Private blockchain projects and why many people are missing out

Most blockchain projects are open-sourced. People tend to shy away from private blockchain since they cannot view the code. The catch is that many people are missing on promising projects simply because they’re not open source. We have to look at why these projects use a private blockchain. In my opinion, if the team is anonymous, then I think the project is sketchy.

Many amazing projects are utilizing blockchain technology, smart contracts, AI, IoT, machine learning, and RFID. These projects are usually related to supply chain, real estate, healthcare, retail, and insurance. Private blockchains are used to comply with regulations and comply with specific standards.

Morpheus Network, which is a supply chain project, has partnered with SENASA, the National Food Safety and Quality Service of the Argentine government. They will provide solutions for animal management and certification using blockchain and IoT technologies. Hence, a private blockchain solution is required.

Patientory, which is a healthcare blockchain-based project uses private blockchain. They choose private blockchain to comply with HIPAA (Health Insurance Portability and Accountability Act). HIPAA is a US legislation that provides data privacy and security provisions for safeguarding medical information.

Somebody told me once that, when you invest in a project, you’re investing in the founders and team that are building it. Many projects may be tackling the same problem. What stands out is the team.