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ParallelChain™ is a permissioned blockchain system designed to address limitations of blockchains and to increase its performance. Being capable of meeting the high performance demands of industrial applications, ParallelChain™ allows high performance applications to prove their data integrity and provide tampering evidence without having to reveal their data. In many multi-party legal and commercial transactions, it is paramount for one party to verify that the records kept by the other party have not been tampered with, while the records may not be suitable to be shared to all parties or the public. This becomes a pressing issue in the digital economy where a transaction may involve multiple parties geographically apart and under different legal jurisdictions. ParallelChain™ provides a way of proving the integrity and the immutability of digital records without requiring the record holders and owners to reveal their data.
Blockchain technologies can be generally categorized into two types: public blockchains whose accesses and management are open to the public, and permissioned blockchains whose accesses and management are limited to only authorized parties/organizations/users. The authorized parties in a permissioned blockchain are usually a consortium or a private organization and the corresponding blockchains are usually called consortium blockchains or private blockchains.