In a new blog update, Alan McSherry, Solutions Architect, presented the latest updates in the development of Goguen. One of the most important features is the implementation of metadata for transactions. In today’s world, the volume of financial transactions is growing rapidly. Not only are remittances processed, but with each transaction different values and information can be transferred.
Bitcoin can be used for payment in an online store. However, ownership of the blockchain cannot be recorded or changed. Metadata offer extensive possibilities for storing ownership, supply chain tracking information and many other tamper-proof options in the blockchain:Metadata is a handy way of certification and validation. It allows cryptocurrency assets to hold historical ownership, transfer or value details. This is highly beneficial when working with non-fungible – unique – assets representing value such as property or intellectual rights, for example. Additionally, a range of documents can be signed and certified using a public key that proves the document’s legitimacy.
McSherry describes that previous blockchains support 40 to 80 bytes of metadata, while Cardano currently supports 16 KB, after deducting most of the remainder of the transaction such as UTxOs, inputs and outputs. The provision of metadata on Cardano will be implemented through early commercialization through the Atala product line, Atala Prism, Atala Trace and Atala Scan.
Atala Prism is a decentralized identity system that stores metadata for certification and storage of DIDs and DID documents on Cardano. Atala Trace and Atala Scan are developed to enable brand owners to improve the scalability of supply chain processes and to trace pr...