Future Of Electronic Settlement System

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Future Of Electronic Settlement System

The blockchain technology has been revolutionary in many aspects. Right from its inception, there has been tremendous hue and cry about the technology & how it can optimize the age old system of record keeping into a more trustable form. To put it simply, blockchain poses the opportunity to store anything of value in a transparent and cryptographically secure manner. Data on the blockchain is stored in a distributed manner, thus making it impossible to tamper, as there is no single point of failure. Moreover, data on the blockchain is immutable as well as transparent. Thus it can well be said that, as of now there is no better way to store data in a more secure manner than blockchain. Having said that, every revolutionary technology has its share of drawbacks and blockchain is no different.

One of the primary concerns of blockchain application in the mainstream is its scalability. With every set of transactions being recorded on the blockchain, the number of blocks increases. Every subsequent block has more data than its previous block, as it carries the history of the previous block. In such a scenario, blockchains get extremely jammed with huge amount of data, thus causing a slow down in transaction speed. Owing to an amalgamation of all these factors, there have been no full proof and feasible application of blockchain technology till date. While the Bitcoin blockchain has been the most diversified and successful blockchain ever, most of the other ones feature a host of drawbacks which ceases their practical implementation.

Blockchain is not yet in its most refined version and here are a couple of shortcomings which cannot be avoided, if we wish blockchain to be adopted in the mainstream.

Basically, transactions and data recording within the blockchain is a function of the network. A network is usually huge, with hundreds and thousands of nodes working together. In such huge networks, the system is extremely vulnerable to attacks. In technical terms we call it a 51% attack. If any entity within the network gets hold of more than 50% of the network by simply tweaking a couple of codes, then the entire purpose of decentralization is lost. Thus, there has to be a different data authentication method, which would nullify this risk.

Security:

Scalability:

Introduction to Blockchain

Challenges to Overcome

Future Of Electronic Settlement System

While the FESS Chain will have innumerable practical applications, we will initially come up with our in-house Decentralized Applications. Few of these which are already ready for deployment are an Online Fitness Training Application, an exclusive Supply Chain, a content sharing platform to name a few. All these will be powered by our ERC20 native token, details of which will be rolled out soon.

To sum it up, FESS Chain will be a well rounded blockchain featured with top notch security and high scalability potential. We understand the potential of blockchain technology and FESS Chain will harness it to roll out the most efficient and useful blockchain, that will have enormous practical applications in the mainstream. As we move forward, we will come up with more documentations to clarify our vision and the path through which we will achieve it.

Possible Applications

Winding up

We are introducing a first of its kind public blockchain - the FESS Chain. The mechanism of our blockchain is a very simple yet effective way to circumvent the above mentioned drawbacks. We have come up with a unique authentication method. Our blockchain is a multi layered system, in which each and every transaction before being recorded is verified either with its timestamp or the Bitcoin blockchain or both. Bitcoin blockchain is a proven system and it is the most secure as of now. Innumerable attempts to hack into the Bitcoin blockchain have proven to be unsuccessful, owing to its diverse nature. We are looking to inherit the entire security of Bitcoin Blockchain. Moreover, FESS Chain will enable fragmented and parallel processing of transactions.

Introducing FESS Chain

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