We met Root Blockchain team at the World Blockchain and Cryptocurrency Summit 2018 in Moscow. Co-founders Girish Kumar and Neeraj Tiwari, as well as CBO Pi Arora, spoke in detail about their blockchain platform.
At the moment it is difficult for many businesses to adopt blockchain technology due to its complexity.
Root Blockchain makes implementation of blockchain solutions into existing IT infrastructure easier. The customer will simply need to integrate its business processes with Root Blockchain via an Application Programming Interface (API).
Pi Arora said the integration will be as easy as “plug & play”.
Root Blockchain generates a digital fingerprint for each transaction and stores only this fingerprint on the blockchain. The actual data is stored separately and linked to the transaction. This approach results in a high-speed, low-cost transactions.
“We are targeting at least 1000 transactions per second once the mainnet goes live,” said Girish Kumar, the mastermind behind Root Blockchain.
Decentralized data storage
However, if the user needs to upload the data along with the transaction, it’s possible to store it on a separate distributed secure virtual file system, aka Vault.
Vault will be decentralized and integrated with Root Blockchain, but it will be based on separate nodes than Root Blockchain. Vault would be similar to IPFS (InterPlanetary File System), but with encryption and access control facilities for businesses.
Root Blockchain offers multiple layers of data security and privacy.
Customers are able to choose different kinds of blockchain solutions: public, private and consortium.
Private blockchain can be chosen if customer wants to have his own dedicated blockchain, where only his transactions will be placed. Consortium solution is like a private one, but for two or more parties needed to be interlinked.
Unlike Ethereum, Root Blockchain will have an option for permission-based access. The owner of the business will be able to release information only to a specific audience, if he needs to.
– Developers’ team is based in India. Right now they are working on MVP, or mainnet, which should be released before August.
– ICO was launched a month ago.
– Root Blockchain has an early adopter already. The largest bus transportation company in India, which sells thousands of tickets every day, is going to use Root Blockchain. Moving from third-party APIs to Root Blockchain API will save a lot of money, as the company won’t need to pay large fees to IT companies for processing transactions while distributing tickets. The company will be able to handle ticket distribution by itself. The only cost will be a small commission fee for blockchain transactions.