Our blockchain technology is a hybrid cloud solution that combines blockchain with the scalability and ease-of-use of a classic database. This ensures that the Orixe blockchain has low energy consumption while maintaining high efficiency.
A traditional blockchain is a form of distributed data storage. Here, information is stored as an independent block, before being distributed to all the individual users of a network. These blocks of information are then tied together through unique mathematical numbers. The effect is that the newest block is always verified by the number relating to the block before it. In this way a chain of blocks are created, or a blockchain. New blocks always receive new unique mathematical numbers, that link them to former ones. This has many impacts on data security. Notably, new blocks are hard to fake, as they must be verified by all the former blocks in the network. Tampering becomes impossible, as making edits to a block could invalidate all blocks after it. This ensures that the data is immutable.
The Orixe blockchain makes sure that your data is secure and transparent without compromising data privacy. We have invented a smart way to minimise the amount of open information on the Orixe blockchain without reducing the level of traceability and transparency needed to protect against counterfeiting. This means that while you have full overview and insight into your own data, and the data of the specific products you receive, you cannot view data related to other products or suppliers.
We calculate and establish a mathematical fingerprint for the data that saved in the blockchain. This ensures the information is immutable, that business sensitive information is kept confidential, and it allows us to minimise the amount of data that is actually stored on the blockchain. Minimising data in this way means that 3,5 million transactions on the Orixe blockchain can be executed using the same amount of energy used in one bitcoin transaction.
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