PARALLELCHAIN USE CASES
Inter-ParallelChain Protocol Use Cases
IPP enables a composite consensus mechanism where the Enterprise-chain-validator-groups which operate in distinct rules and characteristics can be "plugged" into ParallelChain Mainnet. While each group establishes its dedicated channel for writing blocks, the blocks generated by one group might be associated with other channels or share the same channel with other groups. This allows the enterprise users in the ParallelChain ecosystem to tailor their involvement in the consensus to match their unique business interests and compliance needs. Additionally, enterprises can choose to peg on another consensus group that aligns with their requirements.
Businesses have different regulations and standards to follow, which vary by industry and jurisdiction. By having a diverse set of consensus frameworks to choose from, ParallelChain enables enterprise users to adhere to their compliance needs and business characteristics. In addition, as regulations and business requirements evolve, the programmable nature allows for adjustments without requiring overhauls of the blockchain infrastructure.
The fusion of ParallelChain Mainnet, a public blockchain tailored for DeFi, and ParallelChain Enterprise, a private blockchain optimised for CeFi – bridges the gap between the two financial paradigms and provides a platform that breeds unrealised digital asset opportunities. With IPP serving as the interoperability protocol between the two paradigms, the ParallelChain ecosystem facilitates secure and seamless exchange between DeFi-native tokens and CeFi-native tokenised digital assets, creating a networked economy that caters to both CeFi and DeFi participants.
The dual-blockchain approach powered by IPP resolves the disjoint between CeFi and DeFi, by enabling secure digital asset transfers and seamless integration of tokenised digital assets, such as asset-backed tokens, loyalty tokens, enterprise NFTs, etc., into the DeFi ecosystem.
IPP powers an innovative cross-platform rollup approach that reshapes how blockchain networks interact and optimises the distinct capabilities of two blockchain platforms – the public ParallelChain Mainnet and the private ParallelChain Enterprise – where one functions as a rollup for another, creating a harmonious ecosystem where different networks complement and amplify each other's strengths.
The IPP-powered layer-1 rollup approach targets the collaboration between DeFi applications on the public chain and enterprise applications on the private chain; while layer-2 rollup solutions focus on improving the scalability of a single blockchain platform and offer their benefits within that context.
Interlinking the two blockchain platforms as rollups addresses the key limitations of scalability in public blockchain (by offloading a portion of transaction processing to a separate layer) and decentralisation in private blockchain (by introducing a more diverse and distributed set of validators to the private chain, reducing the risk of concentration of power that arises from a centralised validator set).
The unprecedented partnership between the permissionless ParallelChain Mainnet and the permissioned ParallelChain Enterprise brings the much-needed accountability and credibility to the DeFi ecosystem, with ParallelChain Enterprise serving as a layer of trust that leverages the established credibility and reputation of Web2 entities.
The partnership addresses a fundamental challenge in DeFi: lack of accountability. The involvement of ParallelChain Enterprise lends its credibility to the DeFi ecosystem as it operates in a more controlled and regulated environment, which not only adds diversity to the consensus process, but also facilitates greater adoption of DeFi solutions among traditional businesses and institutions as it empowers the ecosystem to align with existing regulatory frameworks without sacrificing its innovative potential.
Artificial Intelligence Use Cases
Customer support teams are swamped by support tickets. In contrast to other customer support tools that use outdated rule-based methods, our solution uses advanced A.I. to automatically categorise, filter, and respond to support tickets across diverse channels, delivering superior customer support.
Faster response and issue resolution with streamlined ticket management.
Easily scale support operations to handle growing enquiries without linearly increasing human agents.
Turn every engagement into brand loyalty with superior support.
Identify recurring issues, enabling proactive problem-solving.
Unearth new patterns and insights via enhanced data analytics.
Despite the wide adoption of biometric technology in daily life, such as Face ID, existing enterprise-grade solutions still fall short in delivering both secure identity verification and good user experience, both of which are paramount in any business. For security-critical use cases such as anti-fraud and sensitive data access control, run-of-the-mill solutions are vulnerable to spoofing attacks, putting the company in great risks. Powered by advanced AI, our biometric technology delivers the best user experience with bolstered security.
Less than 1 second face recognition time for instant customer obtainment.
No blinking or head-turning required – a truly frictionless onboarding with passive anti-spoofing.
Continuously train, improve and protect against emerging spoofing methods, such as deepfakes.
Remote passport authentication for global access to your services.
Cross-industry applicability caters to both consumer and enterprise applications.
Effortless compliance with mandates of KYC, AML, data privacy, etc.
Enterprise Use Cases
Making your services more accessible online is key to staying competitive in today’s digital landscape. However, this also leads to an increasing risk of identity fraud as it is much easier to impersonate someone online than it is in person. Keeping the user experience simple and fast while ensuring rigorous KYC checks and user account security is a big challenge. Additionally, there is a dilemma of data privacy in the need for efficient cross-verification in service networks that involve multiple parties accessing and validating user data.
