A promising Japan-based blockchain startup venture, Chaintope Inc. has announced the launch of a revolutionary public, open-source blockchain protocol named ‘Tapyrus.’ The project was helmed under the guidance of an in-house development team chaired by Shigeyuki Azuchi, the well-known Chief Technology Officer of Chaintope.
Blockchain-backed applications have been on the rise over the past few years. Though the developers have been at forefront in keeping things sorted in the best possible way, there still remains an array of unaddressed challenges and limitations hovering over the arena. A decentralized network in the lack of a proactive central authority makes it difficult for the addition of new functions or to safeguard from unfavorable happenings. The public blockchains which involve random participation of people in the verification and block generation process, often face slow transaction speeds and security compromises.
Whereas private blockchain networks allow limited access to registered users and so are easily manageable and governed. These private networks are often accused of negligence of transparency and resistance attributes, which are otherwise found in public blockchains.
Tapyrus has been designed to render to these limitations of the public blockchains. While offering permissionless participation, data security, and transparency, it ensures effective control and management by selected federations. The participants get the chance to verify and scan transactions stored in the blocks which thereby restrains the federations from sabotaging data or protocols within the network. Such governance module was exposed to be effective via an ongoing Proof of Concept conducted by the firm in the Malaysian supply chain industry. In this module, suppliers, shippers, and retailers worked as federations while consumers were able to verify the data using a mobile app.
Chaintope, through its revolutionary projects, aims to aid the entities and business houses to innovate new mechanisms of blockchain technology and to facilitate its expansion across the industrial space. The firm aims to offer multi-layer protocol, which enhances the traceability and transaction speed along with systematic governance of the entire channel.
Hideki Shoda, the CEO of Chaintope, stated that,
We hope that Tapyrus will be a successful model for tackling the long-standing governance issue on public blockchains. Combining Tapyrus with the other tools that Chaintope offers on layers one and two, our focus is on taking a holistic approach to the mass adoption of blockchain technology and overcoming current technical limitations.”
Taking pride as a leading Japanese firm, Chaintope works in the field of development of blockchain-oriented ecosystems for FinTech as well as non-FinTech arenas. The company is involved in the research and development of the public blockchain and the proliferation of decentralized technology in societies.