Qtum launches 10,000-transactions-per-second enterprise blockchain
Open-source public distributed ledger blockchain platform the Qtum Foundation announced Thursday the launch of Unita, a blockchain protocol built for enterprise environments.
With Unita, businesses can securely store data and automate information transfer processes at speeds in excess of 10,000 transactions per second. “Speed and customization are two of the main barriers for enterprises looking to adopt blockchain technology,” said Miguel Palencia, chief information officer at Qtum.
Blockchains operate by securing transactions in a cryptographic ledger that resists tampering by distributing trust between multiple parties. Qtum’s ledger uses a specialized and highly scalable consensus algorithm called SCAR to achieve its high speed and easy customization.
Qtum believes that SCAR, and its ability to dynamically change parameters on the fly, sets its blockchain apart for enterprise solutions.
With blockchain technology, businesses can automate the insertion of data into ledgers. That enables them to track things such as the movement of materials through a supply chain, including as food, minerals and pharmaceuticals with the provenance of documents, monetary payments and even securities trading.
The blockchain itself provides a secure and transparent way to provide information about past transaction chains and also makes it easier to provide proof of compliance for regulations and access to third-party audits. Many implementations can also do this without revealing sensitive information to auditors while still verifying adherence to regulation.
“By bridging a novel, scalable consensus algorithm with smart contract technology and tools familiar to developers, we strive to make blockchain accessible for enterprises to easily and effectively deploy,” said Palencia.
Features of Unita include one-click deployment, cross-chain trading for multiple blockchains and additional developer-based modules designed to allow software engineers to rapidly build blockchains customized for purpose.
According to Qtum, users of Unita will be able to store private data on a permissioned, private chain and then transfer necessary data to Qtum’s public network without revealing secret or sensitive data, while still taking advantage of the high-speed transfer rate of the protocol.
Since you’re here …
Show your support for our mission with our one-click subscription to our YouTube channel (below). The more subscribers we have, the more YouTube will suggest relevant enterprise and emerging technology content to you. Thanks!
Support our mission: >>>>>> SUBSCRIBE NOW >>>>>> to our YouTube channel.
… We’d also like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.