New Virtual Private Blockchains Solution From BlockApps Offers Transaction Privacy Among Enterprises
The first Blockchain-as-a-Service provider, BlockApps, put out a press release on September 6th, to announcement they would launch their new solution on their STRATO platform. The solution is called Virtual Private Blockchains (VPB), which will let enterprises and other organizations to maintain data and transaction privacy.
The majority of workflow for any enterprise business is centered around privacy, maintaining sensitive data that can only be access with permission. Most of the companies that add enterprise blockchains have difficulty with balancing the natural transparency of the ledger with the need to maintain data privacy during work hours. However, BlockApps solves this issue with STRATO’s new options.
STRATO provides three types of privacy – Scope Separated Privacy, Access Governed Privacy, and Compliance Enforced Privacy. STRATO employs the help of both a main blockchain and the VPBs to support the regulations of privacy within a commercial management system. However, those with permission to access the blockchain will still have the immutable benefits.
Any enterprise has the power to develop their own VPBs on their network for transactions that need to remain private within the company. However, the participants that engage on the main blockchain have the ability to form a VPB with another party to specifically only release information to that individual. To keep this technology balanced, the virtual blockchain can be the subject of voting, determining exactly which people have the power to view and add to the blockchain.
BlockApps STRATO helps enterprises to establish provision access to the content stored, employing the use of multiple VPBs. According to the chairman and founder of BlockApps, Victor Wong,
“Virtual Private Blockchains combine the best elements of shared consortium networks and privacy while simplifying management under one seamless interface.”