Blockchain Technology Assignment: Critical Discussion On Smart Contract & Data Security
Task: The blockchain technology assignment consist of the following question:
You are required to read the Jasper-Ubin Design Paper by the Monetary Authority of Singapore (MAS) and the Project Bakong white paper by the National Bank of Cambodia (NBC) in order to answer this question. Based on your understanding on the two projects as well as the Bitcoin and Ethereum blockchains, write an essay of not more than 5,000 words on the following points.
(a) Evaluate the usage of smart contract as outlined in the Jasper-Ubin Design Paper, the Project Bakong whitepaper, the Bitcoin blockchain, and the Ethereum blockchain. Your arguments should describe how smart contract is used in each of the project, and your own assessment on the implementation considerations.
(b) Examine whether interoperability is achieved in each of the project. If it is not achieved, discuss the development of interoperability solutions and analyse how they can or cannot be relevant for each project.
(c) Financial inclusion is one of the main objectives of Central Bank Digital Currency (CBDC) projects. Assess the ability of both CBDC projects in achieving financial inclusion. Contrast with Bitcoin and Ethereum blockchains’ ability in achieving financial inclusion.
(d) Compare the issues of data privacy and user privacy in CBDC projects and in public blockchains. Based on your understanding of private and public blockchains, discuss the reason that their effective throughput (i.e., transactions per second) is different.
(e) Use APA style referencing and proper in-text citation where necessary.
Smart Contract based on the case of blockchain technology assignment
Together along with JP Morgan as well as Accenture, the MAS & BOC embarked just on Jasper-Ubin Project a technology-based research to realise this everything or nothing ensure through an atomic transfer of funds for just a Canadian Dollar (CAD) – Singapore Dollar (SGD) deposit throughout two distributed ledger advanced technologies (DLT) is provide on hash time-locked contracts (HTLC). Smart contracts are used by HTLC to synchronise all of the transactions' activities such that either all of them happen or none of them do.
- Alice makes a payment to Bob by opening a payment channel.
- Alice needs to spend $1,000 with Bob on something.
- Bob creates a random integer and hashes it using the SHA256 algorithm. Alice receives Bob's hash.
- As a result, Alice pays Bob $1,000 and includes the hash he supplied her, with the additional condition that now in exchange for Bob to receive the money, he must give the data used to create the hash. 4.
- It is possible for Bob to complete his payment and get all of Alice's money because of the original data used to create the hash (known as a pre-image).
- As a result, Bob renders Alice's pre-image readily available.
To process transactions and maintain the distributed ledger, Bakong Core is used. It has the following characteristics:
- Each block includes a hash pointer that links to a preceding block,
- a timestamp, plus transaction data;
- blockchains are intrinsically resistant to data alteration;
- and all ledger nodes have had the same data & authenticate all transactions.
- Every transactions handled by the payment service are saved..
- Participants in Bakong include financial companies that have signed on. To enter the network, participants must first register with NBC. The Bakong platform has a Payment Gateway for every participant, that is a subdomain under Bakong Core where end users may register accounts.
- Participants can use existing main account to perform transactions, including moving funds between their bank account as well as settlement account at NBC and the Bakong balances and current accounts of other participants. This can be done when NBC registers their original account in the Bakong system.
- After creating an account with one of the partnering institutions, customers can begin making purchases, but only up to a certain amount each day. If a user wishes to increase their transaction limit, they must first contact their partner institution to complete KYC and renegotiate the increase.
- An internal consensus method helps to ensure that transactions are genuine and no money is wasted by preventing double spending. Nodes that do transaction-by-transaction verification at the moment the transaction is executed. The establish the validity will be put in the network's block after successful verification. When this happens, the sender's balance is deducted and the receiver's balance is instantly credited. As a result, the deal would be regarded complete, irreversible, and enforceable by both parties.
Bitcoin Smart Contracts
- A broad range of smart contracts may indeed be implemented on the Bitcoin network utilising Script, a sophisticated programming language developed by the Bitcoin community.
- Pay-to-Public-Key-Hash - Despite being one of the simplest Bitcoin smart contracts, Pay-to-Public-Key-Hash has shown to be the most useful. Bitcoin Script also allows for more complicated smart contracts, and there are an endless number of them that may be built on top of other levels. Users must supply an ECDSA signature which matches the public key hash given by the script in terms of spending bitcoin using P2PKH. Only the holder of the private key that corresponds to the public key hash may make a valid signature, hence bitcoin belong entirely to the private key owner. Only the holder of the private key that corresponds to the public key hash may make a valid signature, hence bitcoin belong entirely to the private key owner.
