a hybrid technology of the future
What is SourceLess Blockchain?
To better understand how SourceLess Blockchain works, we must first understand what a Blockchain is and how this technology can help us.
Blockchain is a specific type of database, but it differs from a typical database in the way it stores information; blockchains store data in blocks that are then chained together. As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
Different types of information can be stored on a Blockchain but the most common use so far has been as a ledger for transactions. Blockchain enables businesses, governments and other organizations to better manage their workflow and improve their systems with better solutions.
The way we store, access and use data is changing to improve the endless cycle of technological growth. It also has an impact on other aspects of our technology, including how we entrust a network.
A Blockchain can be used in three different ways: private, public, consortium and hybrid.
With the help of a Blockchain, it becomes impossible to manipulate data or hack the system. Opening the public Blockchain brings people from all over the world together, while the private Blockchain ensures that a closed ecosystem can thrive with Blockchain capabilities as well.
SourceLess Blockchain is best defined as a Hybrid Blockchain, trying to use the best part of private and public Blockchain solutions. In an ideal world, SourceLess Hybrid Blochchain will mean both controlled access and freedom.
SourceLess Hybrid Blochchain architecture is completely customizable, where members can decide who can participate in the Blockchain or what transactions are made public. This brings out the best in both worlds and ensures that a company can work with stakeholders in the best possible way.
The hybrid network provides all the critical features of a public Blockchain, such as secure, transparent, immutable, and decentralized, but also restricts the ability to access, view, or change transactions in any way. Also, not everyone can use the network, which ensures that confidential information does not leave the network. Thus, SourceLess Hybrid Blockchain promotes more security because it uses both features.
The advantages of SourceLess Blockchain
It works in a closed ecosystem: the number one advantage of SourceLess Blockchain is its ability to work in a closed ecosystem. This means that companies or organizations do not have to worry about leaking their information when taking advantage of Blockchain technology.
Change the rules when necessary: Companies are changing. The nature of the change depends on what the SourceLess Blockchain is trying to do. However, do not expect to change the data or change the transactions in a hybrid system that manages the band register or user identity for verification purposes.
51% attack protection: Unsourced Hybrid Blockchain is immune to a 51% attack because hackers cannot access the network to carry out the attack.
Protecting privacy while still communicating with the outside world: Even though the private Blockchain is best for privacy issues, they are limited when it comes to communicating with the outside world. Many companies may want to maintain confidentiality, but need to set up their Blockchain so that they can communicate with all their shareholders, including the public.
Low transaction cost: Another added benefit of using SourceLess Blochchain is that you have a low transaction cost. Transactions need to be cheap because it requires a few nodes to check them. The strongest nodes in the network make it easy to verify the transaction, which can take thousands of nodes in the public Blockchain. Transaction fees can be reduced to as much as $ 0.01 per transaction.
Here are some of the use cases for SourceLess Blochchain:
- Hybrid IoT
- Finance and global trade
- Supply chain
- Business services
- …and more.
This is just a small summary of what SourceLess Blockchain means. Of course, if you want to find out more, you can either access the Whitepapper page or follow us on social media channels where we will announce all the updates.
Be a part of the future, be a part of SourceLess Blockchain.