Tuesday, April 7, 2020

National Research Council of Canada Launches Ethereum-Based Blockchain Explorer

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BTCNN
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The Canadian Government through the National Research Council of Canada has recently released information to the public regarding its plans to launch an ingenious blockchain explorer to be built on Ethereum. This is according to a new release made by the organization which states that the blockchain explorer application, dubbed Catena, is designed by the innovative Canadian business in the blockchain technology space (Bitaccess) and is scheduled to be hosted by its Research Assistance Program on the InterPlanetary File System (IPFS).

This blockchain experiment has indeed brought together a perfect mix of unique Canadian institutes. According to Bitaccess, the hosting of the data which is not in a single location while enabling great accessibility and also make the data immutable, but it would pose some difficulties as well such as; site failure or access issues.

Bitaccess also stated that that the Ethereum-based explorer application is similar to a search engine, and it also enables users to instantly “search the Ethereum blockchain” for “published grants and contribution data” which is stored on the network through Catena. Co-founder of Bitaccess, Moe Adham, while sharing the insight of the project, reportedly stated that:

“We built the Catena Blockchain Suite as a simple, low risk, application for institutions to get introduced to blockchain technology. So far the reception has been terrific.”

Peer To Peer Data Management Feature

One interesting feature of the IPFLS functions is that users will be enabled to use a “peer-to-peer method of storing and sharing data” in a Distributed Ledger Technology (DLT) system. This feature provides for its incorruptibility and makes it “unalterable” and it will preserve “far into the future” and even extend long after the original web host has gone offline. The National Research Council stated in the statement that:

“These are early days, but NRC IRAP’s experiments with blockchain are expected to provide constructive insight into the potential for this technology and how it may be used for more open and transparent operations for public programs.”

The National Research Council of Canada recently launched the Canadian government’s first live trial of public blockchain technology sometimes this year. This ingenious invention is targeted at building transparent governmental grants and contributions.

During the time of launch, the Canadian government was able to use the blockchain to release information on “new and amended Contribution Agreements with firms in real time.” Moh Adham stated that Bitaccess’ goals are to help institutions “become fully transparent” and help participate in the “verification and validation of public information.”

This invention by the National Research Council of Canada is definitely a step towards the actualization of transparent governance and also a practical application of the blockchain technology.

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