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Nickel Bitcoiner
Nickel Bitcoiner
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Joined: Tue Oct 31, 2017 7:56 am

Inside of Yuan Chain: Corporate focus point, “one-way privacy protection”

Wed Mar 14, 2018 9:01 am

The blockchain, as a public ledger, solves the general trust problem and enables buyer and seller to transact confidently and securely, without channeling through a trusted intermediary. With this being said, here comes a new question: how to protect the privacy? The corporations in particular are concerned about transaction information being exposed excessively to the public, posing a treat to their customers’ personal profiles as well as the corporate well-being as a whole. This is one of the biggest practical issues confronted by the blockchain technology when it comes to business adoption.

The Yuan Chain adopted a cross-chain technology where the public blockchain and permissioned blockchain (consortium blockchain and private blockchain) can interact with each other. For example, two permissioned blockchains can inter-exchange values and data through Yuan Blockchain while protecting their privacy.

As the top graph illustrated, the blue, yellow and white circles represent public blockchains, consortium blockchains and private blockchains respectively. Take the Yuan Blockchain as the main blockchain, and the remaining public blockchains and permissioned blockchains as sub blockchains. In this way, the main blockchain comprises of sub public blockchains, sub permissioned blockchains (sub consortium blockchains and sub private blockchains), and digital currencies and assets are able to stream on different blockchains with no barriers. Individual users or corporations can establish their own sub private blockchains to secure privacy, while inter-communicate with sub consortium blockchains and make sure data are possible to be verified and not counterfeited. The network of values in between sub private blockchains and consortium blockchains substantially increases the transaction efficiency and reduces transaction costs.

Every sub permissioned blockchain shall define identity for its own users, unlike R3 Corda or HyperLedger Fabric, Yuan Chain does not adopt single-node CA (Certificate Authority) authentication but allow every sub permissioned blockchain to have its own identity and access management. For instance, a sub blockchain can use Microsoft Active Directory to manage identity whereas another sub blockchain can use IBM LDAP server to manage his identity. Every identity of sub permissioned blockchain has a unique identity on the main blockchain. The identity on the main blockchain is Federated ID. Because of SHA256 algorithm one-way cryptographic feature, The Federated ID can not calculate private ID. This secures the privacy of the users on the sub blockchain, and allows sub blockchain users to verify ID on the main blockchain.

Yuan Chain development team dedicated themselves to the research of blockchain technology and its underlying applications since 2013. A handful of blockchain-based projects have been applied into business use by some of the fortune 500 companies, with the services provided by Yuan Chain development team. Yuan Chain’s token YCC will be listed soon on a major exchange, aiming to build and serve a top blockchain-based supply chain .

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