Openchain is an open source ledger which can be used to issue and manage digital assets. The technology offers a secure and scalable platform for digital asset management. Openchain is useful for any kind of organization who is wishing to enter the new regime of asset management with blockchain. The difference between Openchain and other popular blockchain platforms is that the Openchain is a centrally distributed ledger. Which means, any company can develop and use their own Openchain network and they will have the complete control of the respective network. But the control will not compromise the transparency of the blockchain. Openchain has all the key characteristics of a blockchain like Auditability, Immutability, transparency etc. But they avoid the POW (Proof of Work) algorithm for transaction verification as it will be a problem while tokenizing sensitive assets.
FEATURES OF OPENCHAIN:
- Real-time confirmation of transactions: As transactions are chained one another, Openchain is capable of providing real-time confirmation of transactions.
- No Mining fee: In Openchain, no mining fee is required as transactions are directly validated by the administrator.
- High scalability: The chain is expandable to accommodate any number of transactions.
- Secure Transactions: Digital signatures are used to secure the transactions.
- Immutable: Transactions added to the chains are immutable, that is no alteration is possible once the data is added.
- Multiple levels of control: The platform allows different types of ledger including fully open ledger, closed ledger and partially closed.
- Transparency and Auditability are guaranteed.
- Inter-organizational transaction: Blockchain allows the inter-organizational transaction.
Which means different chains in the Openchain can interact in a secure way.
- Unified API: Openchain provides unified API that simplifies the interaction of Openchain with other instances.
BLOCKCHAIN V/S OPENCHAIN:
The blockchain is a linked list of blocks, but the Openchain doesn’t use the concept of blocks rather the transactions are directly chained one another. The block less approach make the transactions faster and it is a crucial factor in many transaction management systems.
Both Centralized And Decentralized Approach.
In a point of view, Openchain is more decentralized than many other blockchain networks like bitcoin. Bitcoin has only one chain which makes centralization around developers, miners etc. But in Openchain every independent firm runs their own chain and is completely independent of any third party. But the administrator control over the ledger gives it a centralized nature.
And Openchain is more suitable to track centralized real-world assets than the decentralized asset like bitcoin.
Single vs Multiple
Unlike many other blockchains which offer a single public ledger, Openchain offers multiple ledgers with the control mechanism. It is possible to create to fully open, Closed and Partially Closed ledgers. This feature allows each institution to create its own version of Openchain. Each level of an institution can make transactions using their digital signatures.
OPENCHAIN and SIDECHAIN:
Openchain can act as a Sidechain. An Openchain can be connected to another blockchain using a two-way peg. And it is possible to send currency from the main blockchain to the sidechain. In such a situation the main chain locks the required amount in its chain and an equal amount is unlocked in Openchain.
The features of Openchain makes it suitable for many existing business solutions. Especially in enterprise level application who can’t go for a completely free network. Openchain enables financial institutions like Banks to utilize the potential of blockchain without exposing to anonymous transactions. And most importantly Open chains can be used to provide securities for stocks and bonds, also used in commodities like gold and currencies.