Define the Concept of “Permissioned Access” in the Context of a Blockchain

Permissioned access means that participants must be vetted and authorized before they can join the network and interact with the ledger. Unlike a public, permissionless chain, where anyone can join, a permissioned chain restricts who can read, write, or validate transactions.

This control is typically managed by a governing body or a set of administrators (the consortium members). It ensures compliance with KYC/AML regulations and maintains data privacy for sensitive financial information.