Ultra-modern business systems based on latest technologies like Augmented Reality, AI, IoT and Blockchain are changing the way enterprises used to function. Among these, blockchain is a relatively new revolutionary technology that is impacting various industries miraculously.
Blockchain is a global online database where data or information is stored in a chain of blocks. It is managed by a cluster of computers but not owned by any single entity. Each of these blocks of data is secured and bound to each other using cryptographic principles. Through this technology, you can securely exchange any kind of transactions. It has brought a new perspective to security, resiliency and efficiency of systems.
Innovations in blockchain have enabled more agile value chains, faster product innovations, quicker integration and much more.
- Lightning Networks: To match the current payment processors without sacrificing decentralization, lightning networks have been designed to facilitate majority of bitcoin transactions. This type of network does not need block confirmations while making payments as they are instant and atomic. It also allows financially viable micro transactions where transfer of value occurs off-chain. Only the balance of the channels is broadcasted, dramatically reducing the load of chain.
- Sharding In IOST: Internet of Services Token (IOST) is an enterprise-level blockchain system. Many blockchains are constrained by their scalability capabilities; so, IOST is implementing its unique form of ‘Sharding’ to overcome this limitation. Sharding is a method of data partitioning that splits a database into smaller and easily manageable segments called ‘shards’. The customized sharding method introduced by IOST is called ‘Efficiently Distributed Sharding’. It reduces transaction processing workload on individual node and increases the total transaction throughput of the network which is proportional to increase in number of nodes. This ensures that IOST blockchain is infinitely scalable.
- Secret Contracts: Privacy is pivotal for usage of blockchain among mass number of users. The privacy issues are now solved by some blockchain developers such as ‘Enigma’ by implementing an innovative technology called ‘Secret Contracts’. Data that runs through Enigma’s secret smart contracts can be processed by nodes without actually seeing any of the data they are operating on.
- Interoperability: Importance of interoperability in blockchain is vital so that users won’t have to switch from one blockchain to another blockchain for every separate application they are using. The leaders in blockchain industry, such as ‘Ark’, are working on harmonizing the blockchain space by facilitating inter chain communication. This can be facilitated by incorporating a technology that allows different blockchains to connect and communicate with each other.
For more information on innovations in blockchain technology, call Centex Technologies at (254) 213 – 4740.