The US credit rating agency Moody's announced a new study that has new risks in the private blockchain compared to the public blockchain. According to the report, the current market trend is that the growth of the private blockchain is usually controlled by a single entity and frees itself from the early public blockchain project model. The report highlights the potential impact of structured finance on the enterprise blockchain. If there is no decentralized consensus or governance mechanism, the private blockchain is at risk of manipulation. Risks include: concentration of counterparties, technical operational risks, and legal and regulatory issues.