IFA successfully accomplished the first prototype of ARCS chain
ARCS chain is a proprietary blockchain for data banking infrastructure, developed by IFA.
The blockchain is developed with Parity Substrate in cooperation with Stake Technologies.
In order to realize a data bank powered by blockchain, IFA team is currently conducting technical verification of the following elements.
- When users register th
eir data, they will receive tokens as incentives. - Data registered by a user can only be changed by the corresponding user.
- Users can always control which authority or corporation that will have access to their data.
- Users can receive tokens as reward for grating companies access to their data.
- Blockchain will provide all these functions without compromising user experience.
To be more precise…
Users / Companies will not have to pay transaction fees.
Users / Companies will be able to use normal web applications.
As of mid-February, IFA succeeded in developing the prototype of ARCS chain, and concluded technological verifications of 1, 2, 5a, and 5b using the prototypes.
ARCS chain has been developed as a public blockchain. Therefore, since anyone can view the data on the blockchain,any fraud can be detected immediately.
About 1: By conducting data registration and token distribution with Parity Substrate’s runtime module (*Something like Ethereum Smart Contract), whenever user’s register, they will receive tokens. This cannot be denied by anyone, and the user’s rights against their personal data will never get compromised.
About 2: The hash value of the registered data is recorded on the blockchain. Therefore, if the user data has been changed, consistency with the hash value of the blockchain cannot be obtained, and the data tampering can be easily detected. Currently, raw user data is stored in IFA’s back-end-server. In the future, we are considering to use distributed storage solutions such as IPFS in order to avoid centralized databases.
(5.a) and (5.b): Transactions sent by users and companies will additionally be signed by IFA. Thus, since the user will not be directly transacting with the blockchain, they do not need to worry about transaction fee and latency.
In the future, we plan to proceed with technical verifications with 3 and 4.
The PoC product will be released to limited users as a beta test around April.
website: https://www.arcs-chain.com/
twitter: https://twitter.com/ARCS_ARX
telegram: https://t.me/ARCS_ARX_EN
medium: https://medium.com/arcs-arx-official
whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
author: chasun
btt URL: https://bitcointalk.org/index.php?action=profile;u=2250793
eth address: 0x566c10921F6d286EDb15371EDa3EA3a59ca06d76