blockchain network</strong></a> that is typically used by corporations and groups to share information on a blockchain without making it open to the public. It can be seen as an intermediary between <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-blockchain/">public and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-blockchain/">private blockchains.</p>\n<p>Public blockchain networks are the most popular type of this technology. The Bitcoin blockchain, the first blockchain in the world, was designed to be public. This blockchain type is popular among other <strong>decentralized cryptocurrency blockchains</strong>, like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum or Tezos. Public blockchains are permissionless and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized, thus accessible to all willing participants.</p>\n<p><strong>Private blockchain networks</strong> are primarily designed by corporations and can only be accessed within the organizational structure. No outside users can access private blockchains. This model is typically managed by a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized/">centralized authority</strong></a>.</p>\n<p>Consortium blockchain networks fall in the middle between the features of public and private networks. They are designed and used by groups of companies, allowing&nbsp;them to employ a decentralized network within the consortium. Similar to private networks, no actors outside the consortium can access the blockchain.</p>\n<p>Consortium blockchains are more decentralized than private blockchain networks. 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In crypto, smart contracts are self-executing computer programs.","content":"<p><strong>Contracts</strong>, in traditional finance, are binding agreements between two or more parties. Historically, some contracts were agreed upon verbally. However, nowadays, it is more common to sign contracts in a written or electronic format.</p>\n<p>Contracts are used to officially confirm that party A has agreed to financial dealings with party B, and, in some instances, party C or more co-signers. In the traditional sense, contracts are treated as binding agreements.</p>\n<p>If a customer wishes to purchase property, they may have to sign a contract with the entity selling it. The contract would detail the transfer of ownership, property price, the date of signing, and other important details.</p>\n<p>Another common model is job contracts. When starting a job or an internship, the employee and the employer sign a contract that details the job responsibilities, the start of employment, the employee&rsquo;s wage, and other conditions.</p>\n<p>Contracts play a vital role in the global economy, as they are required to manage financial processes on a daily basis. Online procedures like purchases, e-banking operations, or money transfers can also be recognized as financial contracts.</p>\n<p>In the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency industry, contracts have a different meaning, tied to the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized digital nature of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains. The existence of contracts is seen as one of the most fundamental components of blockchain technology, allowing users to take part in and further develop <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">decentralized finance (DeFi)</strong></strong></a>.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">Smart contracts</strong></a> are the core element of blockchain technology. They are self-executing computer programs. Smart contracts ensure that transactions and operations completed on the blockchain remain anonymous.</p>\n<p>The details of the agreement between the buyer and the seller are recorded by the smart contract and embedded in the blockchain code. The agreement within the program is distributed to the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes on the blockchain network.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-contract/">Mining contracts</strong></a> are utilized by blockchain users who wish to mine cryptocurrency but do not have the software or hardware required to take part in the process. In that case, they can employ the services of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cloud-mining/">cloud mining</strong></a>, which allows them to mine without owning physical storage themselves.</p>","level":"medium","meta_title":"What is Contract? Definition & Meaning | Crypto Wiki","meta_description":"Contract meaning: Contract - in traditional finance, a binding agreement between two or more parties. 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Consensus mechanisms have been adopted for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain technology</strong></a>, becoming the most crucial tool in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency development and utilization.</p>\n<p>The consensus mechanism is the foundational technology for <strong>block verification</strong>. It created the outline for conditions that the network <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators must meet in order to create and verify new blocks on the blockchain.</p>\n<p>There are numerous consensus mechanisms that require different software and hardware. However, their key principle is to help build a <strong>decentralized public ledger</strong> that makes up the blockchain.</p>\n<p>The first consensus mechanism developed specifically for blockchain technology was <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work (PoW)</strong></a>. It was launched alongside the Bitcoin blockchain. Given some of its technical limitations and hardware requirements, developers started working on new concepts of consensus mechanisms.</p>\n<p>This led to the development of mechanisms that have become as popular as PoW, such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a>, which is employed by Ethereum, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-authority-poa/">Proof-of-Authority (PoA)</strong></strong></a>, used by VeChain, and Proof-of-Staked-Authority (PoSA) on the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a> Smart Chain. Each method ensures agreement between the network nodes to validate transactions and create new blocks on the chain.</p>\n<p>Blockchain protocols are unable to properly function without consensus algorithms. As the name suggests, this technology ensures consensus is maintained between all nodes working in the network and that all nodes follow the same set of rules.</p>\n<p>Furthermore, <strong>consensus algorithms provide security to blockchain users</strong>. Invalid transactions are kept out of the blocks by node validators that follow the predetermined consensus algorithm rules. Consensus mechanisms allow multiple transactions to be managed and validated in a very short time window.</p>\n<p>In order to validate a transaction and add it to the block, all nodes must reach a consensus. Blockchain networks are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized, therefore all node operators share an equal distribution of responsibility. The consensus mechanism can successfully function even if some of the nodes are malfunctioning or maliciously acting against completing the tasks.</p>\n<p>The consensus algorithm technology is a practical example of a theoretical problem known as the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-byzantine-generals-problem/">Byzantine Generals' Problem</strong></a>. It poses the question of whether a computer network can achieve a consensus in a network of independent, decentralized nodes when some of the nodes are malfunctioning for one reason or another.</p>","level":"medium","meta_title":"What is Consensus Mechanism? Definition & Meaning | Crypto Wiki","meta_description":"Consensus Mechanism meaning: Consensus Mechanism - the technology required for the main blockchain functionalities.","meta_keywords":null,"language":"en","created_at":"2022-02-24T13:03:43.000000Z","updated_at":"2023-01-10T01:48:42.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-consensus-mechanism"},"currentChapter":"C","currentSection":"what-is-consortium-blockchain","chapterTitle":"C","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-consortium-blockchain","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter C

What is Consortium Blockchain?

Consortium Blockchain MEANING:
Consortium Blockchain - a privately owned blockchain where the information is not publicly available outside the consortium.
Easy
1 minute

Let's find out Consortium Blockchain meaning, definition in crypto, what is Consortium Blockchain, and all other detailed facts.

A consortium blockchain is a type of blockchain network that is typically used by corporations and groups to share information on a blockchain without making it open to the public. It can be seen as an intermediary between public and private blockchains.

Public blockchain networks are the most popular type of this technology. The Bitcoin blockchain, the first blockchain in the world, was designed to be public. This blockchain type is popular among other decentralized cryptocurrency blockchains, like Ethereum or Tezos. Public blockchains are permissionless and decentralized, thus accessible to all willing participants.

Private blockchain networks are primarily designed by corporations and can only be accessed within the organizational structure. No outside users can access private blockchains. This model is typically managed by a centralized authority.

Consortium blockchain networks fall in the middle between the features of public and private networks. They are designed and used by groups of companies, allowing them to employ a decentralized network within the consortium. Similar to private networks, no actors outside the consortium can access the blockchain.

Consortium blockchains are more decentralized than private blockchain networks. All companies within the consortium are independent and equal network members. As in public networks, all consortium members act as nodes within the network with an even level of authority.

However, unlike public networks, consortium blockchains restrict any outside access to the network. This way, the private corporate data of the corporations are protected, and the network load is smaller since the number of nodes is kept relatively low without outside interference.