Private Blockchain

A Private Blockchain, unlike the Public Blockchain, is not open to the publicity. In principle, everyone can participate in public Blockchains if they set up a node in the peer-to-peer network. But the access in private Blockchains is restricted. Therefore, the setup must be approved by a specific group or consortium in advance. Additionally, the consortium set up rules about the access, the consensus mechanism and the governance. All transactions are securely encrypted via cryptography in the Private Blockchain [1]. Due to the limited access, they are primarily designed for internal company usage. Popular Private Blockchain systems are Hyperledger Fabric and Corda.