This Bexam review gives a deeper insight into its solution it has to offer for enterprises according to blockchain technology.
Bexam Review: Introduction
Blockchain technology has the potential to fully disrupt all kind of traditional businesses. In fact, the traditional industry is aware of this and are trying to find ways to embrace this new technology. What makes blockchain technology unique? Here just a few examples: it’s decentralized, immutable and transparent.
Although tipped to be futuristic, a closer look at this yet immature technology will reveal some loopholes/inadequacies. Also, these loopholes may well affect mainstream adoption in the coming years, if not checkmated. Next in this Bexam review, a summary of some of the obstacles enterprises seeking to implement with blockchain technology.
Challenges of blockchain technology for enterprises
- Scalability drawbacks: Most blockchains lack the computational and processing power to meet the ever increasing demands . As a result, they only may be suitable for low scale applications but as system scales higher, (I.e with more participants in the ecosystem) the network will struggle to match up, thus leading to low performance or even failure.
- Limitations arising from interoperability: Different blockchains exists, each with basically distinct features which makes it hard or even impossible to integrate them with another. For instance, public blockchains are open to anyone to participate, while private blockchains usually has access controls and requires permission from network operators. Therefore, an integration of both systems will lead to contradicting access levels, compromised security and failure.
Other challenges businesses have to face
- Integration with current IT systems: Enterprises run on IT systems and innovations that has been subject to constant evolution overtime, mostly in a bid to improve efficiency and performance. As a result, it’s very hard to link those systems to a blockchain.
- The risk of integrating IT systems is high: Blockchain technology is still in its inception stages,having much left to be discovered, implemented and improved upon. As a result, it is highly risky to integrate it with layers of fully functional IT systems.
- Low transaction speed: Currently transactions on-chain are expensive, rather inefficient and slow.
Overall, these tailbacks pose a serious challenge, not just to business enterprises looking to adopt blockchain technology. Also, for the development and success of this technology on the long run.
Bexam review: The mission
Bexam believes that by building on existing solutions and with proper modifications, blockchain technology should be viable enough to house distributed business ecosystems who intend to implement their business models.
Bexam’s operational framework aims to bridge the gap and eliminate constraints. Moreover, Bexam is trying to make it easier for any industry or business enterprise to implement their ideas on the blockchain without having to suffer any of the aforementioned setbacks.
What is Bexam
Bexam is a platform that aims to enhance the practicability and real-time deployment of blockchain technology. Bexam is tackling current shortcomings blockchain technology faces among enterprises by introducing a DAG platform. Furthermore, this DAG platform is designed to be hybrid which is enabling autonomous businesses to enter Blockchain technology.
Security and data management play a key role
Asides striving to revolutionize blockchain technology by playing a role in the real-time application and consequently, mass adoption, Bexam prioritizes data management and security which is fast becoming a crucial aspect of business sustainability. Also, Bexam will pioneer an era that will mark the abrupt end of data hacks, misrepresentation and fraud have become an incessant menace in the crypto sphere.
Scalability and network performance
As previously established, many existing blockchains do not have the required capacity to handle multiple tasks efficiently. As a result, network performance is dropping fast with an increase in network participants. Besides, this problem poses a stumbling block to existing businesses looking to implement their ideas on the blockchain.
The idea is to bring enterprise solutions a step closer to blockchain adoption by presenting a viable solution to problems of scalability. Bexam aims to achieve this through the Directed Acyclic Graph model.
Directed Acyclic Graph
The Directed Acyclic Graph model transcends beyond the spheres of blockchain technology. It forms the basis of information modelling in Computer science and also finds application in various aspects of Mathematics. The Directed Acyclic Graph model transcends beyond the spheres of blockchain technology. It forms the basis of information modeling in Computer science and also finds application in various aspects of Mathematics. Additionally, the DAG features finite vertices following each other in such a way that each edge moves from earlier in the ordering to later.
Bexam’s team correctly asserts that the Directed Acyclic Graph can be used to represent sequenced data in a compact manner. It is on account of this that Bexam leverages DAG to increase the number of network nodes per layer, thus improving computational power and speed of block validation.
Benefits of DAG model
- DAG ensure that the network width is constantly in check so as to support faster validation of transactions
- Unlike PoW and PoS consensus algorithms, that requires each node to validate transactions thus compromising network speed. Nonetheless, Bexam transactions run directly into DAG networks
- DAG networks do not require miners since transactions run directly
- DAG networks supports transactions involving smaller amounts
Bexam review: Benefits and features
As stated above Bexam is trying to use the innovative parts of blockchain technology and integrate it with existing business networks. Next in this review, the 7 benefits and features this technology will bring.
1. High speed and scalability
These problems have long posed as high barriers to blockchain mass adoption. Even in leading blockchains, bitcoin and ethereum, this tailback is very evident; whilst ethereum manages a meagre 15 to 20 transactions per second, bitcoin pegs at an abysmal 3-7 tps. In fact, Bexam offers autonomous businesses a lifeline, with an industry’s first of its kind block time of 0.2 seconds and a very remarkable feature of 40 million transactions per second.
