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Blockchain Labs is launching InfraBlockchain. It claims the flexibility of implementation that can provide both a stable public blockchain and a scalable blockchain with permission. The announcement appears to promise more blockchain-based services in the real world.
Conrad Um, CEO of Blockchain Labs, commented: “Blockchain technology has many characteristics similar to those of our society’s infrastructure, such as roads and power grids. To build such an underlying service platform that can benefit the infinite number of users, an initial investment of time, money and social consensus would be required before the technology’s effectiveness can be seen. However, just like other infrastructures do in our society, InfraBlockchain will bring great benefits to companies and organizations in all sectors, starting with reducing database management costs. “
InfraBlockchain
According to Blockchain Labs, InfraBlockchain’s patented consensus mechanism allows you to design the network as:
- a blockchain authorized for internal use
- a consortium blockchain for limited group use
- a completely public blockchain that openly invites anyone to participate.
Apparently, due to its consensus mechanism, InfraBlockchain supports a flexible transition from one network project to another, even after a network is up and running. To solve the inherent problem of the blockchain – of all data recorded and shared publicly – InfraBlockchain has adopted an approach that offers selective anonymity. This protects sensitive data, such as personal information, while maintaining the level of data integrity that only blockchain technology can provide.
Avoid cryptocurrencies and some background
From the very beginning, Blockchain Labs designed InfraBlockchain not to involve any cryptocurrency (such as Bitcoin, Ethereum, Ripple, etc.). Blockchain Labs sees it as an attraction for many public sectors and businesses, which tend to:
- have their interest focused on blockchain technology
- have concerns about the regulatory and accounting issues often raised about blockchains involving cryptocurrencies.
Since 2016, Blockchain Labs has been providing blockchain solutions to various services, including:
- Yosemite Card (a fee-free payment service for UC Berkeley students and local businesses in California)
- Godivart (an online art trading platform)
- Comake (a blockchain-based eContract service).
While these allow for the acceptance of blockchain technology, Blockchain Labs has recognized the limitations of existing technologies. This justified the development of InfraBlockchain, to address the technical problems that hindered the mass adoption of the blockchain.
Enterprise Times: what it means
According to Blockchain Labs, it has been selected as a blockchain partner for the South Korean National Government’s new project to develop a blockchain-based management and tracking system for medical hemp production. Having already provided the blockchain solution for the RV sharing platform for the city of Seoul earlier this year, Blockchain Labs, with InfraBlockchain, seeks to expand its blockchain-based services to a deeper government and business market.
For Enterprise Times and from a business perspective, the InfraBlockchain foundation – as it explicitly avoids a cryptocurrency connection – is attractive. This could be a significant differentiator. Few companies, except those focused on cryptocurrencies, want to involve the hassle.
