Introduction: It basically corresponds to a list or table of distributed information engaged to maintain a constantly increasing chunk of records that are specific in nature and are also referred to as blocks (Mattila et al;2017). All block systematically maintain database information stored on a computer. This is a supremely secure network that cannot be made vulnerable to external threats easily. This essay discusses the Permission Block Chain Technology. It aims to surface one such technology and put forth its impact globally. Main Body The Permission Block chain technology is not different from the one that is non-permissible in too many ways. Rather, there is just one difference between the two (Zheng et al; 2016). The Permission Block chain technology features a layer to access control within the modules or nodes of the block chain. It defines the two technologies in the manner in which it is decided through the access layers that which of the network participants can restrict the rest of them from entering or using the network. It can also decide that which participant has the ability to stop the others from making smart contacts. However, there is not much efficiency displayed by Block chain networks in the way they perform (Crawford,2017). Hence, when an organization looks to enhance its efficiency through block chain technology, it is advisable to create single-layered technology only so that the functions can be controlled by curbing the technology's aims. Due to nodes in the system; the Permissioned Block chain technologies only perform unique tasks and therefore, the same are carried out more swiftly .Such a network is more cost effective as it allows the users, easy management of extra cost burden without any major issues (Swan,2015). Several businesses or companies opt for permissible technology as compared to non-permissible technologies. These include the banks, financial institutions, philanthropic organizations, firms for cyber security and law firms as well that provide an array of services to their clients. Therefor different kinds of Permissioned technologies get applied in the organizations mentioned above in order to perfect businesses. The block chain technology is used primarily to avoid malice from entering the system via various modes. Banks or financial institutions must be over cautious every time they make a financial transaction as any little discrepancy ignored may cause major system damage. Different banks and financial firms can benefit from a Prototype Virtual System of Currency and many issues related to their market transactions can be resolved with ease. This currency or coin will also help greatly in settling claims. However, this is a complex technology that is difficult to introduce in the market and therefore it is important for banks to formulate strategic partnerships and deal with such matters (Mori, T2016). This will breed effectiveness and lend technical strength that comes from glitch-free functioning. The primary idea behind this technology is creation of a world-class product that various industries can customize and use. The Bitcoin project is quite a similar product to this coin(Zheng et al; 2016). This coin will help resolve several issues faced by these organizations. Firstly, big trades will be carried out with ease and within a faster time frame. It will be easy to gauge the risks involved in these large sum transactions. This will further aid reduction. Operational efficiency, security and smooth transactions will be some more benefits of the coin. One of the most vital tasks the coin will perform is reducing the overall process costs and help the involved organizations make the transaction even more profitable(Crawford,2017). As none of the existing technologies actually have a provision to systematically and chronologically maintain a ledger of previous or current records; this technology offers yet another major advantage. It makes this a major drawback for systems allowing unrestricted entry to various participants as a cyber attacker can then easily loose or misplace a very important. These may have significant impact on the data privacy. On the other side, some of the older ledgers, stored within an institution's history suffered several threats from an array of external sources and factors. With new technology such hurdles have been overcome with better service offered and advanced features. The coin is believed to overcome the shortcomings of existing robotics and previous systems used by various organizations(Crawford,2017). Firm efficiency is expected to increase as the new mechanical system uses less electricity and low computing to offer low latency and excess energy. When a proper governance system exists in a technology it becomes hassle-free and safe, ensuring no unauthorized access happens at all (Zheng et al; 2016). Therefore, a global revolution is being ushered in for financial businesses, by the new technologies. This will maximize profit for businesses enabling them to serve their customers better. Conclusion: This essay discusses the latest, Permissioned Block Chain Technology created specially to help financial institutions carry out their everyday tasks with enhanced efficiency and security. This new technology-Prototype Virtual System of Currency, will soon be introduced. It aims to remove existing problems within a certain industry and aids banks to cover-up losses. This essay highlights the many advantages of this latest technology and lists out facts that play a significant role in ensuring a future with secured financial transactions and malice or error-free ledger entries. Reference List: Crawford, M. (2017). THE INSURANCE IMPLICATIONS OF BLOCKCHAIN. Risk Management, 64(2), 24. Mainelli, M., & Smith, M. (2015). Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology). The Journal of Financial Perspectives, 3(3), 38-69. Mattila, J., Seppälä, T., & Holmström, J. (2016, April). Product-centric Information Management: A Case Study of a Shared Platform with Blockchain Technology. In Industry Studies Association Conference. Mori, T. (2016). Financial technology: Blockchain and securities settlement. Journal of Securities Operations & Custody, 8(3), 208-227. Swan, M. (2015). Cognition Applications of Blockchain Technology. Cognitive Science. Zheng, Z., Xie, S., Dai, H. N., & Wang, H. (2016). Blockchain Challenges and Opportunities: A Survey.