The Midasium Blockchain is a global shared distributed ledger system for securely executing and recording real estate financial transactions over the internet. It is a decentralised network such that no single entity controls or owns the system. Instead of a centralised control structure, it is managed by consortium of accredited business entities that comply with the built-in protocol of the network.
Each entity is responsibly for managing their node in a global network of computer nodes. The purpose of each node is to execute, record and maintain a permanent record of Midasium smart contracts and their associated state over time.
Blockchains can be designed in many shapes and sizes that have a different set of characteristics. The Midasium Blockchain can be classified as:
- An Alt-chain - It is an alternative blockchain that is not related to the Bitcoin blockchain, but rather a separate and independent blockchain with a very different set of features.
- A Consortium chain - It is a consortium or federated blockchain where only an authorised set of accredited nodes that are permitted to endorse the validity of transactions.
- A Permissioned-based chain - It has a permissioned-base authentication mechansim built-in, which means that participants must be identified and authorised in order to use the system. This is primarily to ensure participants comply with various financial regulations (KYC, AML and CTF).
The specific characteristics of the Madisium Blockchain are:
- Durability - Operating as a decentralized network means that there is no central point of failure in the system. This means the blockchain is significantly more durable than centralised systems in terms of being able to withstand a range of critical events from malicious network attacks to power outages.
- Transparency - Transactions are apparent and traceable. The identity of the parties and contract specifics however are not revealed unless the signatories grant permission to access the information.
- Immutability - This gives participants the highest degree of confidence that they have a complete and unaltered history of activity. As a consequence, settlement can occur with a significantly lower level risk of fraud than in other traditional system.
- Longevity - The blockchain system will continue to operate independent of any one or group of business entities. This means that businesses and consumers can be confident that their blockchain activity will be permantely retained and continue to be accessible even though a particular enitity may no longer exist.
- Reliability & Availability - The network has is a highly reliable system as it has a very high level of redundancy due to its distributed architecture. A failure of any particular node or group of nodes will not compromise the blockchain’s processing capabilities. Similarly, because the data and information is available for access from many nodes, it is also a highly available system.
- Data Quality - By design, blockchain data has a high level of quality in terms of completeness, validity, consistency and accuracy.
- Level of Service - The blockchain protocol describes a level of service that must be maintained. Nodes are obliged to comply with the protocol rules or they will be unable to contribute new transactions to the blockchain. In the case there is maliciously activity then full legal recourse can be taken against the corresponding entity.