Digital Transaction Limited wins Blockchain trophy in Hong Kong Business Technology Excellence Awards 2020
The company was lauded for its foundation technology ParallelChain™, the fastest blockchain in the world.
When 134-year-old management consultancy firm Arthur D. Little decided to evaluate Digital Transaction’s ParallelChain™ blockchain, they were impressed with the platform’s innovative approach to contract management, asset tokenization, clean energy, and know-your-customer (KYC). In fact, they ranked ParallelChain™ #1 when it comes to performance and usability for the foundation technology as well as these four applications.
Launched by Digital Transaction in 2019, ParallelChain™ is a high-performance hybrid blockchain system that features novel and cutting-edge technology and design, allowing for the deployment of next-generation blockchain-based solutions for various commercial use cases.
Despite being less than a year old, Digital Transaction’s ParallelChain™ won the award in the Blockchain - Computer Software category at the HKB Technology Excellence Awards, presented by Hong Kong Business magazine. In just nine months, ParallelChain™ has swiftly proven to help address the limitations and vulnerabilities of current Enterprise blockchain platforms.
Whilst enterprises have been exploring the use of blockchain for a number of years now, there has been little progress towards wide-scale commercial deployment due to the feature constraints of existing blockchains. Enter ParallelChain™, a breakthrough blockchain that addresses all these limitations, such as scaling with no impact on speed, speeds of over 100000 transactions per second, real-time updates with latency of less than 0.1sec, provable immutability, and the world’s first full GDPR privacy ordinance compliance ability.
In addition, ParallelChain™ is fully interoperable with other existing blockchain applications running on Hyperledger or Ethereum that can easily be ported onto ParallelChain™ to take advantage of its unique performance features.
Many potential users are spread across industries, especially those that require commercial and transactional applications, such as finance, insurance, and healthcare but also manufacturing, construction and supply chains; and looking to the not-so-distant future, applications such as outbreak management and autonomous systems like self-driving cars will coexist with 5G and IOT systems, needing an ultra-performant blockchain solution to support them.
The platform’s offerings help improve the standard and quality of today’s blockchain solutions and encourages more companies to move away from traditional centralized solutions.
Not only is ParallelChain™ innovative—it is also technologically unique. Digital Transaction has applied for 6 patents with the US Trademark and Patent Office and has 11 more in the pipeline.
In an intelligent world landscape that values trust above all else, ParallelChain™ provides the foundational security, speed, immutability, and privacy not just for Smart Cities, but also for a fully connected, enlightened and trusted world.
Hong Kong-based Digital Transaction Limited opened its doors in February 2018. Soon after, it targeted around US$21m in series A funding and ended up with US$28m after oversubscribing.
The HKB Technology Excellence Awards, presented by Hong Kong Business, was held via video conferencing throughout the month of September 2020.