Openchain blockchain is a relatively new blockchain technology. It is an open source distributed ledger technology well-suited for organizations desiring to issue and manage digital assets in a more secure and scalable way.
Its’ consensus algorithm differs from other Bitcoin-like systems. It uses Partionned Consensus; every Openchain instance can have one authority to validate transactions. Instead of one centralized ledger, each organization can have its Openchain instance. Those instances can communicate with each other.
Depending on the exchanged assets, different authorities can validate different transaction requests.
Consequently, every asset issuer can control the transaction process related to the asset.
Used as a general ledger of ownership aimed to achieve these use cases:
Openchain Blockchain is more efficient than other systems using Proof of Work:
It utilizes a client-server architecture, which is significantly more reliable and efficient, compared to a P2P (peer-to-peer) architecture.
Since there’s no miner, the asset administrator directly validates the transactions. Since there’s no miner, trades are quick and free-of-cost.
With the help of Openchain APIs Development, we develop blockchain applications like: