BitPost - TIMBlockchain: Facilitating Faster Transactions with a Larger Bandwidth
Prabhat K Singh, Founder & CEO
Every achievement can pave the way for yet another exploration that could possibly lead to a more challenging and rewarding milestone. The inception story of BitPost’s TIM blockchain is an exemplification of this statement. It all started when Prabhat Singh and team set out on their journey to disrupt the IoT landscape, collaborating with Singapore Post to optimize the expenditure of logistics services. The Singapore Post charged 2-5 USD for normal mails and more than 15 USD for premium mails. By recognizing the scope for cost reduction, Singh’s company—BitPost—developed its own IoT-enabled tracker at the cost of 2-3 USD, which is embedded with the consignment to bridge the gap between normal and premium mails. The company geo-synchronized the trackers across different servers to document logs and collect real-time information of the mails. This is when the idea of a distributed ledger struck the BitPost team, and led to the inception of TIM blockchain, upholding the Satoshi Nakamoto’s vision of enabling micropayments through digital currency.
“We replaced our traditional servers with the Ethereum blockchain, which reduced the expenditure by 50 percent, all the while enhancing the quality of service and the margin of profits,” narrates Prabhat Singh, the founder and CEO of BitPost.
The company went on to unveil their blockchain as an independent product by incorporating the Directed Acyclic Graph (DAG) consensus model to increase the speed and bandwidth of transactions occurring on the distributed ledger. It surpassed the traditional hurdle of the Ethereum blockchain, which allowed only 15 transactions per second and increased it to 100 million transactions per second. The new architecture assists businesses that seek to adopt the platform and develop decentralized Applications (dApps).
One of the distinctive advantages of the TIM blockchain is the way it orchestrates micropayments. Conventionally, a centralized model such as Ripple charges low mining fee, but retains the power of controlling those charges. Even with Bitcoin, the mining fee per transaction is $5, which is considerably high for in-app and in-game purchases where payments start as low as $0.5 to $2, making them irrelevant to the customers. However, TIM blockchain uses a decentralized model in which the mining fee depends on the activities performed on the network and the miners. Such a feature empowers firms with a conceptual business strategy to bring their applications to life using the TIM blockchain.
The company functions as an Original Equipment Manufacturer (OEM) of blockchain technology; it nurtures developers to come up with applications that leverage the flexibility of the TIM blockchain. As a collaborative platform, TIM blockchain supports transparent bidding processes, loyalty programs, and advertisements, along with in-app and in-game micropayments, all the while delivering a hassle-free channel for digital currency exchange. It also facilitates third-party integrations— which conventionally become a hurdle with newer GDPR regulations—by allowing solution providers to directly interact with their customers for the authorization of data. Transparency of this sort provides real-time visibility into the activities carried out on the blockchain network.
The TIM blockchain also seeds small business to enhance their operational efficiencies, without the need for an ERP system. “Most of the established organizations ensure that their partners use a dedicated ERP system, without which, they don’t encourage the collaboration. With TIM blockchain, a simple block explorer provides the functionality of an ERP system,” adds Singh. Such advantages level the playing field for businesses, irrespective of their size, thereby speeding up the flow of both micro and macro economies.