Public Blockchains have gained fame as the technology behind Bitcoin. Bitcoin depends on a public chain, which allows anyone in the world to read or write transactions. No user is able to freely verify transactions, but rather all users are required commit resources to solving a problem (a cryptographic puzzle, for example). The public Blockchain is completely decentralized, offering security in that it is mathematically impossible to manipulate transactions.
Benefits of private Blockchains
Fully private Blockchains offer businesses a greater degree of control in that who is trusted to read, verify, or submit transactions is defined by the business. Private Blockchain offer multiple benefits the first of which being privacy. Data in a private chain is not publicly available to anyone. Operating costs are either completely free of very low because one body handles all transactions. Additionally, the transaction speed is faster because it is not necessary to verify each transaction.
Private chains can also be built and implemented specifically for companies. There are multiple private chain projects already underway, including Hyperledger.
Loss of security without public distribution
Despite the many benefits of private chains, there remains an undeniable loss of the security offered by a public chain in comparison. Some consider private chains simply distributed ledger technology because of its loss of insusceptibility.
faizod is committed to pioneering solutions for businesses, and as such, is excited to present the technology that offers the security of a public Blockchain with all of the benefits of a private Blockchain.
The solution for public security with private benefits
faizod.Anchoring periodically writes the block hashes from a private chain into a public chain; not all block hashes have to be anchored to the public chain, but rather one match per day is sufficient. In the case of manipulation within the private chain, it is possible to identify which blocks can be trusted. Which data and how frequently they are written into a public chain is definable and viewable in the Anchoring log. faizod.Anchoring is available online as a service or can be operated on demand.
Anchoring transfers the advantages of a public chain to a private chain. The cost-saving power is incomparable. Almost 2 million Euros would need to be spent daily if you wanted to operate a private chain as a public chain. With faizod.Anchoring, for between 6 and 91 cents per anchor, the your private block hashes can be secured in the public chain.