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But why do companies need to host their own blockchain? What is the value proposition in doing so?

Accessing data with permissions towards access only going to specific, pre-determined parties. Brings blockchain in line with the current data control paradigm by doing so.

If you're restricting permission like this, why bother with a blockchain at all? Why not just use a conventional database?

With a conventional database, the owner can set any value to anything they like.

With a private blockchain (and smart contracts), the owner can't forge values.

For example lets say you want to fake a transfer from client A to client B. In a traditional database, the owner can do that. With a blockchain, the owner can't.

The owner of the blockchain can of course forge values! The computational power of the network of a private blockchain is fairly easily overcome.

And every actor will know there's a double spend attack and stop accepting the chain. Unlike a public blockchain, there should never be a fork in a private blockchain. If there is a fork, you know the owner is mounting a double spend attack.

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