The blockchain trilemma, which posits that a system can only achieve two out of three qualities – scalability, security, and decentralization – has long been a challenge for the industry. However, Amsterdam-based startup mintBlue is poised to change the landscape of public enterprise blockchain.
On March 15th, mintBlue accomplished an extraordinary feat, processing an unprecedented 50.53 million transactions within 24 hours on a public blockchain. This accomplishment dwarfs the daily transaction averages of mainstream blockchains like Ethereum and Bitcoin, as well as popular online payment platforms iDEAL and Ayden. mintBlue’s success has made public blockchain technology more accessible to enterprise audiences, fostering cross-sector collaboration.
Reinventing Proof-of-Work
Blockchain technology, particularly Proof-of-Work (PoW), has been notoriously associated with high costs and limited scalability. Bitcoin (BTC), the most well-known PoW example, suffers from these limitations due to its small block size and slow transaction processing time. With mintBlue’s record-breaking performance, achieved in part by utilizing substantially larger blocks, the startup has proven that public blockchains can indeed be both scalable and cost-efficient. CEO Niels van den Bergh contends that there is no such thing as a blockchain trilemma, asserting that scale, security, and decentralization can coexist on the public enterprise blockchain.
Implementing mintBlue’s Technology in Real-World Use Cases
MintBlue’s blockchain technology provides an array of practical solutions for use cases such as e-invoicing, e-signatures, data provenance, and immutable storage. The platform’s user-friendly API, SDK, and Zapier integrations allow even enterprise-grade implementations to be completed within just two hours on average. Major organizations like Visma | yuki and the Dutch Chamber of Commerce (KVK) have already adopted mintBlue’s fraud-proof e-invoicing tools. The platform’s versatility and ease of integration make it an attractive option for a wide range of industries seeking secure and efficient blockchain solutions.
The Power of Immutable On-Chain Storage and Data Security
One of mintBlue’s standout features is its ability to enable immutable on-chain storage, which allows data to be securely stored on the blockchain without relying on third parties. This is particularly valuable for data-intensive industries such as healthcare, finance, and government, which require high levels of data security. The distributed nature of mintBlue’s public blockchain means there is no single point of failure that can be exploited or hacked. Organizations have sole access to the locations and keys of their data, enabling absolute data ownership and control over data sharing.
Copyright Attributed to mintBlue.com
Democratizing Access to Blockchain Technology
MintBlue’s cost-effective, scalable blockchain technology offers smaller businesses and even individuals the opportunity to leverage the power of blockchain without breaking the bank. The platform’s affordability and efficiency have garnered the attention of larger enterprises and even nations, with the Central Bank of Norway identifying mintBlue’s underlying blockchain protocol as the most suitable option for a national digital currency. By making blockchain technology accessible and affordable for a diverse range of users, mintBlue is helping to democratize access to the benefits of secure, decentralized data storage and processing.
Facilitating Mass Adoption and Breaking Records
MintBlue’s Software Development Kit (SDK) enables easy integration with existing infrastructure, making native blockchain storage and functionality accessible at the click of a button within existing user interfaces. This seamless integration eliminates the need for the workforce to transition to new environments, providing a level of simplicity and speed that could be the key to unlocking mass adoption of blockchain technology.
The achievement of processing 50 million transactions in 24 hours on a public blockchain is a landmark accomplishment for both mintBlue and the blockchain industry as a whole. This ground-breaking feat should serve as a wake-up call for anyone still clinging to outdated myths about blockchain technology. Absolute control over data no longer comes at the expense of scalability, security, or decentralization. mintBlue has demonstrated that it is possible to overcome the blockchain trilemma, paving the way for new possibilities in data ownership, authentication, and provenance. With the barriers of the trilemma shattered, the future of blockchain technology looks brighter than ever before.
