The blockchain journey started back in 2009 with the creation of the first cryptocurrency, Bitcoin. Since then, blockchain has come a long way and has grown as a solution that top businesses are now looking to integrate. Blockchain doesn't only power the many cryptocurrencies that we have today but, is fast becoming the foundation upon which many exciting applications are being built. There has been a steady shift from the public implementation of blockchains, primarily for cryptocurrencies, towards the private implementation of blockchain for business enterprises, embedded into decentralized applications. OneLedger is a blockchain protocol looking to help businesses take advantage of the decentralized solutions by providing customized business modules for enterprises based on their individual needs. At OneLedger, our primary focus is providing a seamless connection that allows a safe pathway between the centralized and the decentralized world.
What makes OneLedger so unique and truly a game-changer in this space?
There are many cryptocurrencies out there, but OneLedger's unique features make it a project that is advancing blockchain mass adoption. Before a new tech can start getting adopted by big tech companies and businesses, they must genuinely provide solutions to problems that are currently being faced. The way OneLedger differentiates itself from its competitors is that we provide a gateway to connect both the existing centralized applications to the decentralized platforms through the OneLedger protocol. A key differentiator is that we are not trying to sit over the other chains, but instead, we are interested in bridging the decentralized ecosystem with the existing centralized enterprise space. Our feature set, which includes programming interfaces, identity management, channels, business modules and master contracts were all designed to allow seamless integration for large enterprises.
Check out some of OneLedger's product features below and see how these products are positioned to solve some of the significant problems the world faces today.
Interoperability
Interoperability is an area where OneLedger excels more than other interoperable blockchains. Different chains' ability to communicate with each other has long been a topic of heated discussion in this space, with many projects trying to solve this particular issue with no breakthrough. OneLedger's interoperability is at the protocol level, which gives interoperability capabilities to any application built on top of the OneLedger network. This means that any app built on the OneLedger network doesn't need to know how interoperability works; it just needs to define which supported networks it wishes to operate with. The team is building a Lynx Engine, which can let people switch between different supported blockchains. So, when you build on the OneLedger network, you get Interoperability as a Service, and you do not need a third party to access this, which is unique in this space. Interoperability is also available within the OneWallet, which lets you manage all of your cryptocurrencies supported on the OneLedger network. You can transfer from one chain to another with ease and manage all your funds using a single wallet.
Identity Management
Identity management is one of the major problems that businesses and governments are facing today. It is increasingly becoming difficult to keep track of all the identities connected to and acting on a network. There is a need for enterprises to ensure that each entity receives the permission it needs to conduct businesses on its platform. Unauthorized access, duplicate access, limited or no validation of pre-requisites for access provisioning are some of the major issues in identity management these days. Tracking and verifying people's identity is becoming difficult and this is an area where OneLedger's blockchain platform provides a way out. By mapping the business identities to their domains, enterprises can increase trust and transparency with the several organizations they deal with.
Identity Management is a critical piece which is missing from the ever-growing blockchain ecosystem. Governments shy away from this technology due to the lack of transparency. By creating an identity piece, the Governments are further capable of adopting the blockchain technology.
Domain Naming Service
When it comes to sending funds between peers, the first thing that comes to mind is, PayPal and Payoneer. The reason is the ease with which funds could be sent on this platform. With just an email address of the receiver, funds could be sent and thus less prone to human errors. For a digital currency, this isn't the case. The receiver's wallet address is needed to send the funds, and this contains some long alphanumeric figures that are difficult to remember. OneLedger makes it extremely easy, even for a novice in the blockchain world to send and receive funds, with the use of easy to remember domain names, which serve as wallet addresses. Our Domain Naming Service also enables people to buy and sell their domains. The same feature set can be used for future digital assets, whether they are loans, securities or any of their derivatives. We have also left this functionality open to other digital assets, such as Purchase and Investment Agreements.
OL Pay
OL Pay, which means OneLedger Payment solution, is another user-friendly feature which is in process of being developed by the OneLedger team. Businesses can leverage OL Pay to accept payments on their website by just installing our widget. With OL Pay, businesses can receive payments in all the currencies supported by OneLedger's interoperable network. This product can also provide complete settlement to fiat for organizations that would like to provide additional payment options and not wish to hold cryptocurrencies. Our OL Pay solution will first be leveraged by charity organizations like "Project Give Back" and "Pathways to Education" who can start accepting donations in digital currencies. They can also convert these currencies into fiat as per their convenience. OL Pay is a payment solution that can be leveraged by any business that wants to extend it's services towards accepting cryptocurrencies in the future. We are also working with a settlement partner, VirgoCX, to ensure conversion to fiat takes place almost immediately.
Mass adoption of blockchain technology depends mainly on how useful the solutions it provides are, to businesses and governments, and not just on speculations. OneLedger is providing services and products that traditional companies and the government can leverage to improve their efficiency. There are innumerable possibilities where OneLedger solutions can be applied to such as FinTech, Supply Chain, Payments, Transport and a host of other sectors.
Enterprises looking to implement blockchain solutions can contact us through our website. We are happy to help!