Monax is pleased to announce a very significant step in the development of permissioned blockchain technology with the launch of the TrustedChain® network. The network is being founded by Ifin Sistemi a leader in the provision of trusted services for public administration and banking in Italy; Monax is providing technical expertise to the network during its foundational stage.
The site for TrustedChain® notes what it is trying to accomplish:
TrustedChain® aims at providing decentralized blockchain-based services both to public administration and private sector – following the European Parliament Resolution (2016⁄2007(INI)), which encourages both public administration and businesses to gradually implement blockchain technologies in their areas of competences.
Connecting several public institutions such as municipalities and regional governments, TrustedChain® introduces the blockchain technology in the Italian public administration for the first time. This makes TrustedChain® the biggest permissioned blockchain in Europe both for number of nodes and number of transactions.
The network is built via a tiered structure that fully leverages Burrow’s use of Tendermint and the upcoming Cosmos hub-and-spoke architecture. This is an exciting development for use cases that need to comply with GDPR and other privacy regulations that apply in various jurisdictions because the network is expressly built upon a data privacy model that is approachable for the companies needing to comply.
Users of the network gain an ability to join a group of like-minded companies who have non-differentiated problems across a variety of domains. This is crucial as it unlocks innovation for the use cases and opens up the lifeblood of collaboration. Users also gain the full power of a byzantine fault tolerant, smart contract capable, permissionable blockchain client. Hyperledger Burrow provides the engine that the TrustedChain® network utilizes; Burrow provides the network with rock-solid audit trail and highly performant consensus.
The Bigger Picture
At Monax, what we especially like about the TrustedChain® network is that it cleverly gets around the typical enterprise chicken-and-egg problem. Participants who join the network have an ability to pursue specific use case experimentation or application building without having to handle the expensive and time consuming process of network establishing. It does this by leveraging the trusted service providers already servicing extensive accounts across Italy to operate the validator pool – giving the network a significant collaborative boost vis a vis single company experimentation.
TrustedChain® is one of the first networks we know of that is leveraging the core design paradigms of Hyperledger Burrow; namely the ability to grow a permissioned network over time as an ecosystem develops in size and governance functionality. If you are in the Italian market and you would like to get involved in the network, please visit their site and get in touch!