&gt; Or maybe they think that it is enough to build some cargo cult system - that just copies the names, but is not distributed at all - to lure investors?<p>My money is on this (or ignorance). &quot;Private blockchain&quot; is an oxymoron. If you take out &quot;decentralised consensus mechanism&quot; from &quot;blockchain&quot;, what is left? They might be working on some innovative database system but without a fully decentralised consensus mechanism (e.g. proof of work, which was the true innovation behind Bitcoin), calling it a blockchain is misleading.