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The current blockchain craze is causing an acute sense of FOMO amongst new and established businesses. The major causes of anxiety are:
- The prohibitive costs associated with adopting blockchain technologies, and
- Confusion regarding where to begin, primarily how to integrate blockchain into an existing IT infrastructure.
Root Blockchain aims to solve these problems with a unique offering – Blockchain as a Service (BaaS) – the first hybrid blockchain with multiple flexible options.
It is a known fact that the cost of transactions on BitCoin are rapidly increasing to a point when they will ultimately become economically unviable. At the same time, the time taken for a transaction to get confirmed has also increased. This is just one example of what ails the current blockchain solutions in the market.
Root Blockchain makes it easy for businesses to get started with blockchain. Flexible business models, coupled with a well-documented API and low costs enable businesses to easily plug the Root Blockchain into their existing setup and start reaping the benefits of blockchain technology. In addition, Root Blockchain offers multiple layers of data security and privacy that a customer may opt for.
HOW IT WORKS
Root Blockchain employs a unique mechanism to increase the speed of transaction confirmation on the blockchain, while at the same time keeping the costs low. Only digital fingerprints of the actual transaction data are stored in the blockchain. Storage of the actual data itself is optional. If data storage is opted for, Root Blockchain provides a separate secure digital vault for encrypted data storage.
This approach yields multiple benefits:
- Because only small digital fingerprints are actually stored in the Root Blockchain, the overall size will be much smaller compared to other blockchains and consequently, speed of operations on the Root Blockchain will be much faster. This in turn means that businesses can take advantage of a faster feedback loop for their transaction confirmation.
- Since ultimately the users of a blockchain pay for storage, by making storage optional, Root Blockchain provides its users with a way to reduce their overall costs. This has an added benefit that a business may choose to keep confidential data within its physical boundaries while at the same time taking advantage of the provenance and veracity of data that a blockchain has to offer.
In addition to the above, Root Blockchain offers several business models:
- Private Blockchain – Customers may choose to have their own dedicated blockchain, where only their transactions will reside.
- Consortium Blockchain – A private blockchain for two or more parties. Consortiums are ideal for linking customers and vendors.
Secure, encrypted data storage is provided as an optional feature. This is linked to, but physically decoupled from the actual blockchain. The entire Root Blockchain offering is wrapped in an API layer which ensure that businesses can easily be up and running in a minimal timeframe.
THE ROOT BLOCKCHAIN ICO
Root Blockchain will be launching a phased ICO from the month of March, 2018. The goal of the ICO is to raise investment for the development effort. The complete roadmap of Root Blockchain is published on its website.
In addition to the actual investment, investors would also be able to use the tokens purchased during the ICO to pay for transactions submitted to the Root Blockchain.
Further information is available in the whitepaper and at the Root Blockchain website.
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