Blockchain Solution For Enterprises Launched By Qtum

Blockchain, News | April 22, 2019 By:

Smart contracts platform Qtum has launched a new blockchain protocol designed for enterprises.

Qtum is a blockchain technology and cryptocurrency designed to facilitate the interoperability of major cryptocurrencies such as bitcoin and ethereum, as well as to make smart contracts more secure and easier to handle. It uses a proof-of-stake (PoS) consensus model to reduce the computational challenges and increase scalability throughout the platform.

The new blockchain protocol, called Unita, “securely stores data, utilizes existing developer tools and automates information transfer processes for businesses at a groundbreaking speed of 10,000 transactions per second.” The protocol is utilizing SCAR, a scalable consensus algorithm which can adjust the parameters on the blockchain dynamically. This algorithm can save large amounts of disk and network resources of blockchain.

“Unita features seamless one-click deployment, cross-chain trading, data management, and additional modules that will assist enterprise clients in their need to process millions of transactions per day,” Qtum said.

The new blockchain protocol will also provide enterprises with secure, cross-chain and decentralized data storage solutions once the Canal and DDAO protocol update have been released. Users will be able to store private data on their permissioned Unita chain and then transfer necessary data to Qtum’s public network.

“Speed and customization are two of the main barriers for enterprises looking to adopt blockchain technology,” said Miguel Palencia, Chief Information Officer of the Qtum Foundation. “By bridging a novel, scalable consensus algorithm with smart contract technology and tools familiar to developers, we strive to make blockchain accessible for enterprises to easily and effectively deploy.”