Mining Giant Bitfury Expands Its Blockchain Services With Exonum Enterprise

Bitfury announced on December 5 the launch of Exonum Enterprise, a private blockchain that allows companies and institutions to launch blockchain projects by exploiting the security of the Bitcoin blockchain.

Shifting to Enterprise Blockchain Developer

After having previously launched its own open-source software that allowed anyone to run permissioned blockchain, Bitfury has further expanded its blockchain services by launching Exonum Enterprise, a scalable and full-service offering for companies and governments looking to adopt blockchain in their operations. The service is unique in its kind and allows users to exploit the security and transparency of the Bitcoin blockchain, without having to incur its slowness.

The company reports that Exonum can support up to a maximum of 5,000 transactions per second using Bitfury’s proprietary consensus algorithm to protect operations in case of node malfunction or malicious behavior. However, this greater efficiency in the transaction volume comes from dependency on cloud computing controlled by a centralized authority.

However, since the history of transactions made on Exonum is registered periodically on the Bitcoin blockchain, a connection is formed between blockchain permissioned in which there is control over recorded information and permissionless blockchain in which recorded information is public domain. In addition to the open-source version, Exonum Enterprise includes a dashboard that tracks blockchain deployments and DevOps support available in Java, JavaScript, and Python.

At the moment Exonum uses Amazon cloud computing services and its cost depends on how many nodes are present on the permissioned network, the number of transactions, and the frequency of communication with the Bitcoin blockchain.

The speed with which the blocks are published depends on the package chosen. Prices range from $ 1,250 dollars for a node that publishes a block every minute up to $ 5,000 dollars for a node that produces one block per second. Bitfury then charges $10 every time data from Exonum Enterprise is hashed to the bitcoin blockchain.

Using Blockchain Globally

Exonum has already been used in various fields. For example, the construction of a diploma verification system for Synergy University, with a validation that now amounts to 100,000 diplomas. Or, in 2018 it has been used for the State Agency for e-Governance in Ukraine to create an e-auction system which to date has completed 50,000 auctions and an increase of 18% in total sales.

Although this solution is not a completely public solution, it is a good compromise for companies that want to give more transparency in their operations but still want to maintain a certain level of control over the information recorded. It also differs from its competitors like IBM and RSK in being anchored in Bitcoin, a feature that makes it much safer than the other two solutions mentioned.