The Blockledger brings Blockchain to the accounting and audit industry. We utilize a decentralized ledger through a triple entry accounting system. Ledgerium Blockchain is a distributed digital ledger that can record transactions between parties efficiently in a verifiable and permanent way. This allows the participants to verify and audit transactions instantly and inexpensively. The merits of Blockchain technology are exactly matching the requirements of the accounting and auditing industry.
Ledgerium Blockchain is extended from J.P. Morgan's Quorum Protocol (based on Etherum Foundation's Ethereum Protocol).
Ledgerium blockchain maintains a distributed and decentralized ledger. This ensures that no single computer/node can administer control over the process, making the system considerably secure.
Ledgerium Blockchain uses Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism for maintaining immutability meaning that the ledger of transactions once updated can’t be reversed or edited. All blockchain participants are responsible for validating transactions. If any of the participants try to update the content, other blockchain participants will immediately identify the discrepancy and invalidate the changes.
Ledgerium Blockchain draws inspiration from J.P. Morgan's Quorum Protocol. The protocol classifies the transactions into two types public and private. Public transactions are accessible to anyone. Private Transactions will be accessible for any predefined blockchain block producers.
Under Istanbul Byzantine Fault Tolerance (IBFT) consensus, a specified number of high performing nodes are selected by the blockchain as a block producer node, achieving high throughput by keeping the transactions per second (TPS) of the entire blockchain on an acceptable level.
High TPS guarantees low calculation delay, which allows transaction speeds to compete with existing payment systems such as VISA and SWIFT. This makes everyday purchases with XLG a convenient possibility.
Ledgerium Blockchain’s highly effective smart contracts offer high scalability, allowing applications to be deployed in a variety of ways. Configuration of powerful database structure and account system helps in simplifying complex data models bringing-in convenience to project development and simultaneously supporting high TPS.
The Ledgerium Blockchain nodes have the right built-in controls to ensure high availability and handle any planned switchover or an unplanned failure.
Legerium Blockchain starts with
21 block producers that are continuously validating the data instilling a high-security transaction process that is transparent and immutable.