ParallelChain® is seeking partners in the GCC and MENA region to offer its Blockchain solutions to enterprises and governments
When Arthur D. Little, the pioneers of management consulting and a leading technology management consultant, coined ParallelChain® as the best blockchain platform in the world, it was no surprise to Ian Huang, the Founder and CEO of Hong Kong-based blockchain startup Digital Transaction, the creators of ParallelChain®.
As per Arthur D. Little’s report on ParallelChain® in 2020, it is the leading blockchain in the world for blockchain performance, and total cost of ownership. It also provides the best solutions for contract management, security token offerings, clean energy, and know your customer (KYC). Synchronizing with ParallelChain® is the recent launch of the private sales phase of their XPLL utility token, as Digital Transaction is now giving people the opportunity to participate in the project before the token gets listed on exchanges in 2021.
UNLOCK spoke to Ian Huang to learn more about this new blockchain platform that is posing to be the sweet spot for all blockchains. Huang, with 6 blockchain-related patents (pending) under his belt, has over 30 years’ experience in the IT space working with leading technology players and is the former Chairman and CEO of XNET technology.
The All-in-One Blockchain
Huang sought through Digital Transaction, which he founded in 2018, to solve the blockchain trilemma of scale, security and decentralization, and developed a blockchain platform from the ground up that does just that. As per Huang, “blockchain cannot be incorporated into the business world if it continues to entail anonymity. Businesses cannot work with unknown parties, and a business itself cannot be an unknown party. You have to register, you have to pay taxes, and you have to have employees. In addition, businesses will not seek consensus from another business about their own decisions. The relationship between businesses is very complex – in some areas they are partners, in other competitors, and sometimes even adversaries. With blockchain platforms today, businesses are sharing meaningless data that defeats the purpose of blockchain, so you need a different kind of blockchain, and this is ParallelChain®.”
ParallelChain® is Digital Transaction’s core technology, a blockchain that serves as a public, private, as well as a new term – personal blockchain. He explains, “We are the sweet spot of blockchain. You can configure ParallelChain® into any of these three types depending on your requirements, and all of this is built on top of a unique “Proof-of-Immutability (PoIM)” algorithm to validate transactions, something that no other blockchains have. So while other blockchains claim how immutable their databases are and the world believes them, we are the only ones that can actually prove immutability.”
He gives the example of an Ethereum forked chain, and states, “This chain can be deleted without any notice, which automatically makes the blockchain not immutable. Immutability must be constant and repeatedly proven at any time, at will by any participant. We are the only ones that can do that. An Ethereum forked chain can be deleted if they discover the chain is not correct and you can’t know if a block was written in Fork A or Fork B – your record can be deleted without notice.” With Proof-of-Immutability, ParallelChain™ enables participants to repeatedly and randomly verify the immutability of blocks in real-time without compromising the privacy of data owners.
In addition, ParallelChain® has achieved what many other blockchains couldn’t; it can process more than 100,000 transactions per second with latency of less than 3 milliseconds, making ParallelChain® one of the few platforms with the speed and bandwidth fast enough to power any internet applications. As per Huang, “this has been tested by Accenture and our product is live and running with clients in the public and private sectors.”
Another first for ParallelChain® is that it is the first to launch the notion of a personal blockchain. Huang says this is very important in the day and age of digitization. One example of why personal blockchains are needed is the fact that 20% of crypto wallets in the world today have been hacked or lost because of forgotten passwords. He states, “one of the solutions to these problems is a personal blockchain which can’t be hacked. If your crypto wallet were on your personal blockchain, no one could see it or have access to it. Individuals who place their personal information on that personal blockchain can choose to only share it with those they want.” Digital Transaction’s ParallelWallet is one that possesses this feature.
All these partitioned blockchains – the public, the private, and the personal – sit on ParallelChain®. All these chains run in the family and are not exposed to the outside world. Huang states, “We are faster than any other blockchains out there, so we can run their applications but they cannot run ours.” ParallelChain™ is also the only blockchain that can interoperate in all four blockchain modes, i.e. public permission-less, private permission-less, public permissioned, private permissioned, achieving true data fusion within department as well as between parties. So according to Huang, the business value of blockchain technology can finally be unleashed satisfying all industry requirements including immutability, transparency, security and compliance with data privacy regulations such as the EU’s GDPR.
ParallelChain® solves the cross-chain challenge
ParallelChain® has adopted the parallelism approach to overcome cross-chain challenges, so inter-chain communications are kept private and unexposed, and communications with external networks is achieved via migration from Ethereum and Hyperledger. Huang explains, “Cross chain solutions are weak because they not only invite hacking, but also blockchains cannot keep up with each other’s dynamic updates. Each blockchain has a different consensus algorithm so their validations cannot be shared, which then defeats the purpose of cross-chain. A parallel solution resolves all these problems; instead of a cross-chain solution, ParallelChain® offers the option to seamlessly migrate data from other blockchains like Ethereum and Hyperledger.”
He adds, “From the late 20th century onwards, there has not been any significant breakthrough in the IT infrastructure. Application vendors such as Facebook and Google have been able to be successful by exhausting the current infrastructure, but very few have realized its capacity has been stretched to its limits. Yet, most blockchain companies focus on developing applications rather than providing an improved IT infrastructure, which is what the world needs now more than ever. This is what we are doing at Digital Transaction.”
Digital Transaction has also recently launched its utility token xpll, which fully utilizes Digital Transaction’s competitive advantages that stem from its technology and leadership team. It is an ERC-20 token that can be purchased with Euro, USD, Bitcoin, Ether, USDT or USDC. The total supply is capped at 1 billion for its first three years, of which 40% of it is now in private sale. Interested participants can purchase XPLLs now through a SAFT agreement, before the token is slated to list on exchanges in Q3 2021.
ParallelChain® Interest in GCC and MENA region
Digital Transaction has already built a strong partner ecosystem across the globe and hopes to extend this to the GCC (Gulf Cooperation Council) and MENA region. In Africa they are already working on projects in Ghana with Ghana Dot Com, and globally with major technology giants such as IBM and Amazon Web Services. Huang tells UNLOCK, “Today we are based in Hong Kong with presence in Europe and Southeast Asia, but we are interested in expanding into the MENA region and would like to leverage partnerships here.”