Beyond Blockchain: An Introduction to HALOCHAIN
From Dr. Heiner Kromer, CEO SECUDE
In my next blog, I will write about how system administrator holds the key to the company’s most critical data and how HALOCHAIN technology can be used to mitigate the risks related to log file manipulations.
In today’s digital world we exchange information across the globe within seconds. But when it comes to digital asset trading, we still use infrastructures and procedures from the pre-internet era.
Blockchain was touted to be the most significant new technology that revolutionized digital transactions in the 21st century. This groundbreaking technology saw exponential growth in its adoption in the last few years.
Companies expect it works upon existing infrastructures, without breaking them. They want security from the very beginning and even in small groups of participants. The technology is supposed to handle transactions within milliseconds at very low costs, even for billions of people.
Unfortunately, the concept of a blockchain will never meet these requirements. It is not a matter of optimizing the blockchain concept, it’s a matter of finding a smarter way of solving the problem.
That’s why SECUDE, a company creating security technology for core enterprise applications for two decades, invented HALOCHAIN.
Challenges of the blockchain industry
Some of the significant challenges of the blockchain industry are:
- Scalability – This technology involves several complex algorithms to process a single transaction. Therefore, the ability to manage a large number of users at a single time is still a challenge for blockchain.
- Complex to understand and adopt – The complexities involved around blockchain make it difficult to understand and implement.
- Privacy – Blockchain is open for everyone to view making it vulnerable. It needs to be remodeled to allow restricted access and authorized view.
- Costs – Blockchain is tough to integrate into the legacy systems making it an expensive affair.
All the above challenges are difficult to mitigate making blockchain still a distant dream for many organizations. SECUDE’s HALOCHAIN is a technology that is secure, fast, and flexible.
How HALOCHAIN is Secure, Fast, and Flexible
HALOCHAIN uses a patented implementation of standard software security methods, algorithms, and best practices for secure information exchange, to seal each transaction. Therefore, it can be used upon existing IT environments and network infrastructures, and it can be easily reviewed by external auditors. It doesn’t require the concept of “mining” to ensure security, which makes the blockchain become expensive and slow the longer it runs.
HALOCHAIN provides trading security in real–time at any scale. The high scalability of the HALOCHAIN allows operations at low costs. The simple technology used to build the platform is flexible enough to support various trade use cases and requirements.
Participants can immediately register and lock their transactions securely on the HALOCHAIN technology. All transactions are approved by the corresponding parties and validated by everyone with access to the transaction information.
The validation does not require the validator to have all of the transactions. This is helpful especially if only some trades need to be further validated and audited. If all required parties agree, it is also possible to revert previous transactions to roll back trades in cases where required.
Why HALOCHAIN is a trusted technology to do confidential trade
Unlike blockchain, HALOCHAIN is a trusted technology to do confidential trade. It is possible to encrypt all or partial information of the transactions, taking into account that not all participants in the trusted network should be able to read all information, even if they would have access to it.
HALOCHAIN allows secure, but confidential trades. Other than the blockchain, it doesn’t expose the transactions to all parties in order to ensure security. There is no need for a blockchain duplication to millions of participants with huge synchronization and reliability issues causing the loss of already registered transactions.
The HALOCHAIN offers a very high level of security. Any industry whose transactions require trust from all parties involved can potentially use this technology. As regulatory and legal compliance factors place high demands on organizations to provide secure transactions, there is a growing need for a robust privacy and data protection mechanism.
Therefore, the HALOCHAIN technology is about to disrupt the market of digital trading. SECUDE is seeking strong partners wanting to develop transaction-based trading platforms based on HALOCHAIN technology.
About the Author: Dr. Heiner Kromer
Heiner Kromer is the CEO of SECUDE International AG. He brings over 30 years of experience as founder, partner, and CEO of high technology and consumer product companies.
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