Let’s face it, blockchain technology, which is a type of distributed ledger technology (DLT), is not going to be a passing fad, adopted only by a handful of technology companies and written about in specialist websites or news protals. It is here to stay and in fact, it could very well be that the data on the specialty single-origin coffee beans that you come across on a shelf in the neigborbood grocer may have been validated, audited, stored and secured through the DLT in peer-to-peer networks across multiple geographic locations. That is just one example, there are others, including for cross-border transactions, for secured access into buildings and for logistics.
How can blockchain technology benefit business? For business owners and entrepreneurs, efficiency, security, transparency, traceability and costs are the top concerns. Blockchain technology offers all that and more, its chief feature, is its immutability. What this means is that, the data blocks in the chain are designed to be unchangeable, which also provides for security as the data, having been verified by numerous participants in the network, is legitimate. This is important as a centralised ledger can be compromised or hacked while compromising data in the blockchain, while theoretically possible, would need a huge amount of computing power due to its decentralised nature.
Companies like OMC Group Sdn Bhd (OMC Group) are riding the blockchain wave to offer services to businesses who have seen what blockchain technology can do and the potentialities that still lie undiscovered. For OMC Group, its DLT is built upon its patented Authorised Proof of Capacity (APoC), a consensus algorithm used to validate, audit, store and secure data in its consortium blockchain, known as OMChain. OMC Group is offering services in application development, legal compliance, training and consultation for businesses who are keen to adopt blockchain technology based on the APoC consensus algorithm.
OMC Group is particularly interested in offering its blockchain solutions to the business-to-business or enterprise market, especially those involved in e-commerce. For these businesses, a breakdown in the efficiency of the globe-spanning supply-chain; non-transparent fees involving handling and authorisation; data breach; overproduction and; inefficient omni-channels, are among issues that continue to crop up.
OMC Group’s blockchain solutions can be deployed to eliminate costly errors, ensure transparent transactions, provide lifelong digital identity for genuine goods, implement smart contracts, facilitate faster and more secure payments/transactions, improve the management of the supply-chain and open up cross-border sales opportunities.
For many out there, blockchain technology is not an easy technology to understand, although like computers, the internet and artificial intelligence, it will eventually become a technology that will permeate the economy and society. OMC Group aims to improve on the visibility and accessibility of the technology while at the same time, it is working on ensuring that OMChain 2.0 will overcome concerns from businesses, especially those in banking and financial services, on speed and efficiency.
What OMC Group is offering under OMChain 2.0 is the use of smart contracts to facilitate transactions within its consortium blockchain. What a smart contract does, according to “The Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World” is to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. These includes transactions/payments crucial to businesses.
OMChain 2.0 offers high-speed processing and peer-to-peer permissions within the consortium blockchain, thus also ensuring security since only known parties can join the network. OMChain 2.0 will also support both private transactions and contracts to address business needs for privacy and confidentiality of data.
By OMC Group
English 
Chinese