March 25, 2016
JACCOO Block Chain (JBC)
Hangzhou, JACCOO LABS in Hougzhou starts pilot project with Bank for testing their distributed legder application based Ripple and IPFS running in JACCOO's Cloud.
The JACCOO Block Chain Network (JBCNW) consists of a decentralized network of multiple JACCOO Nodes. Customers, business, government and government related organizations etc. are registered at a JACCOO node situated geographically close or within country boundaries.
This JACCOO node runs the JACCOO Ripple standard across all nodes. Identity and Access Management is performed by the P-Identity system, safeguarding (authentication and replication) all personal save guarding all personal and sensitive organizational data.
All registered data is provided to other JACCOO nodes registered parties on a need to know basis only.
The purpose of the JACCOO Block Chain Network is to facilitate transfer of funds, registration and transfer of mobile and immobile asset ownership, smart contract negotiation and registration etc. locally or across country-, currency-, language- and business- borders swiftly and securely. Consistency across all JACCOO nodes is ensured by means of the JACCOO distributed ledger.
Avoiding double spending, rogue transactions, simultaneous asset registration and transfer, and inconsistencies during smart contract negotiation. This JACCOO ledger is designed as a lean and secure ledger, containing only encrypted values of transactions, asset registrations, smart contracts etc. Capable of scaling beyond current alt coin (e.g. BitCoin) transaction rates.
Fund transfer to and from regular banks is performed trough a connected bank, registered customers and other registered parties can hold or transfer funds to and from their JACCOO Wallet at their own discretion.
Other advantage is the JACCOO platform for wholesale and retail payments including reconciliation, cash management, trade finance and payments.