What is an OpenChain blockchain
The need for blockchains seems to be increasing and the demand for different blockchains is expected to witness an upward trend. It is believed that using the OpenChain blockchain, which is an open source distributed ledger technology (DLT), could be the next big thing for organizations and private networks.
According to Fortune Business Insights, a market research firm, the global blockchain market will reach $163.83 billion by 2029. Experts suggest that the COVID-19 pandemic has intensified DLT disruption across sectors such as government, retail, among others. “I believe that the importance of OpenChain is rooted in its capacity to offer an approach to digital asset management while delivering security and privacy features. This aims to make it an option for companies and entities that need a blockchain solution that can tailored to their needs,” Edul Patel, co-founder and CEO, Mudrex, a crypto investment platform, told FE Blockchain.
Market research has shown that OpenChain can ensure cost optimization for businesses, as it does not involve mining or staking. Insights from the Blockchain Council, a blockchain-based platform, stated that OpenChain ensures data protection through digital signatures and Proof-of-Work (PoW) consensus algorithm.
“I believe OpenChain is customizable and can be tailored to meet the specific needs of different businesses. The technology can also provide transparency across the network, allowing participants to track the movement of digital assets and ensure accountability in transactions,” emphasized Raj Karkara, COO , ZebPay, a cryptocurrency exchange.
Following Nextbrain technologies’, an official information technology (IT) outsourcing website, OpenChain has the potential to impact various business sectors such as banking, supply chain management, property and real estate, among others. However, OpenChain applications are considered to be at a nascent stage and are expected to take time before reaching mainstream adoption. Certain companies like Kotak Mahindra Bank, Aditya Birla Group, Hindustan Unilever among others are said to have inculcated OpenChain into their ecosystem.
Furthermore, future predictions indicate that OpenChain can be integrated with Artificial Intelligence (AI) and the Internet of Things (IoT) to enhance its use cases. “OpenChain blockchain is expected to gain popularity across businesses. OpenChain’s minimal resource requirements and consensus procedures can make it a suitable blockchain application for sustainability,” concluded Rajagopal Menon, Vice President, WazirX, a cryptocurrency exchange.
Follow us on TwitterFacebook, LinkedIn
