Secro Blockchain Technology

Why Secro uses blockchain technology?

Secro uses blockchain technology to provide our customers with the following benefits:

• The highest level of information security, parties identification and data encryption
• The native tokenization of our e-bill of lading,  which makes it a digital negotiable instrument collateralizable against trade finance loans
• The non-reputability and immutability of any document created on the Secro application, substantially reducing the risk of frauds and forgeries

Does the Secro blockchain have anything to do with crypto currency?

Not at all. Secro blockchain technology is a totally private digital ledger that is used to securely store critical information, record events in the lifecycle of a transaction, and tokenize digital documents. Secro blockchain has nothing to do with any crypto-currency or public blockchain, which serves a different purpose.

What blockchain technology does Secro use?

Secro uses the Symbol by NEM blockchain technology. Symbol is an open-source decentralized blockchain platform launched by NEM in March 2021 targeted towards enterprises and business end users. Symbol is the next-generation blockchain with enterprise-grade security and programmability.

Symbol intends to connect businesses to the blockchain by facilitating the development of new business models and innovations that would help reduce process complexity, and costs and find new ways to create a trusted and secure value exchange network for businesses. 

 It has a hybrid chain architecture that intends to enhance the possibilities for blockchain in the business ecosystem. It supports both public and private chain deployments, enabling the developers to choose the ideal setup for their specific needs.

The platform facilitates seamless blockchain integration with organizations’ systems and processes while ensuring security, customizability and low cost.

Key features of the Secro blockchain technology based on Symbol by NEM

Operating as a hybrid network, Symbol offers the best of both private and public chains. Being an evolution of an existing blockchain, Symbol is faster, flexible, easy to use and secure.

Customization

Symbol provides a multi-layer technology stack with its APIs that are easy to integrate with existing enterprise systems and processes and other blockchains. Customizability is a key strength of Symbol as it supports over 120 different configuration settings for allowing heavy customization of both public and private networks.

Cross-chain swaps

It permits atomic cross-chain swaps. Thus, facilitating the trading of tokens across different blockchains without involving any intermediaries. This enables Secro to bring to the market a different level of interoperability in terms of security and legal robustness.

Asset creation beyond tokens

Its native feature ‘Mosaics’ permits the creation of specialized assets beyond tokens. They can represent shares of stock, votes, signatures, or other currencies. Each mosaic is characterized by a unique identifier and has configurable properties. Mosaics primarily lends Symbol the potential to create new financial services.

Advanced security

Symbol is powered by advanced security features upgraded on the functionalities of the NEM’s first blockchain – NEM NIS1 (V1). Symbol is the first-ever blockchain to bring on-chain, multi-layer, multi-signature accounts. This feature helps Secro in simplifying the creation of complex signature requirements, enabling the streamlining of business processes such as the ones related to eBL. What the feature does is it allows a ‘co-signer of a multi-signature account to function as a multi-signature account with its own set of co-signers. In the enterprise ecosystem, this concept is referred to as “delegated financial authority.”

Pre-configured smart contract

The use of layered architecture and plugin framework facilitates pre-configured smart contract functionality that promotes higher performance and lowers costs.

The this article has been adapted from the work of Akash Takyar and with the permission of the author (www.leewayhertz.com.)