Like the one designed by Accumulate, Blockchain systems can be created around permissioned identities to enhance audibility throughout an organization. Enterprises can prove an auditable trail of specific actions through customizable identities and enforce a specific course of action for governance, risk, and compliance reasons.
Identity-Based Blockchain
Accumulate is an identity-based blockchain designed to power Web3 by connecting Layer-1 protocols, integrating various enterprise tech stacks, and interfacing with the Internet. The unique identity-based design of the Accumulate blockchain system has resulted in a chain of chains through which keys, tokens, data, and other identities are treated as independent blockchains that can be processed in parallel, resulting in a fast transaction throughput of roughly 70,000 TPS with 1-second block finality. Each identity has a hierarchical key set that allows enterprises to manage security.
Additionally, Accumulate has predictable costs so that enterprises may systemize business models with provable cost assumptions for protocol fees.
Secure, Customizable, and Provable Governance Interactions
Accumulate Digital Identifiers (ADIs) are a decentralized identity solution that enables individuals and enterprises to associate data and interact with each other in a secure, customizable, and provable way. One of the core pieces of the Accumulate blockchain is what is known as Key Pages.
Key Pages can apply to any type of enterprise that has governance. The security pages control an enterprise’s or individual’s ability to manage the permissions for an identity. You can also assign manager pages to enforce specific customizable parameters further.
Key Pages can be:
- Multi-signature by requiring several different people to sign a transaction for it to be executed;
- Customizable by priority level to account for a permissioned hierarchy of actions within the enterprise from executive-level to new hires.
Furthermore, Accumulate makes blockchain systems easier to use by making blockchain wallets human-readable, thus replacing the long alphanumeric text string that permeated first and second-generation blockchains.
Accumulate Identities can be:
- Hierarchical: You can model your organization and then enforce compliance by assigning manager IDs.
- Example: Your organization has an ID that has specific capabilities– such as a trader at a trading desk that can do up to 500,000 trades on their own. However, using Accumulate’s system, anything above that 500,000 trade threshold would require a manager’s approval.
- Auditable: Accumulate not only provides the mechanism to manage these approvals but also provides a permanent audit trail of the process of exactly how and what rules apply, who applied the rules. This can be done on a database, but it would be more powerful to do it on a database for compliance purposes. By using Accumulate’s system, any enterprise can take a blockchain to a regulator and say that every executed action has been written to a blockchain. Accumulate’s system illustrates every process, each step, and who did it, and also proves this through cryptographic signatures.
- Continuity: IDs on the Accumulate blockchain can be structured in a way that can impact any future transactions.
- Example: If an enterprise created an NFT and sold it to another person, then that person sold it again, the enterprise can embed the required permission to get revenue. In other words, an enterprise can apply its Accumulate ID as a manager so that any future sales would need to be approved by the enterprise that initially sold it.
In Conclusion
In conclusion, Accumulate’s identity-centered blockchain allows for a highly customizable yet secure experience for enterprises that want to create provable audit trails in a cost-effective, predictable fashion.