For the average business executive, the “why” and “how” of using blockchain in enterprise settings may be difficult to understand. Moreover, the differences between blockchain solution providers can be even more confounding. Here at ULedger, we’ve made it our mission is to offer blockchain solutions for the enterprise that are secure, private, easy to integrate and most importantly, provide a provable data trail that is unchangeable. However, we often get confused with other blockchain-related solutions, specifically distributed ledger technologies.
ULedger is different from all other blockchain solutions in many ways. In many BIG ways.
To understand how data transactions are verified with blockchain, and the difference between ULedger and others, let’s relate data transactions to something we take for granted every day: credit card transactions. Say you own a grocery store. When someone uses a credit card at your store, that transaction data is sent to several 3rd parties in real time, most importantly, the customer’s bank. Each 3rd party then verifies, using its record of data, that the transaction is authorized, that the amount is approved, and that there are no signs of fraud. You receive a positive response from the bank, and the customer is free to leave with their groceries.
Imagine now, if you, as a grocer, couldn’t check with a bank or other 3rd parties before transacting with customers. Imagine that you could only review your own records of the customer’s previous transactions, and based off of that alone, determine if they can buy the groceries legitimately. Wouldn’t that be a big problem for you, as a business owner? Wouldn’t that be pretty risky, and make it hard to prove how much money would be coming in?
In a nutshell, that’s the other guys. You see, private blockchain solutions use only a single data repository, so no checks and balances occur. All parties involved in the data transaction, including the owner of the data, must blindly agree that the lone repository is accurate and that the sequence of data in the chain is always correct. Another side effect of private blockchains is that all data from all repositories is available for all parties to see, which is a huge problem for most businesses.
Other solutions, known as distributed ledger technologies (DLTs), provide each business with its own data repository but still offer no way of proving its relationship and order of transactions to others. The entity that owns the data is also the entity verifying it, without ever interlinking its own data in a verifiable manner with the rest of the world, so nothing is truly provable.
With these types of solutions, you must, as a corporate entity, also have “trust” that the company administering the blockchain (the solution provider) is secure, tamper-proof, keeps accurate timestamps, and has no malintent. For most corporate entities, supplying this level of “trust” to a 3rd-party completely defeats the purpose of blockchain for the enterprise, which is to create a history of data that is provable and unquestionable.
ULedger technology is entirely different. With ULedger, you have your own blockchain repository, but every data transaction is verified with multiple external repositories. No “trust” is required with any single repository, or even with ULedger as the provider, because it’s the individual repositories that each verify your record of data, and the exact time it was logged, working together in a peer-to-peer fashion to attest to each others’ content.
With ULedger, your data remains private while being anchored against many other data transaction repositories, providing proof of data transactions and their order relative to each other. However, unlike most other multi-repository blockchain solutions, ULedger doesn’t require full “consensus” from all nodes. This is because consensus from all nodes simply doesn’t scale for enterprise volumes of data transactions. ULedger requires less than a dozen responses to ensure immutability while keeping transaction speeds quick and processes efficient.
At Uledger, we believe that the order of data transactions is just as important as the actual data. This is especially true in use cases where multiple entities are interacting with the same data in near-concurrent fashion. Unlike any other solution, ULedger takes the verification response from the other repositories and uses it as an ordering system. When all of the repositories collaboratively timestamp records, such as with ULedger, “trustlessness” and provability can truly be achieved.
You might be thinking, what about privacy? If my data is being shared with other repositories, how can it be private? With ULedger, other nodes on the network attest to the data placed on any individual blockchain, but they never actually get to see that data, so data privacy is assured.
ULedger customers get the benefits of scalability and privacy, in a trustless environment. On top of that, ULedger creates multiple blockchains within an organization (as many as needed), allowing infinite scalability unattainable with other blockchain solutions.