Opporty Adds a New Dimension to Its Business Blockchain by Implementing Plasma Protocol to Develop Opporty Enterprise Solution

Opporty is a business relationships ecosystem that consists of PoE protocol, business-scoring system, and B2B platform for business transactions. The three-tiered ecosystem’s functionality is aimed at establishing and growing trusted business relationships among small and medium enterprises (SMEs).

However, Opporty’s innovative and avant-garde blockchain functionality is not limited to Protocol, Scoring, and Platform.

In an effort to resolve the issues of lack of trust in business transactions and lack of privacy in traditional blockchain solutions, the Opporty team came up with a new solution aimed at corporate clients and larger enterprises, opting to implement Ethereum’s Plasma Protocol to enable “Opporty Enterprise Solution,” or OES.

What Is Plasma Protocol?

According to “Plasma: Scalable Autonomous Smart Contracts” paper released by Joseph Poon and Vitalik Buterin:

Plasma is a proposed framework for incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide.

Simply put, Plasma is an autonomous, high-speed protocol that relies on the underlying Ethereum blockchain to enable decentralization through the creation of child blockchains, which are governed by a parent blockchain and can have different consensus rules, functionality and underlying base tokens.

Since all nodes in the Plasma network trust each other by default, the protocol does not require any mining activity, with no need for block withholding, which provides a significant boost to Plasma’s performance when processing transactions and other related operations.

How Do We Intend to Use Plasma?

Plasma’s architecture of parent and child blockchains naturally fits with Opporty’s Proof-of-Expertise protocol, the underlying technology of the project’s transaction data storing, analysis, and business-scoring functionality. At the same time, Plasma Protocol allows users to transfer, manipulate, and return data to the parent chain without disclosure of the nature of underlying data.

With that said, the Opporty team intends to utilize Plasma Protocol to develop a private, PoE-empowered blockchain, aimed at processing, analyzing, and privately storing transaction metadata, on and off the Opporty marketplace.

While its PoE protocol and B2B platform assist Opporty in establishing trust in business transactions, Plasma Protocol enables privacy of transactions (provided counterparties opt in), which naturally resolves the problem of lack of privacy in traditional blockchain solutions.

Plasma Protocol and Opporty Enterprise Solution

Plasma Protocol allows Opporty to enhance its PoE blockchain to offer Opporty Enterprise Solution (OES) to corporate clients. The OES is a permission-based version of the Opporty ecosystem based on Plasma protocol, catering to corporate needs.

Since Plasma is implemented extension-wise, it allows for creation of specific, private APIs that can be implemented onto third-party platforms and applications. This makes Plasma-based OES perfect for implementation and use in enclosed corporate environments that need all data to be kept private and non-accessible by third parties, outside of the system.

Major features of Opporty Enterprise Solution include:

• Privacy. Information stored on the blockchain remains secure and private, for the exclusive use of entities connected to it.
• Scalability. 1,000,000,000+ transactions (data exchanges) per second
• Modality. OES consists of modules for faster prototyping, PoCs and implementation
• Security. All data protected by encryption
• Immutability. All stored data is guaranteed to remain genuine and unchangeable
• Code transparency. All code is open-source, and can be continually reviewed by third parties
• Interoperability. OES can easily be connected to the entire Opporty network, Ethereum blockchain, and other blockchains

Major components of Opporty Enterprise Solution:

• Blockchain. All data is stored on a distributed ledger, a database that is consensually shared and synchronized across the network and spread across multiple entities (nodes)
• Nodes. Blockchain is stored on nodes. A node is a piece of software that connects to other nodes, thus participating in the formation of the network. In addition to containing a blockchain, each node executes Smart Contracts
• Smart contracts. A smart contract is a computer protocol executed by nodes, intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. These transactions are trackable and irreversible. Smart contracts allow for the performance of credible transactions with the help of Oracles, Timestamps and Digital Signatures
• Oracles. An oracle is an agent (human or software) that finds and verifies real-world occurrences and submits this information to a blockchain, to be used by smart contracts. Oracles provide external data and trigger smart contract execution when predefined conditions are met. Such a condition could be any data, like weather, location, temperature, successful payment, etc.
• Digital signatures. A digital signature is a unique digital code (generated and authenticated by a public key encryption) than can be attached to any blockchain participant (person or software) or Oracle, to verify its identity.
• Timestamps. Each data transfer or smart contract event has a timestamp. A timestamp is a sequence of characters or encoded information identifying when a certain event occurred, usually giving the date and time of day, often accurate to within a small fraction of a second.
• Levels of access. All data on the permission-based blockchain can be encrypted with different parameters, allowing users to have different levels of access to decrypted information. Keys to decryption can be permanent or temporary.

Corporations can opt to implement Plasma-based OES and enjoy the benefits it provides, including: safe and secure storage of transaction metadata, blockchain-based processing of transactions, privacy of selected transactions, transaction analysis to assign scores to specific activities, and many more. Other use cases include:

• Production Tracking
• Food safety and certification
• Cross-border payments and clearance
• Supply chain visibility
• Automatic settlement
• Asset transfer

Opporty plans to install its first Plasma-based Opporty Enterprise Solution onto client platforms shortly.

Stay tuned for updates!