Blockchain networks are divided into two categories: private and public. Bitcoin, the fist implementation of blockchain technology falls into the public category, as it enables anybody to set up a node and connect to the Bitcoin network. But from a business perspective, a public blockchain network doesn’t make much sense, because it enables any member of the network to interrogate the information stored over the blockchain, which may compromise trade secrets and confidential company data.
As a software solution that targets the enterprise sphere, Modex BCDB facilitates the creation of permissioned networks, where new nodes can join the network only with the permission of the administrator or the network beneficiary. This architecture has deep ramifications on data accessing mechanisms, as users are first required to receive permission to access and modify data owned by another entity. Through our solution, users are able to share information between them only after forwarding a request for permission to read, write and modify existing data on behalf of another user. To give users full control over their data, they can grant various levels of permissions on their data for a predetermined amount of time, or for an unlimited period and revoke the permission after operations have been completed.