- Multisignature - There is no limit to the number of signatures required for multisig scripts, and they can come from any number of users. Scripts with multiple signatures operate as follows: This key pair is made up of an array of n unique public keys and an integer m that is less than or equivalent to n. To spend the bitcoin, m signatures must be submitted, each of which corresponds to a different public key from the n that are listed. An alternative name for this concept is "multisig" (m-of-n multisig). In a 2-of-3 multisig arrangement, two signatures are required from three public keys. To ensure that no one can steal the cash or prevent the majority from spending these as they choose, this permits three parties to jointly retain money. Using 2-of-3 multisig will reduce the amount of trust required in escrow.
- Time Locked Bitcoin Transactions - TTL (Transaction Time Limitation) Bitcoin Transactions in Bitcoin can be time-locked, which means they are still only valid for a certain period of time after they are created. The spending criteria of a bitcoin can be changed by using time locks as element of the locking scripts. For instance, a script may demand three signatures before a particular period to spend bitcoin before simply requiring one signature. As a result, other solutions are now open, perhaps averting a loss of money in the process (Allcock, 2017).
- P2SH and P2TR would be the other two types of bitcoin smart contracts; they both pay for script hashing.
Ethereum Smart Contracts
Ethereum accounts, or smart contracts, are a subset of this account type. Users have money in their account and may use it to make transactions. Users do not have control over them; instead, they deploy them towards the network and let them run according to their programming. An individual's smart contract account could then be used to execute functions outlined in the smart contract through submitting transactions. Smart contracts are similar to normal contracts in that they specify rules and then enforce them automatically by writing code. It's impossible to destroy smart contracts whilst also default, and any changes users make to them are lost. The Ethereum Virtual Machine (EVM) is used to execute smart contracts, and the payment made with ether cryptocurrency is referred to as "gas." Smart contracts are more expensive to execute as they get more complicated (in terms of the transaction processes that must be done). As a result, gas presently serves as a key checkpoint to keep the EVM from being overwhelmed by contracts that are either either complicated or excessively frequent.
Smart contracts have lagged behind on Bitcoin's blockchain relative to other cryptocurrencies. In order to prevent the sender from paying with some other people's money, every miner must check the signature on every transaction. As a consequence, the bitcoin hash computation is carried out by invoking a series of instructions that, depending on the outcome, return 0 or 1. In principle, this set might be extended with custom logic — operators for branching, variables, and others of the same type are included. As a result of its name and similarity to the old language Forth, it's dubbed Script. Script language does not include cycles or recursion, therefore it does not meet Turing's definition of completeness. In contrast, Ethereum contains everything it needs, including a complete virtual machine.
The usage of paper-based devices in retail payments has decreased significantly as a result of technological improvement. New DLT technology is enabling the existing payment system, bringing participants and end-users together on one platform, increasing payment efficiency through improved speed, security, as well as eradication of transaction costs while resolving interconnectivity and interoperability issues by bringing banks and users together on one common platform, i.e. Bakong DLT (Digital Ledger Technology). For Bakong platform interoperability and connection to be achieved, a common standard use that is compatible with the international standard is required. This will allow Bakong platform to function properly. Bakong will use EMV QR Code Payment, which follows international best practises, to help ensure worldwide compatibility and acceptance of secure payment transactions by monitoring and updating EMV standards and testing processes (Council, 2021). This is because, according to EMVCo, adoption of EMV standards, related approval and certification procedures promote an uniform worldwide payment framework that enables a wide variety of advanced payment options, technologies and acceptance environment. A key characteristic of the Bakong is that it can be used to conduct real-time fund transfers and instant payments, and because of this, as well as the acceptance of QR code payment, it offers more ease and acceptability for Bakong makers to create electronic payments at any business. Customers can transfer money from their Bakong accounts to respective savings accounts and conversely thanks to the option to link their banks with Bakong. A QR code payment mechanism can readily be adopted in Cambodia due to the country's youthful demographics. In order to avoid carrying cash, consumers would be encouraged to pay with electronic means rather than with cash. In addition, Bakong's development is intended to promote the usage of local currency by making it easier to pay for high-value transactions with local currency rather than with US dollars. The Bakong can also be used to promote the usage of local currency by giving Riel transactions an edge over US dollar transactions.
