Scalability On The Blockchain – Is There A Solution?
Enterprises want blockchain. In fact, 84% of executives say their companies are actively involved in this emerging technology. However, enterprises have not yet been able to efficiently implement it. The main issue seems to be scalability, according to reports, 40% of executives see scalability in blockchain technologies as a major issue for enterprise implementation. Conversely, only 7% of blockchain technology companies see this as a major issue and they seem to be out of touch with the perceived needs of enterprises. With this considered, it’s not much of a surprise that around 60% of executives said implementing blockchain was more difficult than they had originally imagined.
However, BEXAM is a new platform which claims to address these needs. This is a hybrid blockchain/DAG platform that creates custom blockchain solutions for enterprises. Their position amongst the competition is their 0.2s block times and 40 million transactions per second (TPS) rate. Through their ability to scale and their subsequent solution to enterprises, Bexam strives to better uncover the multitude of uses that blockchain can provide to the world.
One of BEXAM’s main requisites upon inception was to solve the overarching problem of scalability in blockchain. But, by reconciling features of blockchain and DAG technology, Bexam states that it is able to maintain high speeds and scale to the unique needs of large businesses.
Scalability is a key requirement for enterprises due to the large-scale nature of their businesses. While internally, these enterprises run thousands of transactions a second, many have multiple portals for transactions across their business and across the world. With many blockchain solutions limited to a few thousand transactions per second and a lack of scalability, enterprises cannot realistically implement these solutions as it would mean significant delays for both enterprise and consumers. This would have an adverse effect on perceived experience and quality.
BEXAM is capable of its scalability through a new, consensus algorithm called ‘Proof of Rounds’, or PoR, a proprietary consensus algorithm that has been developed by the Japanese company Early Works Co. Ltd. and is exclusively licensed to BEXAM. The technology creates a hierarchy of nodes to optimize data disbursement, while removing hash values to achieve its speeds. Through its DAG-based features, BEXAM is able to scale the network of nodes to that needed for the system’s current level of traffic. For more information on the PoR consensus algorithm one may have a look at BEXAM’s technical whitepaper here.
Yuki Sakori, COO of Bexam explains that the company should not be viewed in the constraints of current technologies. “40 million TPS is a lot compared to what exists now, but we’re not looking to only improve what’s being done now. We want Bexam to achieve things blockchain has never even dreamed of achieving.”
Additionally, Bexam claims that it is solving another issue faced by enterprises looking to implement blockchain within their organization. Many existing solutions require an enterprise to choose between a chain type when building their product: Public, Private, or Consortium. While enterprises may need to use multiple chains of different types to build comprehensive blockchain solutions for their business, these chains remain separated from one another meaning cross-platform communication still exists. This can mean data errors, delays, and more. Bexam’s unique platform differs in that it allows these chains to co-exist within the Bexam ecosystem and behave as if they were a single chain. An enterprise may choose to have a Private chain, but to split it so that 20% is Public while 80% of data remains internally secured.
With such high speeds and scalability, BEXAM should create tailor-made solutions to enterprises everywhere. Sakori claims that BEXAM is currently working with some of Japan’s biggest businesses to implement blockchain, although non-disclosure agreements prevent him from sharing any names. “As soon as we have the okay from each company, I promise you we will be blasting it all over social media,” he added.
BEXAM is currently in the midst of their private sale (Nov 19 – Dec 24), with a public initial exchange offering to be announced at a later date. The BEXAM Exchange, a proof of concept of their platform’s speeds, will be released by the end of 2018. Certainly an interesting project then, although as always the proof of the pudding is in the eating, or so they say.