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