The private blockchain verification is done by the network participants, who can be either individuals or organizations. The verification is done through the process of consensus, which is a process of agreement among the network participants. The consensus process is used to validate the transactions and to ensure that all the participants have the same copy of the blockchain.
Other related questions:
Q: Does private blockchain use proof of work?
A: There is no one-size-fits-all answer to this question, as the use of proof-of-work (PoW) in a private blockchain depends on the specific requirements and goals of the network. However, it is worth noting that PoW can be used in both public and private blockchains, and many private networks do indeed use PoW as a means of maintaining consensus.
Q: Which companies are using private blockchain?
A: There is no definitive list of companies using private blockchain, as many companies keep their blockchain usage private. However, some companies that are known to use private blockchain include IBM, Microsoft, and Oracle.
Q: How does Verification happen in blockchain?
A: The verification process in a blockchain is what ensures that all the transactions in the blockchain are valid. This is done through a process called consensus. Consensus is when all the nodes in the network agree on the state of the blockchain. This means that all the nodes must agree on which transactions are valid and which are not.
In order to reach consensus, all the nodes in the network must do two things:
1. They must all have the same copy of the blockchain.
2. They must all agree on the order of the transactions in the blockchain.
If all the nodes in the network have the same copy of the blockchain and they all agree on the order of the transactions, then the blockchain is said to be in consensus.
Q: How does a private blockchain works?
A: Private blockchains are permissioned, meaning that only authorized users are able to access them. In contrast, public blockchains, like Bitcoin and Ethereum, are permissionless, meaning that anyone can join them. Private blockchains are often used within businesses and organizations, where only authorized users are allowed to access the data.