I was surfing through the internet when I came across a video of XinFin’s CTO, Karan Bharadwaj, explaining their one of a kind hybrid blockchain to the audience at 'Blockchain and Business Event' organized by Nanyang Blockchain Association. My curiosity increased when I heard the word - Hybrid. I have read a lot about the blockchain and Bitcoin in the recent past but was not familiar with the concept of the hybrid blockchain. You can refer to the video here-
I did a little research about this new discovery which I will be sharing in this article soon. I would appreciate any further information or correction to my understanding, however, please be gentle with your opinions as I am also a novice in this field ...So without any further delay let’s explore this new-found treasure.
Let me first introduce the company which has built theHybrid Blockchain technology. XinFin (https://www.xinfin.io/) is a Blockchain Technology company in Singapore that has built enterprise-ready Hybrid Blockchain. It offers business solutions for international trade and finance industry. The company has also introduced a decentralized peer-to-peer market platform called ‘TradeFinex’, powered by its XDC01 protocol.
TradeFinex (https://www.tradefinex.org/) connects governments, beneficiaries, suppliers and financiers from around the world and offers services like global smart contracts, cross-border payments, and settlements through certified financial institutions. To know more about how this marketplace work, check out this video -
Understanding XDC01 protocol and Hybrid Blockchain
XDC01 Protocol which is a fork of Ethereum and JP Morgan’s Quorum which enables ‘Distributed Applications’. XDC hybrid blockchain network merges the power of public and private blockchain technology, making it highly secure, permissioned and faster.
The network works based on an entrusted proof of stake consensus among reliable masternodes. XDC is the next-gen digital tokenswhich is a fundamental element of the hybrid blockchain. XDC is cost-efficient and its transaction cost is also comparatively very low.
XDC utility token supports global trade and finance industry by simplifying international and domestic transactions and maintains business efficiency use-cases across various sectors using tokenized as well as non-tokenized business solutions. XDC protocol works under IoT layer which updates current data into the network.
The users can buy the XDC tokens through several authorized exchanges including Bancor, KoinOK, Forkdelta, Alphaex, Mercatox & Etherflyer.
The hybrid blockchain is still an unknown subject for many with only a few real-time solutions existing in several sectors. XinFin is one of the few blockchain companies who have existing working prototype supporting its POCs. XinFin is working in partnership with Ramco Systems, a part of Billion-dollar conglomerate Ramco Group of Companies, to implement blockchain solutions in HR, Supply Chain and Aviation sectors.
At last, I would recommend reading their whitepapers published on their website (http://www.xinfin.org/white-paper/) if you also find this topic interesting as they are very exhaustive and include all nitty-gritty surrounding XinFin’s hybrid blockchain and blockchain applications in the real world.