Vostok, a universal blockchain solution for scalable digital infrastructure, has launched with dozens of large businesses and government organisations in talks to use the technology.
Vostok is a private blockchain platform and system integrator which will enable public institutions and large enterprises anywhere in the world to quickly and easily enhance their existing systems with blockchain technology.
By using Vostok these organisations will be able to significantly enhance security, data storage, transparency and stability of their systems. It was created in response to scores of requests from large organisations and government agencies for a blockchain-based platform on which any project can be implemented – from a highly secure and reliable registry to e-voting and distribution of benefits.
Vostok represents a major advancement in the adoption of blockchain technology because it is the world’s first universal platform that can easily and quickly integrate into any existing systems used by large organisations worldwide. It can be used for processes including:
- Large enterprises – corporate registry systems, banking services, payment systems, supply chain traceability, and business registration;
- Public institutions – state administration, payment systems, infrastructure projects, taxation, electronic voting, digital property rights, identity management, land registries, distribution of benefits, health care, entitlements management, government tenders, state archival records, and real estate transactions.
Vostok, which is named after the craft that carried Yuri Gagarin into space, is significantly faster and cheaper than existing blockchain solutions: it can handle 10,000 transactions per second (TPS) at only $0.000001 per a transaction. This is compared to Bitcoin which has transactional processing capacity of 3-6TPS and costs $0.951 per transaction. Vostok also uses a highly secure closed operational node set and Proof-of-Stake.
Sasha Ivanov, CEO and Founder of Vostok and Waves Platform, said: “Vostok is a multi-purpose solution, quite simple, but at the same time non-trivial – no one has done that yet. It really is a game-changer for the adoption of blockchain technology as it will allow any large organisation to gain the benefits of blockchain without having to create new systems from scratch or retrain their staff. There has been plenty of talk about the potential of blockchain, but there has been little in the way of technology that businesses and governments could actually quickly start using.”
Denis Nagy, CEO of London-based financial services platform Dolfin which is providing administrative support to Vostok, said: “Given the excellent track record of the team behind this project, their breakthrough ideas and ambitious goals, Vostok is one of the most promising blockchain projects as of today and is certain to resonate with the market.”