Blockchain! A technology that is flourishing and bringing revolutionary innovations to almost every industry. Today, blockchain technology is widely recognized all across the globe. People have started acknowledging its potential. And even though there is still some time for blockchain to become mainstream, one cannot deny the groundbreaking trust the technology has been able to build among major players of every sector. 

There are several blockchain platforms in the market today. Ethereum, EOS, Tron, and Polkadot are some of the most popular blockchain networks today. And to add to the list, ParallelChain™ is another emerging and influential blockchains in the enterprise space. The company behind ParallelChain™ is Digital Transaction Limited.

Digital Transaction is a Hong Kong-based blockchain start-up founded in 2018 by Ian Huang. Its core technology ParallelChain™was developed by a group of experienced computer networking, database, cybersecurity, and computer design disciplines from institutions like MIT, Stanford, Harvard, Carnegie Mellon, Dartmouth College, Hong Kong University of Science, and Technology, and many more. Therefore, one can imagine the amount of potential ParallelChain™ blockchain technology holds. 

ParallelChain™ is a high-performing blockchain platform that can perform at a speed of 100,000 transactions per second, and if we compare, it is at least 20 times faster than similar platforms on the market. The technology has unique features like interoperability, scalability, tamper-proof records, no-data-leakage, secure access, and online transaction processing with an almost immediate update within 0.003 seconds. And all of these make it a perfect package for multiparty transactional networks. It provides a seamless migration and helps to build impenetrable bridges. It provides zero performance degradation regardless of the number of nodes, in fact, the more the better.

ParallelChain™ is coached for commercial and transactional applications. This includes finance, insurance, and healthcare. This means ParallelChain™ can be used to manage assets, process and settle trades, and make cross-border payments. And given the amount of priority this blockchain gives to security, this can be your all-in-one blockchain platform. It is an enterprise private blockchain that is especially focused on enterprise agility and privacy. 

ParallelChain™ holds a lot of advantages that help various infrastructures and sectors. If we talk about efficiency, then it is quite well organized and has privacy-protected data validation through a unique Proof-of-Immutability (PoIM) algorithm. This is the reason it should often come as a priority over other mainstream blockchain platforms like Binance Chain and Ethereum. Even though Ethereum is regarded as the best DeFi blockchain platform today, the fees are often considered to be too high given the speed at which the transactions are made. ParalledChain overcomes this limitation. It offers speed along with comparatively low transaction fees. And these come with the maximum protection and least risk of hacking. 

ParallelChain™ works on various levels. The public mode, personal mode, and enterprise mode. In the public mode, It facilitates cross-platform transactions and consists of a parallel design that overcomes cross-chain vulnerabilities, which includes hacks and the difficulty to keep up with the state of heterogeneous blockchains.

On the personal level, biometrics, crypto assets, and transaction records are kept secured and private.

In the enterprise model, it is a trustworthy B2B collaboration where information is effectively shared among participants while maintaining protection against data leaks. 

Look at the key features below to have a vivid idea about ParallelChain™.

Proof-of-Immutability

A unique algorithm underpinning ParallelChain™ that requires no consensus. ParallelChain™ sticks to its words when they talk about Blockchain immutability. ParallelChain™ allows participants to repeatedly and randomly verify the immutability of blocks without compromising the privacy of data owners.

High-performing

It provides you real-time updates. And supports an unlimited number of endorsed parties with zero speed decrease. It provides unlimited scalability – supports an unlimited number of endorsed parties with zero speed degradation. 

Security

It is designed in a way that cancels every duplicate entry of data. Therefore, problems like data duplication, such as double-spending and double-counting are solved automatically. Double-entry refers to the incidence of an individual spending a balance of that cryptocurrency more than once. This effectively creates a disparity between the spending record and the amount of that cryptocurrency available, as well as the way that it is distributed. ParallelChain™ needs you to register for every transaction and world in an algorithm that prevents double-entry. 

Migration

It allows seamless migration from Ethereum and Hyperledger applications. This adds a lot given that Ethereum is the world’s second-largest cryptocurrency by market capitalization and the platform on which most decentralized applications are built on.

Privacy

ParallelChain™ is aligned with GDPR and other international data protection laws. It allows data to be deleted, allowing for the removal of time-sensitive data or unlawful content. It also takes special care of data-tampering by not allowing Individual endorsers to alter persisted records without notifying all parties. 

DTL, the company behind the quantum-leap enterprise blockchain ParallelChain™, has announced the launch of its native utility token XPLL. The XPLL is open for pre-sale now through a SAFT agreement and is going to be available on exchanges in 2021. 

The XPLL token can be called a gateway to exploit Digital Transaction’s unique and advanced blockchain technology. If you want to maximize your business potential and unlock the digital future for your own benefits, then XPLL is a good answer. XPLL will be issued as a fungible ERC-20 token and can be held in conventional ERC-20 compatible wallets and ParallelWallet is one of them.

ParallelWallet is a personal blockchain crypto wallet. It is both unforgettable and unhackable, which allows owners complete security when storing XPLLs or any other cryptocurrency. This wallet has extra security for your safety. It has biometrics log-ins, to ensure no one else can access your wallet. Moreover, every data, such as your biometrics, account activities, and transaction updates, are stored with triple redundancy and are backed-up on your personal ParallelChain™ blockchain. This makes it unhackable. 

Recently, ParallelChain™ blockchain has been selected by global FinTech Paywiser for its KYC and business operations. ParallelChain™ is the only enterprise blockchain to fully maintain current enterprise governance protocols. 

Louie Ho, Asia COO of Paywiser, said, “ParallelChain™ and eKYC-Chain match our vision and commitment of reducing onboarding risks while leveraging blockchain products in delivering the most optimal, efficient, and user-friendly financial solutions to our valued customers.”

So to sum it up, ParallelChain™’s blockchain is the first truly ‘business native’ blockchain, which is ready to face today’s real-world applications. If you want to know more about ParallelChain™ Blockchain and its applications, then do visit the website.