To understand what a consortium blockchain is, or, in other words, what kind of blockchain implementation consortiums need, let's check out an example. Banks want to build a blockchain to make money transfers easier, faster, and cheaper. In this case, here are the things they need:
- Speed: They need a blockchain network that can confirm transactions in near-real time. Currently, the Ethereum blockchain network block time is 12 seconds, and clients usually wait for a couple of minutes before confirming a transaction.
- Permissioned: They want the blockchain to be permissioned. Permissioning itself means various different things. For example: permissioning can include taking permission to join the network, it ...
