What is an OpenChain blockchain

Market research has shown that OpenChain can ensure cost optimisation for companies

According to Fortune Business Insights, global blockchain market will clock 3.83 billion by 2029
According to Fortune Business Insights, global blockchain market will clock $163.83 billion by 2029

The need for blockchain seems to be increasing, with demand for different blockchains expected to witness an upward trend. It is believed that use of OpenChain blockchain, which is an open-source distributed ledger technology (DLT), can be the next big thing for organisations and private networks.

According to Fortune Business Insights, a market research company, global blockchain market will clock $163.83 billion by 2029. Experts suggest that the COVID-19 pandemic has enhanced DLT disruption across sectors such as government, retail, among others. “I believe the significance of OpenChain is rooted in its capacity to offer an approach to digital asset management, while also delivering security and privacy features. This aims to render it an alternative for corporations and entities in need of a blockchain solution that can be tailored to their requirements,” Edul Patel, co-founder and CEO, Mudrex, a crypto investing platform, told FE Blockchain. 

Market research has shown that OpenChain can ensure cost optimisation for companies, as it doesn’t concern mining or staking. Insights from Blockchain Council, a blockchain-based platform, stated that OpenChain ensures data protection through digital signatures and Proof-of-Work (PoW) consensus algorithm. 

“I think OpenChain is customisable and can be tailored to meet the specific needs of different enterprises. The technology can also provide transparency across the network, enabling participants to track the movement of digital assets and ensuring accountability in transactions,” Raj Karkara, COO, ZebPay, a cryptocurrency exchange, highlighted. 

Going by Nextbrain technologies’, an information technology (IT) outsourcing company, official website, OpenChain has potential to influence different business sectors such as banking, supply-chain management, property and real-estate, among others. However, OpenChain applications are considered to be at a nascent stage, and are expected to take time before reaching mainstream adoption. Reportedly, certain companies such as Kotak Mahindra Bank, Aditya Birla Group, Hindustan Unilever, among others, have inculcated OpenChain to their ecosystem.

Moreover, future predictions indicate that OpenChain can be integrated with Artificial Intelligence (AI) and Internet of Things (IoT) to amplify its use cases. “OpenChain blockchain is expected to gain popularity across businesses. OpenChain’s minimal resource requirements and consensus procedures can make it a suitable blockchain application for sustainability,” Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, concluded.

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First published on: 20-02-2023 at 08:00 IST
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