Stronger protection against identity fraud with advanced biometric technologies.
Faster customer acquisition with the shortest onboarding process.
Automated, intuitive process that requires no effort from users.
Comprehensive compliance coverage including KYC, AML, and GDPR.
Blockchain-enhanced data privacy via encryption and permissioned controls in data storage and sharing.
Tokenisation has enabled enterprises to reimagine what they can do with intangible and illiquid assets. However, when enterprises consider tokenising on public blockchains, concerns around autonomy and control arise. Public blockchains, while offering global accessibility, compromise the level of control enterprises have over their assets and data. Additionally, the inherent volatility of the crypto market introduces uncertainties that are challenging to navigate.
Tokenise anything at ease, be it loyalty points, carbon assets, intellectual properties…
Private, public, or a hybrid model where enterprises maintain a controlled environment while benefiting from the exposure of public blockchain networks.
High scalability with real-time tracking and data analysis.
Strong data privacy while benefiting from the transparency of public blockchain networks.
Dynamic regulatory alignment with built-in KYC and other compliance features to align with global regulatory frameworks.
Custom governance mechanisms tailored to unique business needs and strategies.
Compatibility with DeFi applications for greater access to novel markets and innovations.
Amplified by the rapid digitalisation and remote work model, organisations today face an escalating risk from insider threats, where trusted employees and contractors maliciously or carelessly exploit their access to sensitive data that holds immense value. This necessitates a 360-degree cybersecurity approach that covers internal loopholes, to detect and prevent data leaks from the inside out.
Swift detection of insider threats to prevent and block the attacks before they take place.
Data leak prevention via continuous monitoring which promptly detects any unauthorised attempts.
Indisputable accountability via anti-spoofing biometric user authentication for login and ongoing verification.
Tamper-proof, blockchained evidence of every access and action.
Smart contract-based automation to enhance security protocols with instant responses.
Unique remote work features to ensure robust security regardless of physical location.
Prevention-focused methods designed to deter employees from becoming insider threats.
ESG reporting relies heavily on the completeness and reliability of data. However, the management of the lifecycle of ESG data is challenging, as the data is sourced from various internal and external channels, and inconsistent or inaccurate data can taint the entire effort. Another dimension of challenges relates to the protection of sensitive business information in ESG disclosures, balancing transparency with confidentiality is a delicate dance.
Automated, immutable archive that ensures the ESG data is complete, tamper-proof, and reliable.
Accountable, streamlined ESG-related processes for credible self-reporting.
Unlock new revenue streams in the carbon trading markets with asset tokenisation.
Real-time visibility into ESG performance, enabling proactive adjustments.
GDPR-grade privacy feature to confidently handle sensitive information in ESG reporting.
Multi-party collaboration ecosystems, such as supply chains and construction projects, require high interoperability between the varying applications or platforms of different stakeholders. This comes with challenges of data privacy, lack of trust and accountability because a complex relationship exists among these stakeholders who are partners and competitors to one another at the same time.
Heightened system of accountability, trust, and approval transparency.
Amplified network effects with privacy-preserving, shared KYC/KYB systems.
Enhanced product provenance and compliance with real-time, immutable data capturing throughout the entire product journey.
Verifiable ESG adherence via tamper-proof reporting of practices and initiatives.
Increased consumer confidence with transparency and proof of ethical practices.
Due to the relatively lower level of decentralisation, enterprises utilising private blockchains face challenges related to data integrity and credibility. Ensuring privacy and control over sensitive information while achieving transparency can be intricate, this can be resolved by anchoring the cryptographic hashes onto the public ParallelChain Mainnet, harnessing the platform as a hash vault, which enables enterprises to benefit from the decentralised structure of the public network.
An orchestrated integration that incentivises broader participation in validation, which further decentralises the public network and amplifies the ecosystem’s security.
Enhanced data integrity and brand credibility by leveraging a decentralised network of independent node operators.
Maintain full control over private data as only the cryptographic hash values are transferred.
Enterprises encounter challenges in connecting their digital tokens to broader markets and maximising the utility of their applications. The isolation of private blockchains from the wider digital asset ecosystem limits the potential value and reach of these tokens. ParallelChain Enterprise enables digital tokens to interact with the public network while maintaining permissioned operations, this interoperability allows tokens to be utilised for specific enterprise use cases and gain exposure to the larger digital asset market at the same time.
Innovative token use cases unlocked by the dual-chain synergy, where token utilities can be optimised and allocated for distinct purposes.
Greater versatility and market accessibility by tapping into DeFi, NFTs, and other innovative opportunities arising from the public blockchain ecosystem.
Tailored integration based on specific business use cases to satisfy unique enterprise requirements.
Cross-platform synergy which empowers enterprises to synchronise token functionality between ParallelChain Enterprise and Mainnet, ensuring consistent user experiences.
