Blockchain technology facilitates near real-time exchange of information, assets, and any other type of data. But one Australian startup has come up with a way to make distributed ledgers even faster. Moreover, they reduce the energy costs required by a significant margin. Ledger Assets has unveiled EcoChain to the world, but is it that spectacular?
Most people associate the blockchain with using tons of computational power and electricity to secure it. After all, that is how things work in Bitcoin, which has the most popular blockchain of them all right now. At the same time, these computation and electrical resources secure the network in such a way it cannot be broken by hackers, governments, or even supercomputers.
Can We Have Security Without The Power Requirement?
Perth-based startup Ledger Assets seems to think that is certainly among the possibilities. Their EcoChain permissioned blockchain reduces the need to have a proof-of-work algorithm. Additionally, it can also generate blocks at ten times the speed of Bitcoin, which should address potential scalability issues.
Interestingly enough, EcoChain uses the Bitcoin blockchain as a backbone. This makes the permissioned distributed ledger a project with immature technology. In fact, the founders say so themselves,