Wealedger Technology Has Passed National Trusted Blockchain Test
BEIJING--(Business Wire / Korea Newswire) October 26, 2018 -- On October 9, the Trusted Blockchain Summit 2018 was held in Beijing, jointly organized by China Academy of Information and Communications Technology (CAICT), China Communication Standard Association (CCSA) and Trusted Blockchain Initiatives (TBI). TBI released the results of their Trusted Blockchain Functional Evaluation, and Wealedger has passed it smoothly. Bill, Wealedger's VP, received the certificate issued by CAICT.
The blockchain is called “trust machine”, and it must be proven reliable before its application. CAICT initiated TBI on April 9 to promote the deep integration of blockchain technology and the real economy.
TBI member units have spent tremendous time on indicators definition and test tools development. The whole test process was independently operated by an authoritative, third-party neutral testing organization. The evaluation includes 19 major items and 95 items, covering indicators such as the underlying architecture, consensus, accounting model, ledger database, privacy protection strategy, cryptographic algorithm, smart contract, monitoring management, and multiple-underlying support, function evaluation and others. Technical evaluations were conducted by professional and third-party neutral testing organization. At the same time, experts from government, financial industry associations and related units also fully reviewed the evaluation to ensure the fairness through a consensus mechanism.
As an emerging technology and business model, blockchain has broad application prospects in the fields of finance, IoT, medical care, government affairs and etc. TBI aims to promote the positive development of China‘s trusted blockchain industry, help users assess the quality of blockchain products and services, enhance users’ confidence in blockchain technology, and standardize blockchain products and service market. The evaluation results will be promoted to the financial, industrial, government, medical, logistics and other industries through various channels, and the result reports will be submitted to relevant government departments for decision-making.
Blockchain’s infrastructure should be easy to be implemented. In terms of the underlying chain technology, Bill said that Wealedger Technology adopts the infrastructure of the license chain version mainly for asset digitization.
Wealedger’s consensus is based on Bitcoin’s POW. Beside the goodness of POW, Wealedger smartly design part of computing power to be used for security, while the rest can be sued for distributed AI, storage and service related work. The GPOW (Green POW) can not only guarantee the truth of the recorded data, but also avoid the great waste of computing power.
Bill also mentioned that the accounting model adopted by Wealedger Technology is Asset Model. This model is based on asset, while optimized to have higher degree of decentralization, better irreversibility, and higher efficiency in parallel operation. At the same time, Wealedger Technology adopts the privacy protection strategy of data classification and hierarchical management, which is easy to implement through permission control and multi-signature.
Wealedger Technology supports elliptic curve-like signature algorithms, as well as asymmetric and symmetric encryption algorithms. We offer both private key management software and solution.
Through rigorous technical test and impartial expert review, only 20 companies' products passed TBI evaluation. TBI is a national-wide blockchain evaluation event. Wealedger Technology is glad to participate and successfully get the certificate issued by CAICT. We will work with the industry to uplift the blockchain application to a whole new level.
This is a news release distributed by Korea Newswire on behalf of this company. Learn more