There are two primary issues with an offline blockchain. First is the issue of sycronization: how do you prevent wasted work and energy as you attempt to reconcile the chain and bring it back online? Second is the issue of double spends: how do you verify that the money has not already been spent to another party without the ability to see the entire blockchain at once? And how do you prevent someone from trying to double-spend if they put the double spend online first?
The first question is solved in protocol, rather than relying on the traditional blockchain, ByteBlock will use a ‘blockmesh’ structure for the public record structure. This way when multiple independent offline blockmesh’s are reconciled, instead of coflicting with each other and wasting resources they instead combine together and strengthen each other. Due to this model, ByteBlock can be used both offline and online at the same time since a blockmesh model can be updated asyncronosly unlike a blockchain.
The second question: While byteblock is online, traditional methods are to prevent double spends. When offline, ByteBlock prevents and detects when a malicious party attempts a double spend. Each device will fully synchronize with the other before transacting, and the transaction is immediately added to the mesh via ‘micromining’. This and various other methods are used to prevent double spends.
In short; the ByteBlock Protocol and Cryptofuse devices are able to provide a secure and seamless system for both offline and online transactions.
The Peoples Network creates a secure and efficient way to transfer Crypto, Smart Contracts, and Supply Line Data OFFLINE as part of an ONLINE connected public ledger. This solves a critical issue for globally scaled corporations and large government organizations that are unable to rely on consistent high-speed internet connections to conduct business.
Within the past few years, the world has witnessed exponential growth in digital transfers, yet one fundamental flaw in the system has resulted in failure of transaction verification, and the unnecessary loss of many millions of dollars – continuous internet connection.
Current industry-grade PoS systems, as well as supply-chain management platforms DO NOT have the ability to authenticate transactions offline. Until Now!
See how our Series 1 devices use the ByteBlock protocol to offer secure, offline digital transfers of data volume that is stored in both an online and offline ledger.
This enables online and offline usability