Blockchain is a key disruptor in industries as diverse as finance, retail, healthcare, and politics. The latter certainly introduces intriguing possibilities into the social fabric. In 2018, Boston start-up Voatz launched a blockchain-based voting platform to address concerns about voting irregularities. To date, more than 70,000 voters have already used Voatz to vote in state, municipal, and union elections. The platform’s blockchain technology ensures tamper-proof record keeping and auditing. As blockchain technologies evolve, so do expectations regarding their continued viability. One man, however, has leveraged the bottleneck of data storage and computing to create new solutions.
Allan Zhang has always been ambitious, where technology is concerned. In 2018, the former security engineer for Palo Alto Networks launched DxChain, a distributed storage and computing network. It is essentially a decentralized Big Data and machine learning network that has revolutionized data security in the cloud. Under the previous blockchain model, the largest Internet giants owned Big Data: Amazon, Google, and Facebook. With Zhang’s DxChain, data in all its forms come under individual ownership. It’s a powerful new shift in the blockchain paradigm.
On its face, DxChain utilizes “Chains-on-chain” architecture to facilitate data trading. It consists of an immutable master chain and two side chains for storage and computation. The side chains not only add to the capabilities of the master chain, they also come equipped with their own security framework. This means that a security breach on the main chain will not affect the side chains. While the master chain handles transactions (such as master contracts), the side chains address scalability and latency issues.
At its heart, DxChain is a data trading platform that combines with Hadoop to deliver stable, secure, and decentralized storage for both individuals and organizations. Essentially, DxChain dismantles the Big Tech monopoly on data and allows everyone to trade data securely over the cloud.
The technological innovations in DxChain are extensive in nature. Zhang and his team of engineers designed DxChain to include side chains for delivering storage, privacy, and computational capabilities.
- The master blockchain utilizes an Ethereum-compatible data framework of hash-connected blocks. In blockchain, special hashing algorithms create hashes, which are fixed-length digital signatures for blocks. At their heart, hashes contribute extensively to data security.
- Meanwhile, the computing side chain is predicated on the verification game algorithm and Provable Data Computation (PDC) consensus mechanism. At its heart, verification game utilizes recursive checking to ensure that computational procedures are performed correctly, while Provable Data Computation (PDC) allows users to remotely ascertain the authenticity of data stored at untrusted sources.
- For its part, the data storage side chain is based on the Proof of Spacetime (PoSt) and Provable Data Possession(PDP) consensus mechanism. PoST facilitates faster transaction speeds, improved privacy protections, and increased transparency.
- Immutable encrypted data protects user data and prevents costly breaches.
- DxChain has the potentiality of powering smart cities. In a smart city, smart contracts oversee the daily operations of temperature, air quality, and security sensors. The platform also enables data buyers to develop machine learning algorithms to detect device failures and order maintenance checks.
- In the healthcare industry, the value chain is impeded by Big Data and privacy concerns. Providers must wade through copious sets of patient health records, lab reports, and wearable technology data to deliver accurate diagnoses and treatment plans. DxChain addresses both data and security concerns by encrypting data collected through mobile apps, smart devices, and fitness trackers and storing them securely. Data can also be shared across devices, which facilitates cross-functional collaboration between healthcare providers. Additionally, the platform’s machine learning capabilities allow healthcare developers to develop unique algorithms to remotely monitor the health of patients.
Essentially, DxChain’s decentralized platform reduces data storage and traffic management costs, which may, in turn, lower healthcare premiums for patients.
DxChain has the potentiality of transforming how data is stored, managed, and traded in the cloud. Beneficiaries of its platform include:
- Small and medium-sized AI companies, which can leverage DxChain to create unique big data and machine learning platforms at lower costs.
- Proprietorships and organizations of various sizes, which can obtain data at competitive prices in a secure data transaction market.
Essentially, everyone can obtain the kind of high-quality data that is currently monopolized by enterprise organizations.
At its heart, DxChain eliminates the challenges of the present blockchain network:
- the monopolization of profits by powerful organizations from the sale of valuable data
- privacy concerns of industries that must comply with regulatory requirements
- expensive costs associated with data storage services
As can be seen, Zhang’s DxChain is a game changer in blockchain technology. If you’re curious about how new blockchain technologies can transform your healthcare ecosystem, contact us. Together, we can transform your value chain organically, effortlessly, and intrinsically.