It was always our intention, from the original whiteboard sessions, that biz.Clarency's underlying data handling would use blockchain technology. Its immutability lends itself perfectly to creating a trusted audit trail, and its security - when we started out - was undoubted. That was before we began to see stories in the press of blockchain penetrations, and subsequent losses of crypto currencies.
Blockchain has always had certain limitations: it requires a huge network and vast storage resources, all of which soaks up energy. Then there's the shared processing concept, which calls for a reward system for participants. For our application, where we were storing large graphic files, it's also fairly slow and cumbersome. We were reasonably content that we could work around these shortcomings, but now that doubts were being raised about security, we felt that we had to look for an alternative solution.
We found it in Sao Paulo, Brazil.
InterlockLedger represents a significant departure from a conventional blockchain. It can work fully with just a single node, it doesn't require an underlying reward system, and permits rapid retrieval of even large files. Most importantly, it uses a patented system of record locking that sees each new data block being interlocked by encrypted signatures from all of the participants in the shared information. These signatures carry fingerprints of all preceding data blocks, providing vastly increased security.
The InterlockLedger guys welcomed us enthusiastically, and have become core partners in the development of our compliance and payments platform. They've worked with us to provide multi-document retrieval from a single hash key that can be shared via SWIFT messaging, inter-bank collaboration and many other innovations.
As we move into live testing of our platform, we're seeing daily confirmation that our choice of next-gen blockchain partners was one of our better decisions.