XinFin is working on a hybrid blockchain with a focus on making security more robust. According to XinFin CTO Karan Bhardwaj, the transparency of the blockchain technology can also be used negatively to compromise the security of transactions. The hybrid blockchain would be known as XDC blockchain and would be highly useful for enterprise users as well. The blockchain would have two models – one that is public and another private.
With the value of Bitcoin increasing by the day, companies have been paying a lot more attention to the technology behind Bitcoin which is the blockchain. Many of the investors actually consider Bitcoin as a lucrative investment even now. However, the real benefit of Bitcoin is the blockchain technology on which, the cryptocurrency works. Many companies are trying to leverage the power of the blockchain to strengthen their financial systems and to conduct the financial transactions more easily.
XinFin claims that with the help of their hybrid model, most enterprises would be able to conduct their transactions privately while the information can be verified by a record in the public state of the blockchain.
This customization option would provide the enterprises an easy solution to use the blockchain technology without compromising on the safety or privacy of their business. This would certainly increase the usage of the blockchain technology in the real world. The company is aiming to use this hybrid blockchain technology in a variety of different industrial applications. The company is trying to tap into the energy sector as well as financial markets with this hybrid blockchain technology in order to gain more clients. The company is also of the opinion that the hybrid blockchain platform can be easily integrated with the Internet of Things (IoT) devices as well. Thus, the number of applications which are available for this hybrid blockchain technology are plenty. It remains to be seen how many of these applications the company is actually able to tap.
XinFin is that their enterprise model, which the company is advertising as a hybrid security model, allowing the users to verify transactions without compromising the privacy of the parties involved, would attract more enterprises as it would ensure that the businesses are able to use the blockchain technology without any worry of the transactions getting tracked by their competitors. This would, in turn, help businesses adopt blockchain technology to conduct the financial transactions as well as to deal with multiple vendors. Currently, the company is exploring different applications which it can build based on their hybrid technology platform.