Blockchain for Business: HetaChain Bridges the Gap
The blockchain economy continues to gather steam as we head towards 2019. Many businesses across industries are actively exploring the technology to improve security, verify ownership, increase transparency and reduce costs. While a lot of companies have done test runs or implemented pilot projects on the blockchain, many mainstream businesses have not developed large-scale initiatives. Even as we see the first wave of decentralised applications (dapps), problems such as lack of control, privacy needs, scalability issues and technology immaturity are among the few factors that have slowed down the business adoption of blockchain.
What makes a good business blockchain?
For businesses to have the confidence to run their operations on the blockchain, the network needs to have the following characteristics:
Privacy — While a lot of businesses are open to more transparency with blockchain, they also require a certain degree of privacy for sensitive data. Legacy public blockchains do not offer enough privacy controls to businesses. The ideal business blockchain offers a required level of privacy to business users.
Control — Any company which puts business data on the blockchain requires complete control. While permissioned blockchains offer that control, they may end up giving too much power to one entity with insufficient balance. Public blockchains, on the other hand, give complete visibility to business data. A good business blockchain should provide control to the organisation without compromising decentralisation.
Security — Security is paramount for businesses, amidst growing cybersecurity threats. While blockchains theoretically do not have a single point of failure, vulnerabilities can indeed exist. A good business blockchain ensures a robust infrastructure that can protect the data on the network, thwart bad actors and implement highest grade security standards.
Scalability — Public blockchain systems from the Blockchain 1.0 and 2.0 era have simply been unable to cope with large-scale transactions, making them unsuitable for high-volume transactions. A blockchain for business should be scalable with high throughput and can support commercial transactions.
Availability — For businesses which cater to thousands of customers, downtime is simply not an option. Public blockchains have long suffered from network slowdowns and running operations on them is not a feasible option. A business needs high availability and operational performance on their blockchain.
HetaChain’s Bridge Protocol: Driving the Business-Ready Blockchain
The HetaChain architecture is a significant departure from legacy blockchain systems. HetaChain is powered by its unique Bridge Protocol — a unique privacy preserving communication protocol that lies at the heart of the blockchain system.
The Heta network’s multi-chain approach enables both public and private information exchange, making it ideal for businesses who want control with enough decentralised safeguards. The main chain is like any other public blockchain like Bitcoin and Ethereum, while private chains cater to individual organisations for business use.
With security at its core, the Heta network allows for multiple private chains which can be controlled by different business entities which can distribute private transaction details on them. The Bridge Protocol offers a mechanism where the information can be relayed to the mainchain while abstracting details to generate cryptographically verifiable proofs for data validation and transparency.
In addition, any corporate entity can also launch tokens and smart contracts on their private chain which cannot function outside of it. This delivers powerful ecosystem capabilities on top of the reliability offered by the Heta mainchain. The Heta network also follows a unique DPoS+BFT consensus model (link to earlier blog) for high scalability and availability.
Experience the power of blockchain for business with HetaChain today.
HetaChain is an enterprise-grade, high-performance blockchain solution that is built to support the next-generation of commercial Dapps. Powered by Heta token, it aims to overcome the limitations of legacy blockchains by offering a scalable, secure, flexible and fast platform. Designed to usher in a new Blockchain 3.0 era, HetaChain aims to become the platform of choice for entrepreneurs trying to build real-world solutions on the blockchain.
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