Boltchain and Its Pioneering Role in Decentralizing the Global Business
Blockchain is a digital data structure, or ledger, commonly used for verifying and recording transactions using a network of computers rather than a centralized authority. Each entry, or block, is connected to the previous entry and is secured with cryptography, making the ledger resistant to modification. Decentralized ledger, consensus mechanism, and public key mechanism ensure data security, authenticity, and traceability.
According to a report, the current blockchain market revenue is over $5000 million. By 2025, it is expected to surpass $20 billion. Agriculture, transportation and logistics, and healthcare are among the industries that are greatly impacted by blockchain technology.
Particularly, according to a research report by the World Bank, as the impacts of blockchain increases in international trade, its role in data integrity, procedure simplification, increased security, multi-use big data, and guaranteed confidentiality is gradually recognized. For an export-oriented country, specifically, application of distributed ledger system based on blockchain ensures traceability, data security and confidentiality, and simplification of custom procedure of the supply chain at an early stage, which is fundamental to reform the rest of fields in the international trade.
In the field of food and drug safety, it has always been an industry conundrum to analyze and share multi-party data transparently. A decentralized distributed ledger network ensures that the data from a multi-party system of food and drug production and transportation is transparent and traceable without being modified or tampered. It is estimated that the total loss caused by the global counterfeit goods in 2017 reached $1.2 trillion and is expected to reach $1.82 trillion by 2020. Until now, the total lost caused by online sales of fake goods already reaches $323 billion.
In the field of medical and health industry, according to The Global “Blockchain in Healthcare” Report — The 2019 Ultimate Guide for Every Executive, data exchange platform in the medical and health industry greatly benefits both patients and hospitals. Meanwhile, a data exchange platform for physicians has drawn attention in the U.S. for medical practitioners to reform the industry to a more transparent and efficient system. Particularly, it has been hailed to create a decentralized mechanism of identification verification and a system of privacy protection applicable for safely storing, transmitting, and matching the medical data of patents and those of physicians.
Yet, most of the blockchain platforms currently available are not able to meet the industries demands. The Holy Grail of blockchain — decentralization, scalability, and security, seems an impossible mission. According to a market prediction, ninety-five percent of public chain projects are estimated to withdraw from the market due to the lack of effective DApps and innovation in both global consensus algorithm and mining mechanism, two crucial components for a successful public chain.
For example, in the industry of international trade, data confidentiality must be ensured even within a restricted membership to make sure that business data is not shared among international business competitors. While a private blockchain network could be easily tampered, the market is looking for a public chain decentralized mechanism that can protect data confidentiality and authenticity when keeping fast transaction speed.
In the field of drug and food safety and in the medical and health industry as well, it is not uncommon for people to complain that blockchain is slow and expensive to store and transmit data. Furthermore, the complicated production and transportation procedures of drug and food industry are always challenging for engaging the multiparties to solve the existing problems through a more efficient approach while ensuring data provenance, integrity, functionality, and security. A private chain is hardly to satisfy the requirement. Yet, it seems still a daunting mission in the industry of blockchain to find an highly effective and efficient DApp based on a permissionless and decentralized public chain.
BOLTCHAIN, as a second layer scalability tool, boosts the performance of the first-layer public chain, i.e. Ethereum or Bitcoin, in the machine-to-machine trustless environment, introducing a third-party automatic auditing.
Particularly, Boltchain provides off-chain compression to greatly expand public chain performance. High-volume and non-critical transactions are processed with index Merkle Tree hash generating mechanism to achieve and progress into automatic auditing.
Boltchain also provides a transparent cooperation mechanism based on the blockchain architecture for the third-party transactions in the daily economic life, where decentralized audit mechanism ensures consensus and trust among the cooperating parties increases without downgrading the current rights and interests of each party.
The cross-chain network based on an encrypted hash value mechanism and an indexed Merkle Tree system between Boltchain and a public chain, including Ethereum and Bitcoin, also establishes a hybrid-chain evidence while ensuring data security and authenticity under a permissionless environment.
More importantly, Boltchain Explorer offers a user-friendly DApp interface for customers to search the blockchain transactions that are recorded via Boltchain service network.
Boltchain offers a Trust Certificate page to detail the customers about each step of a transaction, including the information on origin, processing, production, sales history, etc.
After applying for Boltchain service, a set of authenticated public and private keys will be generated. Boltchain customers can enjoy an access into the transaction traceability service.
Once a customer receives their Boltchain Trust Certificate, the verification service only includes a series of steps as easy as scanning QRCode or NFC Tag with a phone, checking the identification No. on BoltchainN to see if a data publisher is an authorized key address or not, and to trace a product information on its sales history or to confirm the goods authenticity.
Boltchain has established business partnership with the companies from a wide arrange of industries in Asia, including Pamir Water, PUCHANG Vineyard, and Sasaki in the food industry, Plant Technology Alliance Inc. in the sector of environmental protection, and Shenzhen Cultural Property Exchange Center in the sector of antique trading business.
The service team of Boltchain can tailor its business model to meet the market demands and satisfy customers requirement particularly in regard to enterprise blockchain upgrade, anti-counterfeiting certificate service, and blockchain cloud platform services.