ULedger is a Hybrid blockchain.
This means that it has some attributes of a Public blockchain such as Ethereum, and some attributes of a private/permissioned blockchain such as Hyperledger.
Public blockchains create an immutable history of data because there is a single, global history of data which is shared, maintained and corroborated by many independent nodes in a network. All data in that single global history is available for any node on the network to see, inspect, validate and corroborate. This is great for decentralized cryptocurrencies, in which the history of transactions needs to be available to anyone on the network. However, it makes no sense at all for companies or other entities with proprietary data, because the requirement to share that data with the rest of the network is a non-starter.
Private blockchains are controlled by a single entity, or by a consortium of related entities, and access to data placed in a private blockchain can be tightly controlled. This is more suitable for large enterprises, which can create a history of proprietary data that has integrity and is not shared with the outside world. However, the need to trust a single entity, or a consortium of related entities, means that the data history they create is not immutable. Collusion between these entities is possible, and trust between them is required.
ULedger has attributes of a Public blockchain because any transactions processed by a network node are validated by other nodes, so that there is external, 3rd party validation of transaction content from other, non-trust entities. This is the only way to ensure immutability of the data history.
While allowing immutability through non-permissioned 3rd party validation of transaction content, ULedger also manages to keep data secure like a Private blockchain. Any data placed into the transaction history of a particular node is NOT shared with the network. However, a cryptographic hash of that data IS shared, so that other nodes on the network may corroborate the content of that data, via its hash, without ever actually seeing the data itself.
In short, ULedger achieves the immutability of a public blockchain with the data security of a private blockchain.
Other solutions attempt to reproduce this capability by cobbling together pieces of existing public and private blockchains. For example, a typical permissioned/consortium Hyperledger implementation may also anchor itself periodically to Ethereum, to achieve the immutability that only a non-trust public blockchain can provide. But these approaches still require the need to set up consortiums, define interoperability agreements between the parties, and integrate with Ethereum. ULedger is different because this capability is built into the platform, from the ground up.
Becoming a node on the ULedger network means you get a blockchain-backed data store to which access can be controlled by you, and any data provided to your node will not be shared with the rest of the network. However, behind the scenes, your node will handle the hashing and secure the agreement from other nodes of that hash value and its place in your data history, ensuring complete immutability and corroboration by other independent entities. In short, ULedger allows you to create your own provable, immutable history of your own data, while keeping that data completely private and secure.
And it’s easy. Using our open-standards, REST-ful API, our customers have begun pushing data to their secure blockchain instance within hours of initial setup.
There is no other approach that makes sense for the enterprise.
Public blockchains are not appropriate for enterprise use because:
- Enterprise data must be held securely, not shared with the rest of the network.
- Its volume precludes the use of any blockchain that maintains a single global history of data and requires consensus among all network nodes on that single global history of data. The network cannot scale to enterprise volume needs.
- The cost and resource requirements of mining make it too expensive to support enterprise volumes.
Private blockchains are not appropriate for enterprise use because:
- Immutability cannot be guaranteed. The lack of independent 3rd party validation of data within a private blockchain means that data history is changeable.
- Trust is required. The whole point of blockchain is to eliminate the need to trust any single party from the equation.
ULedger – the only true Hybrid blockchain platform for enterprises.
- No Shared Data = Secure.
- Corroboration via untrusted 3rd parties using Content Hash = Immutable.
- No single global state = Highly Scalable
- REST-ful API = Easy Integration