HetaChain Technology Explained

What is HetaChain?

HetaChain is a business network that has applied Blockchain technology to disrupt the business ecosystem. The model infrastructure is based upon Blockchain 3.0. Meanwhile, the HetaChain infrastructure is an industrial scale platform with efficient computing capabilities. Through HetaChain, businesses will deploy decentralized applications devoid of fraud, downtime, and third party incurred costs and censorship.

Applications of HetaChain extend throughout various sectors. The practical implication of HetaChain Blockchain will have effects in accounting systems, identity management, financial systems, money transfer services, and supply chain management. In particular, supply chain management ensures the smooth flow of goods from the supplier to the seller. Currently, supply chain faces numerous major challenges due to the complex nature of the involved transactions. The volume of intermediaries, goods, and transactions involved necessitate multifarious contraptions. Firstly, we must look at undertaking a multi-level system that seeks to address the challenges at every stage of the supply chain. Then we must consider changes in consumer demands, tackling new government regulations, shortages, and theft. This calls for advanced data storage and leveraged management solutions that include Blockchain technology to improve accountability and accuracy.

An efficient supply chain ecosystem has three goals: ontime product delivery, quality, and quantity. On the other hand, an inefficient supply chain would translate to slower shipments, increased prices, reduced demand, fraud, and counterfeit goods. HetaChain could resolve the supply chain dilemma.

The speed of mass adoption of blockchain-driven solutions for solving real-world problems and replacing existing systems has been slow. The main reason can be scalability problems that interfere with Bitcoin, Ethereum and other existing blockchain platforms. Both Bitcoin and Ethereum blockchains experience network congestion problems towards the end of last year including:

- Poor performance, poor scalability and low speed of transaction;

- Security and privacy problems

- Difficulty in developing app that bring many challenges for developers who have to learn new programming languages for developing decentralized applications. For ordinary users, may be using a plastic card is much more convenient and easier than making a transaction in any of the operating blockchain networks,

There is a need for a blockchain that is designed to provide technological benefits, users’ convenience and that is also quite scalable to handle massive traffic from the existing system.

Future Outlook of Supply Chain Management Through HetaChain

1- HetaChain will solve the problem of scalability

Globalization of production and distribution have resulted in the scalability problem throughout today’s supply chain. Consequently, the birth of Blockchain has sparked the revolution of efficient record keeping mechanisms. On the root level, it is quite impossible for the physical supply chain to adopt massive numbers of participants. Blockchain addresses this challenge by introducing nodes for any number of participants. In fact, the participants could virtually integrate into the system at any point. However, Blockchain technology is now facing its biggest challenge in its history. Blockchain 1.0 and 2.0 introduced high fees, long confirmation wait periods, and low-speed transactions. This challenge has everything to do with scalability.

HetaChain particularly seeks to address the issue of scalability from a real-time, multi-dynamic environment.

The design of 1.0 Blockchain was built for storage and the transfer of cryptocurrency value. 2.0 Blockchain was built for the deployment of decentralized applications. The revolution of Blockchain 2.0 was founded on smart contracts and the turn of program logic. Nevertheless, none of them were able to offer a solution to the existing dilemma of scalability. Therefore, the challenges posed by scalability have thrived until today. Low transaction throughput is the most sinister of them all. No one wants to be charged high fees when purchasing a voluptuous pack of goods. Blockchain 3.0 targets to solve the issue of scalability. Despite a number of formulated theories and approaches of how Blockchain 3.0 will look, technologists have not established a definite angle. This is where HetaChain jumps in armed with one target to transform the face of Blockchain. The Startup implements a delegated proof of stake (DPos) and Byzantine fault tolerant (BFT) to accommodate any number of transactions. The model will then implement sidechains into the infrastructure. Finally, the Startup will create efficient consensus models and effective connections within third party databases.