The traditional banking system has done nothing but discourage its customers and the unbanked, which is due the fact that the traditional banking system has more power over the funds of its customers than the customers, and this is because the bank operates a centralized system where there is a central authority whose duty it is to control and oversee the activities of the bank. These banks come up with different fees and make it very difficult for a particular class of people to get access to funds. Also, the traditional banking system has too many loopholes that question its security, as there have been cases of identity thefts, credit card frauds and other forms of frauds.
As a central system, the traditional method of banking makes it difficult for businesses to run seamlessly without incurring huge costs. Hence there is the need for a decentralized system, which will eliminate the structure of having a central entity being in charge and will also enhance the security of customers’ identity and funds. Also, a decentralized system will give customers total control over their own funds, including every form of transactions. Such features are what using the blockchain technology offer to its users.
Blockchain-based Cross-ledger Structure
OneLedger is a blockchain-based system that is composed of a combination of consensus that makes up the structure of the whole system. The OneLedger system aims at providing an efficient means of creating and integrating different blockchain-based applications needed for use in business ventures while using the system’s business portal, which has an interaction with the system’s API gateway protocol.
It is designed such that its intuitive design contributes to making it possible and easy to come up with business modules that can be embedded in the blockchain network, not minding the blockchain experience of the user. The system can be used for modularizing businesses, high-performance transactions, blockchain communication based on the blockchain, and multichain support.
The OneLedger system functions using a combination of consensus to function, including role consensus, public consensus, and side chain consensus, each having a different function from the other. OneLedger intends to bring financial solutions to businesses, which traditional banking systems cannot offer. Unlike some other similar blockchain based systems, OneLedger has some core features that make it function differently from the rest. The platform is able to take care of the management of smart identities, blockchain services, programming interface, and chaincode service among others.
The system functions using a technological innovation called “Hash Timelocks Contracts”, and can be used for various other purposes including communication between decentralized applications and the OneLedger protocol, employs the use of artificial intelligence, identification of assets, business traffic, etc. The OneLedger has a business application development that has different tools for different purposes, these tools include the digital asset, channel, connector, transaction, workflow, module, and role access control. All these features combine to make up the revolutionary platform for the creation of business applications