⦃param⦄ Overview
⦃param⦄ is a blockchain with enhanced ledger structure suitable for commerce transactions and well-defined data interchange formats, which is compatible with most ERP & EDI systems. It provides utmost enterprise-class data protection to interconnect large, medium and small companies on the permissioned public network to harness the power of blockchain seamlessly.
⦃param⦄ is a natural evolution of blockchain thinking for commerce, as most blockchain are designed specifically for finance industry, especially around currency & payments. Typical commerce transaction would involve multiple dialogues between two entities. In the process, specific documents are shared to support the transaction, and payments happens to be just one step in between.
Therefore, the blockchain for commerce need to go beyond payments, this calls for enhanced ledger structure to record state-information and documents (source of truth) relevant to each step of the commerce transactions.
Permissioned blockchain without Consortium - ⦃param⦄ offers a Permissioned Public network seeded by foundation and expanded by as many enterprise as participate on the network, which supporting the goal of creating a truly holistic collaboration and providing one of the fastest ways to add blockchain capabilities to your application without managing cryptocurrencies, wallets, or network nodes.
Full Data Privacy on Private & Protected nodes - Like any other private or consortium blockchain, the documents are transferred between "private" nodes on a dedicated private point-to-point connection without any data being transmitted on the public chain. Only the transaction hash is stored on the public chain for future validation. There is also a special "protected" mode of storing documents on the public chain along with the keys, fully encrypted and only accessible by the subscribers of the documents. The encryption standards should meet the large enterprise security/privacy requirements.
Complete value-chain on blockchain - More so often, the blockchain projects fail to record complete truth in a supply-chain as it is difficult for SMEs to participate with the blockchain infrastructure needs. ⦃param⦄ provides a light client - directCommerce, with necessary visual-interface for SMEs to participate and record their documents securely on the public network by choosing "protected" mode of transfer.
Enhanced Ledger for Commerce - Records item-level details from the Quotations, Purchase Orders and Invoice documents, which enables smart contracts to be written at a granular level with the knowledge of current transaction states and particulars in detail.
Decentralised Knowledge Graph - The documents recorded on the chain follows one of the latest state-of-art standard (JSON-LinkedData) with semantics, which allows param nodes to construct a collective knowledge graph specific to them. This enables faster data queries, data-driven solutions including machine-learning capabilities to be unlocked on blockchain applications.
Seamless ERP Integration - The platform comes with reference document convertors and API that can be easily customised and integrated in major ERP / EDI Softwares.
Transaction Speed - As the network uses voting-based consensus mechanisms, the transactions are almost instantaneous to match the today's typical commerce requirements.
Public node - There is a support for public transaction, which will allow full transparent recording of commerce transaction and documents in open format to aid new age DAPP/B2C applications to be build on this chain and harness the power of knowledge graph on public blockchain.
High level architecture diagram is depicted below:
Whitepaper reference
⦃param⦄ Node section details more technical implementation details.
