OMC Group Sdn Bhd (“OMC Group” or “Company”) has introduced OMChain2.0, the latest version of the consortium blockchain it is building to assist businesses in working more efficiently while securing their data and ensuring transparent transactions.
OMC Group, the blockchain arm and subsidiary of AIO Synergy Holdings Berhad, offers solutions through the Company’s own patented decentralised ledger technology known as Authorised Proof of Capacity (“APoC”), which is the consensus mechanism used to run the OMChain2.0. APoC is similar to Proof of Capacity, which is an algorithm that is more energy-efficient for validating, auditing, storing and securing data due to the pre-calculated hash stored in devices such as computers.
OMC Group CEO Jack Lee said: “We are happy to announce that beginning July we are offering OMChain2.0 which comes with a smart contract feature. We believe OMChain2.0 have what it takes for businesses to run their operations efficiently, safely and transparently. We see our blockchain technology making headway with business, government and community as we roll out other products and services in the coming months and into 2021.”
Smart contracts allow enterprises to streamline and execute their complex business processes without the need for intermediaries. This removes the risk of manipulation while reducing costs and saving time. OMChain2.0 also offer private smart contracts and transactions due to the peer-to-peer and network permission management processes of a consortium blockchain. Enterprises have better control over their data and can delegate voting rights to authorised nodes to validate transactions.
Through APoC, OMChain2.0 can process transactions way faster than Proof-of-Work, the original consensus algorithm used to validate, audit, store and secure data that the bitcoin protocol uses or Proof of Stake, which the Ethereum protocol is transitioning to.
OMC Group is developing a number of projects for different uses and will soon be launching a decentralised application, or “DApp” known as Omni Pets, to showcase how businesses can define digital assets and how these assets’ ownership can be assigned or transferred through the blockchain.