SEOUL, South Korea,
Nov. 19, 2020 /PRNewswire/
-- Blockchain Labs announced the launch of InfraBlockchain,
highlighting its implementation flexibility to provide both a
stable public blockchain and a scalable permissioned blockchain.
The announcement gives a promising outlook into creating more
blockchain-powered services in the real world.
According to Blockchain Labs, InfraBlockchain's patented
consensus mechanism makes it possible to design the network as a
permissioned blockchain for internal uses, a consortium blockchain
for limited group uses, or a completely public blockchain that
openly invites anyone to participate. Furthermore, because of its
consensus mechanism, InfraBlockchain supports a flexible transition
from one network design to another, even after the network is up
and running. In order to solve the blockchain technology's innate
problem of all data being recorded and shared publicly,
InfraBlockchain also offers a selective anonymity feature that
safely shields sensitive data, such as personal information, while
maintaining the level of data integrity that only the blockchain
technology can provide. Most importantly, InfraBlockchain was
designed from the beginning to not involve any cryptocurrency (such
as Bitcoin, Ethereum, Ripple, etc.). This is a celebratory news for
many public sectors and enterprises, who were interested in the
blockchain technology but were concerned about regulatory and
accounting issues traditionally related to cryptocurrencies.
Since 2016, Blockchain Labs has been providing blockchain
solutions to many services including Yosemite Card (a fee-less
payment service for UC Berkeley students and local businesses in
Berkeley, California), Godivart
(an online artwork trading platform), and Comake (blockchain-based
eContract service), to make the novel technology more widely
accepted and used. However, recognizing the limitations of existing
technologies, Blockchain Labs developed its own InfraBlockchain to
address the technical problems that hindered blockchain's mass
adoption.
Conrad Um, the CEO of Blockchain
Labs, commented, "The blockchain technology has a lot of
characteristics similar to that of our society's infrastructures,
like roads and power grids. To build such underlying service
platform that can benefit the countless number of users, it would
require 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."
Recently, Blockchain Labs was selected as the blockchain partner
for the South Korean national government's new project to develop a
blockchain-based management and tracking system for a medical hemp
production. Already having supplied the blockchain solution for
RV-sharing platform for Seoul City
earlier this year, Blockchain Labs looks to continue its expansion
to bring more blockchain-based services.
ABOUT BLOCKCHAIN LABS
Blockchain Labs – based in Seoul,
South Korea – is a parent company of California-based Yosemite X, and helps clients
across the globe to reinvigorate existing products or power new
business offerings using its patented blockchain technology. For
more information about Blockchain Labs, please visit
infrablockchain.com
Media Contact:
Bryan Jin
contact@infrablockchain.com
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SOURCE Blockchain Labs