The platform will cost USD 14 per month for small business and developer partners signing onto the service.
Blockchain technology uses distributed cryptographic ledgers to store transaction data in a way that is tamper-resistant and allows every node in the network to view the state of the network at any time. That means blockchain technology can be used to allow multiple parties to trust the ledger without the need for a central authority, thus allowing for individual authentication of data.
Apps developed for OpenChain use the blockchain and programmable smart contracts to store data and distribute computation. Decentralized apps, or Dapps, do not require centralized servers and run distributed across the entire blockchain network. As a result, every participant in the network facilitates the execution and security of the app. Therefore, very participant has access to the same data and can open or restrict visibility into the details while also being certain that the data is secure.
Using a modular design, OpenChain also allows developers to create an app from off-the-shelf components. This means a basic app can be developed and launched in a short time with the opportunity to upgrade later as the business grows.
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