What is a Consortium Blockchain?
There are public blockchains, private blockchains and semi-private blockchains. But the high growth area of the blockchain marketplace is the Consortium Blockchain. A consortium blockchain is a type of private blockchain, which is not accessible to the public.
A consortium blockchain is a multi-party consensus network. The operations of each node on the network are verified by special pre-approved nodes and by the community.
The Consortium Blockchain is permissioned and only known and shared by a community of Member firms. Technically, a consortium is a semi-decentralized type of blockchain. Each node on the network writes transactions to a private blockchain. Because of its nature, it does not suffer from issues such as high network output or transaction delays.