Technically, social security systems can be described as a couple of financial transactions which are usually executed between a slightly changing total of various parties under the condition to maintain an equilibrium between deposited and withdrawn value over a certain period.
A system like this can be digitally implemented by creating a blockchain system that supports smart contracts and cryptocurrencies. Traditional social security systems as of now generate up to hundred million transactions monthly depending on the number of involved parties and the particular social security use-case. For one to come up with a blockchain system that can process these transactions, it is imperative to maximize the achievable transaction throughput of the system and automatic batch processing within a transaction to minimize the number of total transactions to the least amount. Both of these requirements can be solved by using side-chains as specified in the Plasma Framework.
Asure Blockchain operates as the scalable side-chain of the Asure Plasma implementation. It is the root-chain of the network and lays the foundation for optimal scalability in regards to blockchain-based social security systems.
Assets that are for instance transferred from the Ethereum Blockchain to one of the Asure side-chains is stored in the Asure Plasma Contract on the Ethereum Blockchain until an exit transaction on the Ethereum Blockchain is carried out. In line with the Plasma MVP specifications, an equivalent value is created using the operator design pattern on the Asure Blockchain and assigned to the user. Assets available on the Asure Blockchain can then be used for transactions within the system.
ASURE blockchain has various fundamentals:
Security.
The blockchain has several features that protect it against attacks such as unauthorizes spending, double spending, forging assets, and tampering with the blockchain. Each block that’s added to the blockchain, starting with the block having a certain transaction, is called a confirmation of that transaction. Recipients and senders receiving payments should wait until at least a single confirmation has been distributed across the network before assuming the payment has been made. The more the recipient waits for confirmation, the harder it is for an attacker to reverse the transaction successfully in the blockchain unless they control more than half of the total network performance, which is referred to as a 51% attack.
Consensus algorithm.
The Asure blockchain will use a proof-of-Stake (PoS) consensus algorithm. It will use in the first MVP implementation the Tendermint consensus engine.
Privacy with ZK-SNARKS and ZK-STARK.
The Asure Blockchain takes into consideration account privacy aspects that have a huge relevance in regards to social security. Zero-Knowledge Succinct Non-interactive Argument of Knowledge (ZK-SNARKS) offers the possibility to conduct anonymous transactions. Zero-Knowledge Scalable Transparent Argument of Knowledge (ZK-STARK) however is the latest advancement aimed to achieve privacy on the blockchain using fast, scalable computations and is resistant to Quantum Computing.
CONCLUSION.
Majority of the countries that will benefit from the blockchain-based social security systems will be the ones that have never implemented effective social protection, and they can lead by examples and promote projects on blockchains such as this one. Transparency will also be created, calming down the sometimes hard political situation. By working together, we can improve the services that affect our lives so much on the daily.
🔗 WEBSITE: https://asure.network
🔗 TELEGRAM: https://t.me/AsureNetwork
🔗 WHITEPAPER: https://www.asure.network/asure.network.whitepaper.en.pdf
🔗 FACEBOOK: https://www.facebook.com/AsureNetwork/
🔗 TWITTER: https://twitter.com/AsureNetwork
🔗 MEDIUM: https://medium.com/@AsureNetwork
🔗 REDDIT: https://www.reddit.com/r/Asure/
🔗 LINKEDIN: https://www.linkedin.com/company/asure
🔗 YOUTUBE: https://www.youtube.com/channel/UCa3AMvXEwfOkgjih2ESuhSQ
🔗 TGE PAPER: https://www.asure.network/asure.network.tge.en.pdf
★ Author: jamesndungu1
★ BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1856049
★ All Images credited to ASURE OFFICIAL WEBSITE
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