Defining the distributed ledger technology standard
SINGAPORE, Nov. 14, 2016 /PRNewswire/ -- NEM, an ongoing open source distributed ledger technology project today released a whitepaper on a private chain that is being developed by Tech Bureau. Codenamed Catapult, it shall be a successor and second iteration of Tech Bureau's much touted Mijin private blockchain technology. It is a complete re-hash of the entire blockchain in C++. Further, the platform is re-architected to make use of API gateways, providing superior performance in terms of speed, connectivity, security, extensibility, scalability, and flexibility.
"Catapult is redefining the blockchain architecture landscape. It not only improves on the utility of the blockchain technology, but it also brings enterprise class design into the otherwise rigid and cumbersome blockchain solutions that we are used to." – Lon Wong, CEO of Dragonfly Fintech, and a core member of the NEM project.
The new architecture allows for true permissioning where every user can be permitted or not, to use the blockchain, or just to see her account activities. All existing business rules of an entity can be reused and integrated with the Catapult via its powerful API gateway.
Further, Catapult is an open system and therefore is a universal standard of, and by itself. Any system can be used to communicate with it, provided it adheres to the standard web design standard.
This flexibility allows for the Catapult blockchain to not only assume 3 important roles – public permissionless, private partially permissioned, and absolutely permissioned – but also allows it to be interoperable and shareable among different clusters of distributed ledgers.
"Catapult shall be complemented by Dragonfly Fintech's solution to interoperate from one blockchain cluster to another seamlessly. Together, our solutions shall put us in the forefront of blockchain technology." – Takao Asayama, Tech Bureau, Corp.
As a permissioned blockchain, the Catapult has been internally tested to scale to 3,000 transactions per second. The Catapult shall be released as an open source solution and shall be incorporated into the public chain at some point in the future.
NEM is an open source blockchain project that started in February, 2014. A project that was developed from the ground up using Java, it is undergoing a second iteration in order to enhance its performance. A peer-to-peer blockchain platform solution, NEM, is designed to work with mainstream industry requirements. A highly versatile solution, the NEM blockchain solution is well suited for the financial industry as well as for general use.
About Tech Bureau
Tech Bureau Corp. provides a crypto exchange "Zaif" and a private blockchain product "mijin" utilizing NEM technology. "Mijin" has been tested intensively as a high-throughput ledger engine in various applications and proven its applicability to banking systems.
About Dragonfly Fintech
Dragonfly Fintech Pte Ltd, is a Singapore financial technology company. The company provides services for financial instrument transactions in the areas of payment, settlement, and clearing using blockchain technology.
SOURCE Dragonfly Fintech