Interoperability brought to Blockchain

July 28, 2020 by Libonomy

Libonomy is one of the most ambitious projects of blockchain technology. It is a next generation autonomous blockchain that has introduced a new paradigm of security and fair representation of crypto-economic incentive. It is designed uniquely to provide great scalability, high TPS and security at its core. It is different from any other blockchain as it supports custom smart contracts, creation of decentralized applications and other architecture mechanisms that can interact with each other. Blockchains have been working in silos and the gap in between them has further become a hindrance in communicating and merging great ideas together to move blockchain technology forward. Although Libonomy has dedicated itself to a trustworthy and transparent network of cross-chain interoperability, it also solves another crucial problem – blockchains have been working with an antique consensus algorithm that is not compatible enough. Artificial Intelligence mechanism is the reason why Libonomy is called the next generation blockchain. AI-controlled mechanism has allowed an error-free analysis of the nodes connected on the network to make the robust nodes part of the network, to ensure constant activity and exceptional consensus. Libonomy is a fully decentralized and autonomous network providing equal opportunity for all nodes to participate, distribute rewards and run with lower transaction fees. The use cases of Libonomy highlight the basic technical capabilities necessary for achieving interoperability, decentralization, hybrid ecosystem and other development platforms to facilitate improved processes.

ERP (Enterprise Resource Planning) silos have enjoyed the privilege of being one of its kind, but even they have problems in communicating. Libonomy’s Interoperable and AI-based ERP blockchain will trace the history of documents, employees and past ventures. It will also acknowledge active partners and the collaboration with other businesses will be solved immediately. Blockchain with its immutability helps businesses recover long lost data. Production, management and supply-chain will come together under one roof, the data is easy to track and transfer from one blockchain to another thanks to interoperability, the communication gap is reduced greatly, the primary need of arbitrary data exchange is achieved.

Voting systems have always been flawed; however, Libonomy’s blockchain technology is capable of solving the issue of organizing an error-free voting environment. Immutable and interoperable voting systems will not only enable votes to be casted while maintaining privacy protocols, but also make sure they are recorded in a robust system so government institutions can retrieve the data easily. Connecting voter and organization easily, while the AI consensus provide with more room for a high number of votes to be cast in a short time and gathers all the data for calculations automatically. This will save a lot of time and through AI consensus the government will get knowledge of all the people who haven’t cast votes, further, improving the system.

GST and PAYG (pay as you go) can utilize Libonomy to their own benefit. Tax payments sometimes are a huge hassle. Instead of using tax payments system on central database based software, organizations can utilize blockchain technology to interact with government organizations directly using interoperability feature.

Developments in technology are only worthwhile if they help society and the world. Health care sector can greatly benefit from Libonomy’s interoperability, AI consensus and immutability. Patient’s records are recorded in the blockchain and if the patient is transferred to an external system the movement of clinical data from one system to another with complete security can be a huge success for the industry. Libonomy can offer an exchange of information for specialist referrals. Connecting systems together in this way requires semantic interoperability that can be achieved through Libonomy.

Education industry requires a system that can connect its institutions to those authorities that handle education in the region or state. Libonomy can build smart contracts for exchanging data between exam boards, schools and students. It can provide security, interoperability and immutability of the data.

A self-sovereign identity system will let users own and control their personal information, digitally sign claims and transactions; Libonomy can provide all this and establish an improved and transitive Know-Your-Customer process – an automated system that protects against theft and fraud, a secure access-controlled environment with less friction and increased compliance.

An interoperable and decentralized exchange can throw in the ability to perform cross-chain transfers without a glitch. Libonomy’s network will allow users to easily search the buyers and sellers, as well as prices to set for the trading to occur. It will connect many blockchains to each other and let the inter-blockchain trading occur; this will be very beneficial to enhance the scope of the crypto-economic system.

A hybrid ecosystem with public and private blockchain can allow communities to collaborate on running decentralized apps together. Libonomy paves the way for a hybrid solution where the pros of both blockchain systems are taken into consideration and nullifying any cons of either system. A hybrid, interoperable, decentralized and AI-based network can make many businesses more competitive in the market, be it e-commerce or any other.

Libonomy can solve today’s decentralized application scalability problems. Highly scalable, support of thousands of blockchains, but most important secure working grounds; we’ll create a complete end-to-end experience that supports developers and users – ensuring that developers have all the tools and services they need and grant users access to anything running on the autonomous Libonomy Network easily. The Libonomy network is designed to overcome the challenges of poor scalability, low TPS, lower usability, interoperability issues and dated consensus algorithm.