What is Openchain?
Openchain is an open source distributed ledger technology. It is suited for organizations wishing to issue and manage digital assets in a robust, secure and scalable way.
- Anyone can spin up a new Openchain instance within seconds.
- The administrator of an Openchain instance defines the rules of the ledger.
- End-users can exchange value on the ledger according to those rules.
- Every transaction on the ledger is digitally signed, like with Bitcoin.
What are the use cases?
Openchain is a generic register of ownership. It can be modelled to work with an immense number of use cases:
- Securities like stocks and bonds, commodities like gold and oil, currencies like the Dollar or even Bitcoin.
- Titles of ownership like land titles, music or software licensing.
- Gift cards and loyalty points.
How does it work?
The consensus mechanism used by Openchain differs from other Bitcoin-based systems, it uses Partionned Consensus:
- Every Openchain instance only has one authority validating transactions.
- Instead of one single central ledger, each organization controls their own Openchain instance. Instances can connect to each other.
- Different transactions will be validated by different authorities depending on the assets being exchanged.
- Every asset issuer has full control on the transactions relevant to that asset.