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Blockchain

The Role of Blockchain in Building Trust in the Ecosystem

  • By using a decentralized registry, verifiers can check for the authenticity and provenance of the credentials presented.
  • A blockchain is essentially a distributed ledger, where all the blockchain’s nodes keep a synchronized copy of the database organized by cryptographically chaining data blocks together in chronological order.
    • Only append operations are possible, and older blocks cannot be edited, thereby maintaining provenance and making information tamper-proof and immutable.
  • On Dhiway’s CORD network, we use blockchain to anchor the information related to the credentials issued and the identities of the issuer, holder, and any other entity involved.

Blockchain’s Expanding Role

Blockchain is usually associated with cryptocurrencies; however, its applications and use have grown much beyond that. There are different types of blockchain networks, and Dhiway’s CORD network stands out in several ways:

  • Permissioned Network: Dhiway’s CORD network is permissioned, meaning it is not open for anyone to operate, and not anyone can write information on it. This approach prevents Dhiway’s network from being used for illegal purposes and ensures a higher level of control and security.

  • Tokenless: Dhiway’s CORD network operates as a tokenless blockchain, allowing application developers to concentrate on their applications without the need to navigate cryptocurrency regulations, handle liquidity concerns, and avoid incurring fees for each operation. This alleviates the burden of managing high and fluctuating fees.

  • Energy Efficiency: Because it uses a consensus method based on Proof of Authority, it is energy efficient, leaving a very low carbon footprint. This is different from mining, the common mechanism for reaching consensus on many public blockchains. Proof of Authority consumes very little energy as the computation required to achieve the consensus is minimal. Moreover, there is no competition for appending blocks to the chain, as there are no block rewards involved.

  • Forkless Upgradable: Traditional forks in blockchains can lead to network fragmentation, community division, and disruptions in the ecosystem. Dhiway’s CORD network addresses these challenges as it supports forkless upgrades, enabling smooth transitions during the updates without the need for hard forks. This approach minimizes the risk of network splits, and ensures continuous operation, promoting a more stable and user-friendly blockchain experience.