The growth of e-commerce, online banking, and in-app purchases, and the increasing mobility of people around the world have significantly boosted the number of transactions. Transaction volumes worldwide are growing exponentially and magnify the complexity, vulnerability, inefficiency, and cost of current transaction systems. Bell.One offers new opportunities for transaction enablement allowing businesses and financial institutions to operate on a distributed ledger. All transactions between peer participants operating without intermediaries are stored in a shared, replicated, synchronized, distributed ledger, which is secured by cryptographic sealing and is hard to alter.
- Having a shared ledger that serves as a single source of truth improves the ability to monitor and audit transactions.
- Through the use of IDs and permissions, users can specify which transaction details they want other participants permitted to view. Permissions can be expanded for special users, such as auditors, who may need access to more transaction detail.
- No participant can tamper with a transaction after it’s been recorded in the ledger. If a transaction is in error, a new transaction must be used to reverse the error, and both transactions are then visible.
- All relevant network participants must agree that a transaction is valid. This is achieved through the use of consensus algorithms. Each blockchain network can establish the conditions under which a transaction exchange can occur