Few years ago, I got to know about the operations of the blockchain technology and I was so amazed by the things the blockchain is capable of carrying out independently. One of the things that fascinated me is the immutability of the blockchain that makes it impossible for data stored on the blockchain to be completely erased or destroyed. Wow! What a wonder! I exclaimed in excitement.
Beyond immutability, transparency is another feature of the blockchain that got my attention. That is, every ledger stored on the blockchain is made available for all to see. Transactions carried out are made visible to the public. With this feature, I discovered a great tool that can be an antidote to corruption, especially in the third world countries where I come from. When the blockchain is used in the financial transactions of Government officials and public companies, it brings about transparency and every citizen will have access to their financial records (a topic for another discussion).
The mining of cryptocurrency which is used as a medium of exchange for goods and services in many parts of the world is enabled by the blockchain. Little wonder why it is gaining so much adoption by the day, especially in the financial technology (Fintech) sector.
One thing that is constant in life is change! Things are constantly evolving in our world today at a very fast pace and that is more reason why every invention must be kept under review to maintain relevance and effectiveness. Blockchain is not exempted from this change, as there are things that needed to be scaled up on the blockchain to make it more effective for global dominance. Some of those things are the issue of privacy and verifiability.
PlatON
PlatON is out to help in overall development of the Blockchain and essentially tackle the issue of privacy, scalability and verifiability using Privacy-preserving Computation and Verifiable Computation (VC)
PlatON offers various services in order to achieve the aim of taking the blockchain to the next level and advancing the cause of cryptography with service and dedication. In this article, I will like to discuss some of the services offered by PlatON and we are all going to see the reason why a platform like PlatON is a necessity for the advancement of the blockchain. Get more information from PlatON Website
Privacy-preserving Computation
Part of the services offered by PlatON is to provide cryptographic-based privacy preserving computation to support secure data exchange on the blockchain. As we all know, privacy is one of the missing ingredients on the blockchain. For instance, when a transaction is sent from from user to the other on the blockchain, the identities of the sender and the receiver are displayed for all to see due to the transparent nature of the blockchain as mentioned earlier. In most cases, this has proven to be counter productive as many users don't want their identities traced to their transactions for many obvious reasons.
Lack of privacy in data exchange on the blockchain has caused a lot of damage for some people. Some have been exposed to the danger of arm robbery attacks as the public are able to view the volume of transactions they carry out and as a result, people and men of the underworld included are able to predict their financial worth and probably attack or threaten them. Some attacks are physical while some are cyber attacks. If full privacy were to be obtained on the blockchain to secure data exchanges, there won't be room for any form of attack.
This is where PlatON comes in; to offer privacy-preserving computation to support exchange of data on the blockchain. PlatON helps the blockchain to achieve total privacy and secure the identities and data that are stored or exchanged on the blockchain. PlatON carries out this privacy-preserving service through a technology named Secure Multi-party Computation (MPC) and Homomorphic Encryption (HE). Through these instrumentations, the privacy of the data exchange on the blockchain is securely preserved and absolute privacy is brought to trustless computing. Read more on this from the PlatON White paper and blue paper
Blockchain Infrastructure
Another service that is offered by PlatON is the provision of blockchain infrastructure and built-in services for distributed commerce. PlatON engages in consulting services to help build unique blockchain network and solid built-in works which enables a particular blockchain to carry out distinctive functions and mine blocks as envisioned by the blockchain owner. The internal operability is carried out by PlatON, the details of the functionality is only given by the owner. It is the duty of PlatON to help build a blockchain network for distributed commerce and meet the needs of different use cases.
What it implies is that, PlatON gives structures to a blockchain and saddled with the responsibility of in-built services and every nitty-gritty of the blockchain internal operations. This is a great news as PlatON will definitely help companies, Government agencies and organizations to get on board on the blockchain network. Reach out to PlatON on Telegram
Higher efficiency and less power
A major challenge in the mining of cryptocurrency on the blockchain is the problem of power consumption. Mining on the blockchain requires constant power supply and stable internet network. Not only are all these required in mining but also a very expensive mining equipment.
These basic requirement has put limitation on people and has restricted them from participating in mining activities. Thanks to PlatON that has come to help in building blockchain with higher efficiency and consume less power. These blockchains are built with lower cost to crown it all. This is a good news to everybody and even the ecosystem as PlatON offers services in building blockchain with high efficiency and less power consumption. Check out PlatON on LinkedIn
I believe PlatON will bring about scalability, verifiability and enable full privacy in data exchange on the blockchain. All these and more will bring more people in adoption of blockchain technology and make a major difference in the history of blockchain. Visit the website for more information.
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