2. Optimal performance
Server downtime, hardware upgrade and maintenance are renowned setbacks associated with centralised systems, often leading to disruption of network operations. Bexam’s hybrid DAG system ensures that business is always on the go, with a 24 hour uptime since network is completely devoid of server related issues.
3. Proof of Rounds (PoR) consensus mechanism
Bexam network features a brand new “Proof of Rounds” concensus mechanism. Moreover, this algorithm serves as a rock solid foundation for it’s trademark speed, flexible network structure and efficient information distribution. Additionally, the Proof of Rounds governance model approves transactions through permutations, rather than miners or token holders as in PoW and PoS blockchains.
In order to ensure that tasks are uniformly distributed between network nodes, a layered node hierarchy system which comprises of four different node types is adopted. They are: Normal Nodes (NN), Super Nodes (SN), Master Nodes (MN) and Root Nodes (RN).
4. Bridging the gap between Private, Public and Consortium blockchains
Imagine being able to harness the benefits of both the public and private blockchains on a single business enterprise! Moreover, this level of flexibility and interoperability will be at the disposal of users and enterprises on Bexam, allowing them to either launch a public blockchain, a private blockchain or a hybrid model of both.
This migration is made possible due to the flexible nature of Bexam’s PoR. It facilitates the establishment of a bilateral communication between both public and private networks, thus giving rise to a hybrid enterprise blockchain.
5. Topnotch security
Nullifying fraud, data hacks, identity theft etc will not only bring about a secure ecosystem, it will go a long way in restoring confidence of investors, blockchain enthusiasts and even naysayers. Bexam provides multiple layers which are highly secured by cryptography within the network to ensure tough resistance.
Another measure taken by Bexam to ensure security is it’s strict KYC/AML procedures which will prevent an individual from monopolizing the network since the number of nodes a particular person can run is limited.
6. Low cost of operation
Centralised servers cost a lot of money to maintain, secure and upgrade when necessary. Even some blockchains (especially PoW blockchains) as well aren’t spared in terms of high operating cost. Bexam ensures that businesses can operate without the burden of extra costs associated with centralised servers or mining. Below are the computer specifications required to run a node on Bexam.
7. Dual wallets for maximum fund security
Bexam provides users two wallet types to securely store their $BEXAM tokens. The first wallet will be secured under Bexam’s server while the other is an intuitive, user friendly wallet with a simple interface. Users reserve the right to switch between both wallets at any point in time.
Roadmap of Bexam
Bexam review: Usecase
Taxity is a large scale enterprise offering private cab transport services in cities across the globe. From a little business initiative, Taxity slowly emerged at the forefront of the industry with its presence in over 30 countries and counting. Currently, they are putting Bexam solution under review.
The development/research team realises the numerous benefits the company will gain from implementing Taxity on the blockchain. As a result, they submit a proposal to the board of directors, convincing them to give it a shot. The plan was pretty straight forward. Firstly, launch an utility token that will serve as a means of value transfer i.e replace fiat currencies as payment option. Secondly, launch an ICO, sell tokens to investors and possible early adopters to raise funds. Finally, these funds will be used for developing an ecosystem and a kick-starting project.
Migration to a blockchain solution puts everything at stake
It sounded like quite a solid plan but with a very large customer base and reputation, implementation was going to be like placing every thing at stake. For example, customers after purchasing rides with their utility tokens may encounter delays as transactions on the blockchain must be confirmed before being validated across all nodes. Additionally, these delays may portray the company in bad light and likely dent its public image.
The problem: current blockchain technology is too hard to scale
It wasn’t clear yet as to how the network will fare in accommodating the ever growing customer base. Also, taking into account the inherent scalability issues associated with blockchain. Furthermore, these obstacles made it very undesirable for Taxity to adopt blockchain and eventually, decided to dismiss the idea.
The solution with Bexam
This was right until one of the researchers heard about Bexam and recommended it to the board as a means of bypassing barriers to implement their project using blockchain. Finally, with Bexam, Taxity was able to build an ecosystem powered by blockchain; allowing users to enjoy access to easy payment and booking of rides at a seamless speed of about 40 million transactions per second. Problem solved!
Final thoughts: The future of blockchain technology with Bexam
To what end is a technology without practical application? This is a question commonly asked by pessimists and naysayers regarding blockchain. While it does seem like one borne out of ruthless criticism, it sure is worthy of a reply. This review introduced Bexam a new solution for enterprises.
Many enterprises are well aware of the plethora of opportunities their business will be exposed to through blockchain adoption. Furthermore, like stated in our use case above, the road to implementation is quite bumpy.
Bexam presents itself as a radical solution helping adopting blockchain technology in businesses. As a result, they are lowering entry barriers, thus enabling autonomous businesses implement their ideas on the blockchain.
Information and resources
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