identify who is entering the platform. Private blockchain solutions develop these platform for the internal networking system of an organisation.
In a public blockchain anyone can read ,write and participate in a blockchain. Hence , its a permissionless blockchain as it is public for everyone . In a private blockchain read and write on a blockchain is done upon invitation. Hence , it's a permissioned blockchain and is private in nature.
The key differences between a private and public blockchain are :
- Level of access given to users
- Consensus mechanism
- Transaction speed
- Transaction cost
- Data handling
The cost of developing a private blockchain depends on the amount of work requires to be done. The cost of implementing private blockchain may differ due to the number of factors such as:
- The niche of the application.
- The complexity of the project
- The kind of network you require according to your business needs.
- Cost of the 3rd party tools.
- Cost of manpower involved.
Private blockchains are structured for organisations that want to have more access to control over data and more privacy with permission control.
Some use cases of private blockchain network are :
- Supply chain management
- Digital IDs
- Wills or inheritances
- Real estate
- Data sharing
- Digital voting.
Private blockchain helps organisations to keep their information for authorised parties only. It offers a high level of Security , control , privacy and low cost in benefits to any startup or enterprise . These are the important factors to develop private blockchain networks based on blockchain technology.
The time taken to develop a private blockchain network depends on the network requirements. The project is initiated with consensus mechanism algorithm PoC which takes 2-3 weeks .Once PoC is done it takes 4-5 weeks to develop a private blockchain network with minimum features and functions.