OMC Group Sdn Bhd has introduced OMChain 2.0 on the 16th of July with the overall introduction of the future technology data known as Authorised Proof of Capacity (APoC). The Chief Executive Officer, Jack Lee, is here to explain further on the development with Asia Blockchain Review.
As the arm and subsidiary of AIO Synergy Holdings Berhad, the overall solutions were built to assist corporations to further work effectively whilst securing information and data through multiple transactions. As a matter of fact, everything involves the future technology, thus biding by the transparency and traceability aspect of future technologies.
The algorithm is dynamic, efficient and translucent when it comes to data storage, security to even auditing on devices such as computers.
Beginning of July, OMC Ground comes with a smart contract feature. Jack further commented that having OMChain 2.0, businesses will be running in a world of safety, direct to transpicuous of their data.
“We see our blockchain technology making headway with business, government and community as we roll out other products and services in the coming months and into 2021.” he added.
A study at Harvard Law School Forum on Corporate Governance utilised the term smart contracts to describe codings of computers that is axiomatically done to execute all or certain parts of agreements.
On the contrary, everything is stored on a blockchain-based platform. The code can be solely manifested between parties and acclimating the traditional way of a text-based contract. Given an example, transferation from Part A to B will execute through provisions.
To further execute on certain blockchain of the future technology, smart contracts work simultaneously digitally and directly. For the Ethereum blockchain cases, there are numerous aspects of payments, such as cryptocurrency that is widely known as “gas” currency, to Ethereum Virtual Machine (EVM) and more. The payment of a transaction fee for the contract to be added to the chain and executed upon.
To streamline and execute the complexity of business processes without the need for intermediaries, smart contracts are able to vanish the overall physical interactions that have longed to be utilised. In point of fact, it opens up more doors for digitalisation to happen in the new future of the communities.
Jack commented that enterprises have a better control over their personal to public data; and it will also be delegating the rights of voting in authorising nodes to validate transactions.
“Through APoC, OMChain2.0 can process transactions way faster than Proof-of-Work (PoW), the original consensus algorithm used to validate, audit, store and secure data that the bitcoin protocol uses or Proof of Stake (which the Ethereum protocol is transitioning to.” he further emphasised.
To sum up the overall conversation, OMC Group is developing numerous projects to multiple usage and will soon be launching a future technology – decentralised assets. The application or “DApp” known as Omni Pets will be presenting how businesses are able to define digital assets; and how the ownership can be assigned to transfer through the Blockchain technology.
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