Project Ubin Interoperability
A joint study with industry was begun by Singapore's Monetary Authority (MAS) at the end of 2016 to examine how Distributed Ledger Technology (DLT) may be used for clearing and settling payments and securities. The Monetary Authority of Singapore (MAS) is Singapore's monetary authority and financial regulator. FinTechs and DLT businesses worked together on this multi-year, multi-phase initiative, as did traditional financial institutions. For the first two phases, the focus was on creating technological capabilities, for phases three and four it was on network interoperability, and for phase five it was on the feasibility of use cases and the validation of economic value across the ecosystem. Payment, trading and settlement processes in Singapore are all overseen and operated by MAS, with a particular emphasis on efficiency and security. New MAS Electronic Payment System (MEPS+) is a digital payments & book-entry characterized as the ability by MAS as part of its responsibilities. As long as money and securities are available, MEPS+ would be a Real-Time Gross Settlement (RTGS) platform that facilitates large-value local currency interbank cash transfers and the resolution of script-less Singaporean Government Securities. Singapore Clearing House Association (SCHA) & Association of Banks in Singapore (ABS) are only two examples of organisations that MAS works with on a regular basis as a trustworthy third party in the Singapore market (ABS). MEPS+ is a program that utilizes SWIFT communication formats to enable real-time, irreversible transfers of money and SGS. As a result of this format, compatibility is improved. Although there are just a few production implementations of DLT, it is constantly improving and there are a variety of platforms available on the market. When it comes to standardisation, protocols that enable interoperability across different ledgers & networks, as well as a reduction in computing energy, those three things are probably the most important right now: There are currently initiatives underway to ensure compatibility amongst DLT implementations through standardisation.
As a result of the epidemic, more people are realising the significance of expanding digital financial services access to those who need it the most. Aid and disaster relief payments may have been better distributed with the use of digital currencies, especially when travelling or having physical access was not an option. As an illustration, the Grameen Foundation was able to effectively distribute COVID-19 financial help to 3,500 Filipino women in 2020, who utilised the vouchers to purchase groceries and medical supplies using a mobile phone app. Financial inclusion may be improved by using digital currencies, both private and public, to facilitate trade. Digital currencies have the ability to lessen the financial service access obstacles faced by low-income and hard-to-reach people. To maintain the security of digital money transactions, several elements might be included in, i.e. coded.
Finally, CBDCs and Project Ubin are clearly a move in the right way for the cryptocurrency industry. Among the many advantages they provide are expanded financial inclusion by providing services to underbanked groups, improved efficacy of monetarist policy (e.g., implementing a negative interest rate policies towards the lower bound), as well as the release of credit risk in 3rd payment systems.
Multi-currency payments will be possible on the Ubin V network, allowing users to transact in other currencies. Trade, where transactions are frequently conducted in different exchange, as well as securities settlement, wherein securities may be denominated in several currencies, benefit greatly from this feature. Transacting parties will have more confidence in the execution of their transactions thanks to access points for DvP settlement & escrow solutions. Smart contracts will deliver these services, requiring no human interaction aside from exceptions or failures. Integrated platforms are able to provide consumers with quicker, safer, and more affordable services because to the operational effectiveness of automating these operations. Improved transactional visibility and reduced need for reconciliation will result from tighter interaction between the technologies and also the Ubin V network. Instead of using a single platform and payment network for all transactions, a more traditional technique involves integrating the systems of the transacting parties independently. This requires reconciliation as well as verification to guarantee that all transaction legs have been properly completed. Due to the platform & Ubin V's direct connection, there is no longer a requirement for reconciliation. This increases transparency and confidence in the transactions. Since it's built on a free and open-source platform, developers may create standard User Interfaces (UIs) for users to observe and manage their activities across numerous platforms, resulting in a better user experience. The adoption of a single UI enabling order initiation in capital markets offers the possibility to improve user experience while maintaining high levels of security. When a buyer purchases securities, they do it on the securities network first, and then they make a payment on the payments platform separately (Shu, 2020). Due to security concerns, the securities platform cannot pay fees on behalf of the buyer, as is customary.
Project Ubin also offers the following benefits throughout multiple use cases:
- Equities in privately owned corporations can be traded on a private exchange.
