A blockchain network delivers unlimited scalability and a record-breaking 100,000 transactions per second — features that could transform the way this technology is used.
ParallelChain, developed by Hong Kong-based blockchain startup Digital Transaction Limited, says it is the only blockchain platform in the market that has successfully solved the three major pain points of first-generation blockchains with no compromise: Scalability, speed, and security.
Its speed is probably the most significant of the three. At 100,000 TPS, ParallelChain is four times faster than Visa’s capability of 24,000 TPS. It is also much faster than other blockchains such as Polkadot, Cardano and Cosmos.
Meanwhile, ultra-low latency of 0.003 seconds on average gives ParallelChain the capability to power any internet or native application. Such infrastructure could deliver dramatic improvements for forex and crypto exchanges, which require huge bandwidth to process a gigantic influx of transactions — with some currently buckling under demand at peak times.
Its current throughput is set to improve twofold to 200,000 TPS when a second iteration of the network, ParallelChain 2.0, emerges in mid-2021.
Making blockchains better
ParallelChain’s all-in-one approach delivers an environment that packs a public, personal and enterprise blockchain under the same roof, so users can deploy as many differently configured ParallelChains as they want depending on their business or personal requirements. Whereas Ethereum 2.0 will only be available in 2022 at the earliest, this network is live now and is already being implemented by organizations in the public and private sectors.
One distinctive feature is the introduction of a single-user digital ledger (personal blockchain) in the form of ParallelWallet, a crypto wallet that can store, back-up and secure a user’s crypto assets, biometrics and transaction activities. The wallet comes with state-of-the-art anti-spoofing facial recognition and a privacy-protected crypto cash-out function.
Offering the “right to be forgotten,” ParallelChain is also one of the few blockchains that’s compliant with the EU’s data privacy measures and other data protection laws — attributes it says the likes of Hyperledger Fabric, R3 Corda and Polkadot cannot match. Privacy ordinance compliance means that governments or companies that use this technology can request the removal of time-sensitive data or unwanted content at will. ParallelChain also keeps interchain communication private at all times, while enabling seamless migration for projects and applications currently built on Ethereum and Hyperledger.
Then there’s security. Rather than a consensus mechanism like mining or staking, ParallelChain uses a proof-of-immutability algorithm, the first of its kind, to validate transactions, avoiding the risk of 51% attacks that can rewrite “immutable” blockchains.
More Insights from Digital Transaction Limited here
An ecosystem of applications
Digital Transaction’s founder and CEO Ian Huang, a data networking and IT veteran with decades of experience in Silicon Valley, first came across enterprise blockchain in Hong Kong in the technology’s early days — when it was largely limited to Ethereum and Bitcoin — and was convinced he could do better.
He founded the company in 2018, and the award-winning ParallelChain blockchain was launched in the same year.
A report published by renowned management consulting firm Arthur D. Little has praised Digital Transaction’s suite of “killer applications” for providing real-world business solutions — and shortlisted a range of compelling use cases where ParallelChain can offer an upper hand over rival blockchains. They included asset tokenization, contract management, clean energy, cross-border payments, and Know Your Customer checks.
The ParallelChain network is part of a wider ecosystem that consists of five purpose-built applications that harness the power of ParallelChain to serve a diverse range of real-world use cases.
- eKYC-Chain, a blockchain and biometric system with millisecond anti-spoofing facial recognition technology for the secure identity verification needed to fulfill Know Your Customer regulations most commonly found in the finance industry
- PreventiveChain, a blockchain and biometric cybersecurity system focused on identifying and protecting against insider threats ranging from carelessness to deliberate attacks
- ApprovalChain, a web and mobile platform for streamlining workflow, tracking provenance, and making approval processes transparent through smart contracts and real-time image processing
- ChattelChain, an asset tokenization and trading platform that can handle everything from carbon credits and fractional real estate ownership to stocks, fiat money and cryptocurrencies
Paywiser, a global payment solutions fintech firm, is one of the companies currently utilizing ParallelChain’s e-KYC service. They deployed eKYC-Chain to strengthen its debit card onboarding identity verification process and compliance review.
Most recently, Digital Transaction launched its ERC-20 native utility token, XPLL, which is currently in its private sale phase and set to hit exchanges soon. XPLL holders can store their tokens in the ParallelWallet or any ERC-20 compatible wallet. Aside from trading, the token can be used to redeem for ParallelChain-supported product licenses and earned for running network nodes on its blockchain.
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