Within the entirety of the industrial sector, blockchain is maturing into a broadly implemented tool to increase both efficacy and efficiency. As such, blockchains and their accompanying platforms are becoming more and more prevalent.
The problem is, many readily available blockchain solutions continue to be plagued with inherent risks. Open blockchains, for example, are vulnerable to threat vectors such as a denial of service attack and 51% attacks. Moreover, the regulatory uncertainty surrounding blockchain means that businesses are in jeopardy of falling short in terms of compliance. As a result, many open blockchains are simply not suitable for the needs of businesses.
It’s for these reasons that numerous firms – such as IBM – have founded their own private blockchains. These provide all the privileges of this novel technology, without any of the limitations. However, this isn’t a viable solution for every business – the costs and complexities of creating a blockchain in itself, more than outweigh the benefits.
Fortunately, rendering a stable and practical solution is VPLedger. Built with businesses in mind, VPLedger dubs itself the ‘enterprise first’ blockchain, offering a wide selection of tools to businesses within its decentralized ecosystem.
VPLedger was explicitly devised to negate the difficulties of open blockchains, allowing SMEs all over the world to utilize this game-changing technology. First and foremost, regulatory concerns are neutralized with KYC requirements operating within a well structured legal framework.
Ronny Boesing, CEO of OpenLedger ApS – the company behind the new technology and a long-term contributor to the blockchain sector, expanded on the company’s compliance framework:
VPLedger is a new kind of Software-as-a-Service platform. We have taken decisions that enable businesses to leverage the advantages of blockchain within a clear legal framework and full regulatory compliance. The architecture of the network means criminal activity can be identified and addressed immediately, while maintaining the benefits of a global network and single market within the VPLedger ecosystem.
High Throughput and Extra Features
Blockchain technology is still in its nascent years, and some older generation blockchains still struggle to provide a fast enough throughput to keep up with daily demand. The bitcoin network, for example, is bottlenecked by low throughput, citing a mere seven transactions per second (TPS). This is nowhere near the performance expected within the financial industry. By comparison, Visa – one of the world’s leading payment processors – handles an average of 1700 TPS, and claims to be able to process up to 65,000 TPS at full capacity.
Still, blockchain’s brilliance allows for much more than this. VPLedger set out with this potential in mind, creating a blockchain capable of processing up to 100,000 TPS – nearly double as much as Visa’s theoretical potential.
Far from a simple ledger and payment processor, VPLedger offers a platform upon which to create tokens and facilitate smart contracts. Moreover, down the line – and following regulatory approval – VPLedger plans to introduce a virtual currency exchange, as well as a freelancer marketplace. These facilities will be accessible via VPLedger’s bespoke token, Vimples (VLP), and will only be available to KYC-approved users.
Perhaps one of the major advantages of VPLedger is its status as a private network. As mentioned, open blockchains suffer a plethora of misuse and menace, which can lead to significant disruption. VPLedger, on the other hand, is secured and maintained by pre-approved nodes and run by businesses that have undergone a rigorous KYC procedure.