- a system for issuing, storing, and exchanging cryptocurrencies
- Platform for trading and settlement of virtual securities issued and managed over their entire existence
- The primary and secondary syndication of syndicated loans are interdependent.
- Funding for infrastructure assets that is both affordable and secure
- digital currency-based cross-border settlement and payment of securities dividends
- Provides a platform for electronic trade documents interchange, including automated documentation verification as well as payment processing.
- Order, logistics, and payment platforms that link buyers and sellers all in one place
- Obtaining digital payment obligations through trade data exchange, validation, and automated matching
- Using electronic data comparison to connect trade data to bank payment obligations
- Financial assistance to SMEs through the use of supply chain networks
- Healthcare insurance claim lifecycle management
- Information exchange and recording between those involved in vehicle insurance claims
- Improving efficiency of the programmatic advertising digital supply chain
- Gig workers & organisations may use an HR payments system for real-time, precise wage payments
The NBC places a high priority on financial inclusion. Making ensuring that we live in a cashless society, wherein transactions can be done digitally & money transfer/mobile financial services is accessible and inexpensive to all of country citizens, is an efficient way to promote financial inclusion. Up to this point, private sector companies, particularly PSIs, have taken the initiative to create novel solutions that can best serve the marketplace as a whole - those living in metropolitan areas and those who are unbanked as a result of their extensive mobile & agent network. By the numbers, according to NBC, the amount of e accounts has risen by 64% from the previous year until 5.22 million in 2019, while the number of bank accounts has increased by 7.62 million during the same time span. Money transfer through banks and PSIs, on the other hand, is expected to reach USD 57.99 billion in 2019, or 213% of GDP. The development of legal and infrastructure needed by the authorities might stimulate even more such endeavours. As a result, Project Bakong was designed to address this issue by bringing all participants together in a single system where money may be broadly distributed via Bakong accounts created using the Bakong App downloaded to mobile phones. Those without bank accounts are expected to be able to access legitimate financial services through Bakong, which would help reduce poverty in Cambodia. Bakong users may conduct all of their financial transactions through Bakong channels thanks to the application's user-friendliness and reduced KYC procedure i.e payments, remittances, credits and savings (Limited, 2020).
Bakong will serve as a platform to encourage digital economy transactions that do not involve the exchange of currency. As access to financial services through Bakong network is considerably more accessible than the present payment system, the payment method will encourage adoption among the unbanked population. Because of the Bakong platform's architecture, banking institutions may invest here at a minimal cost to extend payment systems via smart devices to help the unbanked people get access to financial services. The Bakong project also coincides with the desire of Cambodian young to explore new and modern technology that offers low-cost, secure, quick, and simple payment services.. Using the extension of agent banking and a specialised platform for agents to extend services, Bakong is a tool for increasing rural people's access to financial services. As a result, Bakong is concentrating on infrastructure upgrading in order to meet customer and market demands. Financial institutions, especially youthful and technologically oriented ones, will be incentivized by Bakong to create efficient and low-cost online services for poor individuals. Financial companies and the whole economy will gain from the inclusion of Cambodians who are now outside of the financial system (Fatima, 2018).
Ethereum & Bitcoin Financial Inclusion
When it comes to serving the unbanked, Bitcoin is a better digital asset because it is more agile and adaptable. As long as we utilise traditional banks, the benefits of Bitcoin are apparent and will help more people gain access to financial services (Garratt & Wallace, 2018). First and foremost, bitcoin is excellent for remittances and may serve as a virtual bank for those who lack access to traditional financial institutions. Cross-border payments may be substantially improved by lowering transaction fees and lengthening the payment process. As an alternative to utilising a money transfer service, a New Yorker may utilise a service that converts USD into bitcoin and then allows a family member in the receiving nation to "withdraw" bitcoin or USD within this country's local currency. Neither bank or fund transfers provider is required to send payments because anybody may utilise the blockchain. Remittances using bitcoin are often less expensive and speedier than more traditional methods (Singleton, 2018).
People in nations with a shaky banking system can use their smartphone or tablet to download and utilise a bitcoin digital wallet. Regarding users, each public key provides a more secure means to transmit and receive bitcoins for everyday transactions involving products and services, as well as making payments to third parties. It can also act as a hedge against localized inflation and currency depreciation in their nation. Beyond just a remittance mechanism, Bitcoin may function as an independent informal financial infrastructure (Song & Chun, 2017).
