What is a consortium blockchain?

A consortium blockchain (also known as a federated blockchain) can sometimes be confused with a private blockchain, but the two are not identical to each other.

What is the largest blockchain consortium in the fashion industry?

The largest consortium blockchain in the fashion industry is currently the Aura Blockchain Consortium, created in April 2021 by LVMH, Prada Group, and Cartier, which we’ll examine later in this article. The food and beverage business deals with some of the trickiest supply chain and quality control issues of almost any industry in the world today.

What are the different types of blockchain systems?

There are three main types of blockchain systems: open, private and consortium blockchains. While the first two are pretty self-explanatory, there’s a little more nuance to the latter. Clearly, open blockchains are available to anyone who has an Internet connection.

What is a federated blockchain?

Like other blockchain types, a consortium blockchain still requires a consensus mechanism that all nodes can use to verify data. But federated blockchains can often provide low latency, as the user number is lower and fewer nodes are required for the consensus process. This is one of the biggest advantages of using a federated blockchain.