On November 19, 2020, Blockchain Labs announced that they were launching the InfraBlockchain platform. It is designed to provide a stable and scalable public blockchain. With the platform, it will be possible to provide more blockchain-powered services for real-world use cases within governments and enterprises.
Unique Consensus Mechanism
Blockchain Labs stated that the InfraBlockchain network comes with a unique and patented consensus mechanism. The unique mechanism allows the platform to be adopted for permissioned internal uses, as a consortium blockchain for group use, or a public blockchain that is open to everyone.
The unique consensus mechanism means that InfraBlockchain comes with support for a flexible transition from one network design to another. The transition can occur even after the network has already launched.
Selective anonymity is another important feature added to InfraBlockchain. Consequently, it deals with a major problem of blockchains where everything is publicly recorded and available to the masses. The selective anonymity helps to shield important information such as personal details while maintaining high data integrity. InfraBlockchain does not have any crypto attached to it. For companies looking to avoid regulatory and accounting issues that come with using crypto, it is great news.
Solutions From Blockchain Labs
Blockchain Labs has been working on real-world use cases for the blockchain since 2016. They have managed to come up with numerous services such as the Yosemite Card, which is a fee-less payment service in use by students at UC Berkeley. They have also developed a blockchain-powered e-contract service called Comake, and an online trading platform for art called Godivart. Blockchain Labs realized that existing technology had limitations, which is why they developed the InfraBlockchain platform. By doing so, they hope to achieve the mass adoption of blockchain technology.
Recently, the company was chosen as the blockchain partners for a new government project in South Korea that is developing a blockchain-powered tracking and management system. The system is designed to be used in the medical hemp production sector. Before that, Blockchain Labs was already working with Seoul City on a blockchain-powered solution for an RV-sharing platform. The company is committed to expanding blockchain-based services to reach the masses.
Commenting on the release of InfraBlockchain, the CEO of Blockchain Labs, Conrad Um, said the blockchain had many characteristics that were similar to existing infrastructure like roads. He added that:
“To build such an underlying service platform that can benefit the countless number of users, it would require an initial investment of time, money, and social consensus before we can see the technology’s effectiveness. However, just as other infrastructures in our society do, InfraBlockchain will greatly benefit businesses and organizations across all industries – starting with reducing the database management cost.”
About Blockchain Labs
The company is based in South Korea. It is the parent company of Yosemite X, a company based in California. The company helps clients improve their products and business operations by utilizing blockchain technology.
The blockchain sector has a lot of growth potential. Companies such as Blockchain Labs that work to develop real-world solutions based on the technology will help to make it more widespread. Consequently, issues such as online security and data authentication will become easier once it gains mass adoption.
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