In places where conventional banks have curtailed or eliminated local law enforcement because of criminal operations, this is critical in areas where access to traditional financial sector is limited or nonexistent. As a result of Bitcoin's safe and convenient access to financial markets, this problem is fixed. Indeed, criminals pose a threat to the country's national security. In order to conceal criminal networks' cash transfers, they prey on weaker communities. However, the advantages of providing nearly 1.7 billion previously unbanked people with access to international markets outweigh the hazards, which can be managed by increasing blockchain awareness and monitoring.
Delivering on bitcoin's and ethereum’s potential goes further than the digital asset's use as a store of money. The Bitcoin blockchain's technology can help with sustainable development by providing a range of services including crop insurance smart contracts, supply chain digitalization, and micro-scale international trade (SÖNMEZ, 2014). As the Lightning Network as well as Stacks 2.0 become more widely used, individuals will come up with new and inventive methods to make global markets more accessible to everybody (Jung, 2018).
While infrastructural challenges such as internet and electrical availability must be solved along the way, opposition to organisational change by long-entrenched power structures must always be constructively tackled with a laser-like focus on the future. Bitcoin and Ethereum’s digital asset utilization may coexist with traditional fiat organizations and the widespread use of fiat currency. For international banking institutions, it's now or never when it comes to promoting financial inclusion, as opposed to serving the interests of the wealthy (Vivek, 2016). It is possible to use Bitcoin's raw power in a culturally acceptable way to aid others in realising a brighter future while also avoiding the pitfalls of the past (Kaponda, 2018).
Some examples of Ethereum’s financial inclusion can be seen from the following development:
- Xcapit (Argentina) is developing a platform that makes financial services like planning, gamification savings, and asset management tools more easily and safely accessible to the general public.
- In Kenya, the grassroots economy is integrating a crisis response+recovery interface that enables responders and populations to access online currencies as well as life-saving knowledge while also constantly tracking important project performance metrics.
- Using an open, permissionless protocol, Somish Blockchain Labs (India) is constructing decision-making frameworks for Decentralized Autonomous Organizations (DAOs).
- Using smart contracts to manage payments and disbursements, BX Smart Labs (Mexican) is creating a decentralised app for saving circles.
- This virtual bank, developed by Rwanda's Leaf Global FinTech (Rwandan), would enable the storage and exchange of goods across national borders for immigrants and other vulnerable groups in the country.
- Utilizing mobile-based blockchain tokens for crisis response+recovery programmes, Rumsan Associates (Nepal) is building a digital cash & voucher aid management system.
- With KotaniPay (Kenya), customers may send and receive money as well as save and borrow. The company is also working on integrating options for users to effortlessly interact with cryptocurrency.
- An open protocol called Treejer (Iran) uses decentralised financing, NFTs, & smart contracts to connect financiers of trees with rural planters, opening doors in climate finance as well as rural development.
Data Security & Privacy
Malware and fraud are present in nearly every payment, clearing, & settlement system. Due to these cyber dangers, Bakong payment has an uphill battle because it is available to a wide range of participants and attack points. In addition, the simplicity with which money may be transacted may make it easier for fraud to occur.
United States Bureau of Intelligence and Security
Using Corda, Hyperledger Fabric, and Quorum, three independent workstreams created three different prototypes of the distributed ledger technology. Several features of the prototypes are demonstrated to be successful. To begin, many methodologies and solution designs may be used to perform important RTGS system tasks such transfer of funds, queueing mechanism, including gridlock resolution. Thirdly, by decentralising essential aspects of an RTGS system, including such cryptographic security with immutability, it is possible to reduce the inherent dangers associated with a centralised system including a single point of failure. This project demonstrates that the confidentiality of RTGS transactions can be protected by all workstreams utilizing their different methodologies, given that such an interbank payment service places a premium on privacy. Hyperledger Fabric is utilising its Channels architecture, while Corda uses its Unspent Transaction Output (UTXO) model including confidential identity proofs from Quorum (ZKP). RTGS functions may be dispersed without jeopardising privacy, and Ubin Phase 2 shows that an industry-wide partnership can be effective while also setting the groundwork for future innovation.
