(Last Updated On: March 8, 2018 5:11 pm)
Addressing one of the biggest concerns of the consumers relating to the security of the online transactions, South Korea has developed an indigenous system known as PureChain.
The PureChain is designed to run through inter-nodes that ensure online transactions pass through both the internal as well external nodes for secure transactions.
The homegrown system offers external certainty between various nodes and at the same time, internal confirmation in the same node to ensure both areas, the user verification area, as well as secure area, fall within the purview of the divided nodes. The system is so accomplished that it can handle online as well offline transactions. The new system is developed collaborating industry experts and academic experts.
— The Korea Herald (@TheKoreaHerald) March 8, 2018
The PureChain uses decentralized platform which is ledger free. This helps the companies avoid multiple payments for one invoice. More conveniently, it creates node consensus to process the transactions without using the third party. The system is thoroughly checked even for multi-page transactions as well.
The team that developed PureChain believes that the same system can easily be deployed to verify the users. The system is the perfect example of the Internet of Things (IoT). It uses a technology known as Physical Unclonable Function, which is enclosed in semiconductor chipset to run on IoT instruments. The system is conducive to the digital currency, which can easily replace the dollars or Korean Wons.
Han Dong-soo, a professor at Korea Advanced Institute of Science and Technology, and Han Ho-hyeorn, a professor at Kyung Hee University worked tirelessly in the project alongside a software company, ICTK, and epitomeCL, a blockchain tech company to develop this highly efficient payment system.
The success of the project created a very positive impact. The team that worked in the project now can adopt a commercial shape in the form of consortium, which may involve other similar companies to mass produce the devices to ensure all global and local blockchain companies can benefit from this new system that offers safe and secure financial transactions.