The old question 'Is it in the database?' will be replaced by 'Is it on the blockchain?'
The world is moving fast. It's constantly changing so rapidly, after the internet become part of our daily life we are now entering the era of "Blockchain Technology". A technology some experts predict could reshape the world of business and transform the old order of human affairs for the better.
Blockchain can provide a distributed, transparent, autonomous system for exchanging value. Blockchain has the ability to make sure that all data are not stored in any single location, which means no centralized version of this data will be available for a hacker to hack. Being hosted by millions of computers simultaneously make these data are accessible to anyone, making it immutable so that it cannot be extended or overridden.
But have we embraced the values behind this technology? Have we embraced the fulfillment of the needs for freedom, transparency, privacy and autonomy? While the technology has been embraced most visibly in the cryptocurrency sector, how significant is it in the enterprise sector?
"There were hurdles for widespread blockchain adoption in the enterprise."
Large-scale enterprise databases need more secure, high-speed, and scalable operations. The current blockchain platforms are not scalable, which make it simply not suitable for widespread use. The Ethereum blockhain has low transaction processing which is the major reason why Ethereum is not scalable. It's simply not technically possible for Ethereum MainNet to process 40k transactions per second. The EOS blockchain currently handles 3,996 transactions per second which is still far below Visa.
To make blockchain user-friendly for mass adoption, all of these platforms must be able to compete with traditional financial service like Visa which currently handle 56K transactions per second. No one wants to use a service which take hours or even days to complete.
Unlike current platforms, where in order to increase speed we need to optimize the parameters on the blockchain such as block size, BEXAM is a hybrid of blockchain and Directed Acyclic Graph (DAG), which makes it able to handle up to 40 million transactions per seconds. Here is the video to proof this claim:
BEXAM does not rely on mining in order to confirm transactions and add them to the blockchain. Instead, they use Proof of Rounds (POR), a new consensus algorithm with constant improvement through small steps, by taking existing concept and turning them into something better. Think of it like Lean Startup.
Here are the advantages of Proof Of Rounds (POR):
・Approval of transactions by permutations
・Optimization of processes by assigning roles using a node hierarchy
・Construction of a unique network that distributes information efficiently
"A decentralized blockchain should be permissionless, which means not relying on miners for transaction validation"
The work is still in progress, but BEXAM developers are making good efforts to run the alpha-version wallet which is already accessible and unrestricted to everyone right now through https://bexam.io/wallet/bexam-wallet-win-x64.zip
By using DAG, there’s no need to add blocks one by one to the main chain (a.k.a miners), instead transaction point to other transactions, so one transaction can confirm the next one and so on. Without miners the transaction fees can be lower to zero. On BEXAM, there are no miners and there are no blocks. Because there are no blocks, there is no block size issue and there will be no block scaling debate like currently happen with Bitcoin.
BEXAM provides a user-friendly, high speed and scalability blockchain to ensure a quality experience for users.
To learn more about BEXAM and why their technology might be the key to getting massive adoption to blockchain please visit:
- Website: https://bexam.io/faq/
- Whitepaper: https://bexam.io/pdf/BEXAM_Whitepaper_V4.0_3.pdf
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