Within a permissioned network, Quorum enables both formal and informal transactions. All network nodes receive a copy of the public transaction, which is then processed in the same way as conventional Ethereum transactions. Quorum's privacy service Constellation sends encrypted blobs of the contractual arrangements to the chosen recipients. Only the counterparties in the transaction will receive the transaction payloads, and the rest of the system will see a hash of the secured payload instead. If a party to a private exchange needs to validate its existence at some time in the future, they could indeed confirm it with other network participants by comparing it with the network's hashes, thus not needing to trust this same information held at counterparty, is the major feature of propagating these hashed to all participants.
A formally validated consensus mechanism based on the etc. Raft solution underlies widely used software like Kubernetes in Ubin Phase 2 architecture. In comparison to other blockchains, Raft has far quicker block times & transaction certainty the absence of forking. Quorum Constellation offers transaction secrecy in addition to Raft. Zcash group created Zero Knowledge Security Layer (ZSL) procedure, which uses zero-knowledge proofs (ZKP) variant zk-SNARKS to enable the transfer and exchange assets on such a distributed ledger without disclosing any address of the sender or recipient, or even the amount of assets being transferred, but without the need for any central committee to affect the transmission. The protocol is implemented in the design.
The system including the distributed ledger plus transaction processing capacity is known as Project Bakong Bakong Core (PBB Core). It has the following characteristics:
- Payment system transactions are recorded in blocks that are connected and encrypted using cryptography (Nelson, 2020).
- Each block includes a hash pointer that links to the preceding block, a timestamp, plus transaction data.
- Blockchains are intrinsically resistant to data change.
- Since all nodes in the ledger share the same data, every transactions are verified.
In order to reduce or eliminate financial sector risk, particularly in the payment infrastructure, cyber-security has been a top priority problem for governments throughout the world. Bakong payment implementation necessitates a well-balanced strategy to mitigating cyber risk (Pratiwi, 2019). When a risk management process is present, there is ambiguity about whether the payment system will remain secure as technology changes. To ensure a smooth operating economy, central banks must meet extremely strict dependability, scalability, and resilience standards. As a result, when it comes to deploying new systems and services, central banks are required to have extremely stringent operating standards. Bakong, on the other extreme, was designed to minimise liquidity and credit risks by settling transactions in near real time before even the payee participant credits the cash to the customer's account. Transfers with insufficient liquidity are delayed when they can be executed; as a result it's doesn't extend credit or allow overdrafts to participant accounts.
By using the Hyperledger Iroha blockchain, which Bakong is built atop of, transactions are secure and private (R.E. & I.V., 2018). This technique maintains consistency throughout the distributed ledger, resilience to transaction censorship as well as DDoS attacks whilst minimising double-spending and counter-party hazard in the exchanging of digital assets by validating transactions through using Byzantine Fault Tolerant ("BFT") consensus process. Permissioned blockchain technology is used by Bakong. Those nodes that have been granted permission can connect to the network. Transparency is maintained between the nodes despite the fact that transaction records are immutable. As both a central bank as well as a regulator, companies are controlled by the NBC, who do not reveal who is who in every transaction they undertake. By doing this, Bakong expects institutions to handle the KYC of its end users or customers. Utilizing a segmented strategy protects the personal information of its consumers while also building public confidence. The participant's system retains the customer contact information. Such a system separates personal information from transactional data, ensuring end-user confidentiality as well as platform confidence.
On Quorum, a permissionless version of Ethereum, Project Ubin transactions have been deployed to test the privacy concept. Quorum handles/improves upon that Ethereum foundation paradigm to manage privacy and improve throughput thanks to this information. A network monitoring panel is included in Quorum's cakeshop developer tools. Using this, we could keep tabs on the network's throughput, block generation rate, and transaction data at the block level. There's a noticeable increase in throughput when compared to the Ethereum protocol's default settings. Even if Bitcoin could execute 1,667 transactions per second like Visa or PayPal, it will never be able to compete with more established financial institutions like Visa or PayPal (193 transactions per second). Ether employs the proof-of-work protocol and can only process Thirteen transactions per second (TPS), despite the fact that it receives 1.355 million transactions per day from users. As a result, the network becomes congested and transaction prices rise. Phase I of Jasper's concept could process about 14 requests per second in terms of throughput (Robinson, 2018). This amount of throughput proved sufficient to meet current LVTS peak time throughput needs. Project Bakong, but at the other hand, has 18 significant financial institutions backing it as of October 2020. It has a transaction time of 2–5 seconds as well as a throughput of roughly 2,000 transactions per second, making it capable of serving 17 million consumers.
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