Hybrid Blockchain: New Kid on the Block(chain)

Ahybrid blockchain model is the future of web3. But why is everyone so excited?

Since the first mention of blockchain in 1991, interest in cryptocurrencies, DeFi, and NFTs has exploded—and for good reason. They’re not only lucrative, but are changing the way we shop, game, and even socialize for the better.

The new iteration of the web, web3, is rapidly moving into the mainstream. Combining decentralization, blockchain technologies, and token-based economics to give users an immersive experience, hybrid blockchains are the latest in technological innovation. A hybrid blockchain offers full-proof security, efficiency, and transparency. To find out how, let’s delve into the world of hybrid blockchains.

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. The most common blockchains, public and private, offer different services by utilizing the same technology. A hybrid blockchain combines the best elements of public and private blockchains to provide a new solution which allows users to create private, permissioned systems, running alongside a permissionless public system by storing data securely in the nodes.

Transactions within a hybrid blockchain aren’t accessible to all, but have the ability to be made public for verification purposes. For example, when you join LOX, your identity is secured and protected from other users, unless you make a transaction. Once you’ve done this, your identity is only shared with the other party taking part in said transaction.

Although hybrid blockchains are owned by a single organization, the blockchain still cannot be altered in any way, providing completely decentralized security.

Security, transparency, and efficiency A hybrid blockchain model boasts excellent security, transparency, and efficiency.

Security, transparency, and efficiency A hybrid blockchain model boasts excellent security, transparency, and efficiency.

Data security A hybrid blockchain adopts the powerful security of a private blockchain by storing data securely in the nodes, and by keeping transactions away from public alterations. However, unlike a private blockchain, communication is still available between third parties. Result? The safest form of data storage.

Scalability and Efficiency All hybrid blockchain transactions are cheaper and faster thanks to the use of fewer nodes in the verification process, making the hybrid model far more scalable than its public and private counterparts. Transactions can cost as little as $0.01 per transaction, compared to an average of $2-5 on public and private blockchains.

Transparency Similarly to public blockchains, transactions made on a hybrid blockchain are fully transparent. However, the ability to access, view or change transactions in any way, is restricted. Only select persons can view and use the network, making sure private information isn’t made public outside of the blockchain.

Providing better services through industry implementation Multiple industries have recognised the benefits that come with using a hybrid blockchain model and have implemented it in unique ways. The banking and supply chain industries, governments, and security providers are all taking notice.

Banks Banks have a duty to store customer information safely and securely. Currently, banks use a combination of authentication, KYC (know your customer), and a secure infrastructure to protect data. However, employees can still access important data using a VPN, so information isn’t fully secured. A hybrid blockchain solution would offer advanced security without sharing important financial data, making it more secure than the current model used by most financial institutions.

Supply Chains Tracking food from farm to supermarket is made possible thanks to a hybrid blockchain model. Farmers, wholesalers, and distributors can all take part in the supply chain process, making for a far more efficient system with products tracked throughout their life cycle. In fact, IBM Food Trust has already adopted a hybrid blockchain model in their current supply chain process.

Governments Government bodies create public identification databases, recording complex data, and providing social assistance. They also need to facilitate secure, anonymous voting. The Australian government has already invested in blockchain technology to support electoral voting, while Sweden is also using blockchain in its land registry system.

Introducing the ultimate hybrid blockchain: The LOX Network At LOX, we’ve created our very own hybrid blockchain to not only improve wireless security, but to allow parallel development projects to run co-efficiently. Our blockchain provides a time-saving, efficient solution designed to lower the entry barrier into NFTs and decentralized finance markets. We believe that everyone should be able to access web3 and our hybrid blockchain encourages technological innovation. If you’d like to find out how the LOX hybrid blockchain can help you innovative new technologies and change the world, reach out to us.

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