Despite being the main obstacle for blockchain adoption for years, the scalability issue is finally a thing of the past. In the second part of November, ILCoin Blockchain Project released a new RIFT protocol that optimized data transfer, allowing to boost transaction speed to millions of transactions per second and create 5 Gb blocks – the largest stable block in the market.
The new protocol
RIFT uses a unique two-layer network architecture and a parallel sync process to optimize data transfer and avoid network bottlenecks. This approach allowed ILCoin to operate record-breaking 5 Gb blocks at a speed of millions of transactions per second – surpassing the speed of modern payment services like Visa or Mastercard by tens of times.
However, according to the developers, this is not the limit. A system operated by RIFT can be easily upscaled to meet the demand of millions of customers without experiencing lags, while C2P, a security protocol released earlier this year, offers high-end protection to the network.
These two technologies work in tandem, helping to bring the full benefits of the blockchain to the companies that adopt them. With RIFT and C2P, companies will be able to transfer files, safely store any amount of data inside the blockchain, synchronize easily with computers and mobile phones, and generally, make for or seamless operations – in a fast, secure and cost-effective way.
How can RIFT improve business processes?
Starting from smart contracts that help to conclude deals and automatically control if all conditions are met, ending with fast, secure and limitless digital payments, blockchain has great potential for improving the business sphere. Enhanced by the RIFT and C2P, the technology gets even more capacity to do so. Besides that, after the successful launch, ILCoin is starting to work on DCB, a decentralized platform with a plethora of useful features, such as its own customizable smart contracts and on-chain file storage, that is planned to be released in 2020.
Let’s explore the areas where the current and upcoming developments can significantly optimize business processes.
Stock sales and issuance
With blockchain, organizations can sell their shares directly to buyers, as opposed to having to go through stock exchanges or other intermediaries. It will help to reduce transaction costs and speed up the process of issuing the shares, as well as lower entry barriers for companies and provide enough space for new funds to operate in.
Blockchain is the perfect way to help companies protect their patents and copyrights. With RIFT and C2P, you can record all of the information about a project or product you’re working on (including the date of its development, ownership, creators, the place of creation, history, etc.) in the chain and rest assured that it can never be changed or deleted. The copyright can also cover a wide array of things, including creative works, products, technologies, and more.
Making deals through smart contracts
One of the most useful features of blockchain technology is smart contracts: cryptographic algorithms that allow making deals between interested parties without an intermediary. The smart contract makes sure that all conditions and terms of the deal are met, and this process is fully automatic – which means there’s no room for fraud or human factor. In 2020, ILCoin will be introducing 5 types of smart contracts, which can be tailored for any enterprise.
Smart contracts can also help with insurance coverage. They can be used to automate the entire process of ensuring and make it easier to draft, comprehend, and take action on policies while reducing the costs. The smart contracts immediately come into effect when an insurable event occurs, and the policyholder will not need to go through the hassle of contacting the underwriters or insurance company or fill any tedious forms.
Counterfeiting has disrupted a lot of industries over the past few years. For manufacturing companies, blockchain technology is a great way of verifying real components from fakes. In a well-secured network, all parts in a supply chain can provide proof of the authenticity of their own products, essentially justifying the value that they add with each production stage.
Borderless payments and salary payouts
While this area and its regulations are still developing, digital money can provide a convenient and stable means of making payments and settling staff salaries. Within a network powered by RIFT and protected by C2P, it will be possible to make thousands of direct payments without any delay in a matter of seconds.
The developments by ILCoin mark an important milestone, powering blockchain for meeting the modern demand for high efficiency and security and opening a way for blockchain implementation by business.
Armed with these new technologies, enterprises can step into the blockchain era easily and without any hassles, essentially taking advantage of a technology that has the potential to completely revolutionize the way they function.