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The shared and distributed blockchain ledger is excellent when it comes to transparency and visibility. But this is not ideal for all companies and use cases. Companies that use conventional databases have user controls defined, which restricts access to data. In blockchain technology, the accounting book is shared, allowing all participants to see what other participants are doing, and this is important to validate transactions.
Let’s suppose that your company wants to protect confidential information and share only the data you need to know. Can you continue using blockchain and, if so, how?
In my opinion, blockchain implementation models can be adapted to specific business contexts to meet the different needs of different industries. Since the “one size fits all” approach does not work, there are several ways in which these implementation models can be exploited.
Bilateral blockchains Exchange information Securely
This is the type of blockchain which is extremely useful in competitive scenarios, such as in financial markets or when trading where full transparency is not practical. With bilateral blockchains By BlockChain services in Saudi Arabia, you can exchange information securely in an auditable and transparent way.
Multi-party block chains
This is useful when participants need to share information with each other, as well as a cooperative paradigm.BlockChain Development Services in Saudi Arabia help you to.
By sharing information needed to know, such as KYC documents, blockchains can encrypt and store data using a private key from the sender’s node, so that only the recipient can see the shared data.
Public blockchains have information that is visible to all, whether all the participants in the external world or all the participants within a specific network.
- The first category is useful in situations where the information should be public such as notarized documents, property/land records, warranty data, etc.
- The second blockchain category (information shared only among network participants) is useful during audits such as when the contact information must be registered and applied. But, on a simpler note, I think it also promotes transparency and trust. For example, exchanges of emails can be recorded audibly as proof that the correspondence was made.
Blockchain on Demand
All these models are viable when there is communication or regular transaction between different parties. In cases where the correspondence is rare, for example, once per quarter or perhaps per project, participants can use Blockchain Saudi Arabia on-demand. With this model, they can correspond while the project is underway and, once it is finished, they can archive the data and close the blockchain.
When you are working with blockchain technology on thin you should remember that blockchain is a valuable technology that can greatly simplify operations and promote better collaboration and trust. for the best results, You only need to choose the correct implementation model for your company’s needs.