What is Root Blockchain (RBC)?
Root blockchain is a blockchain as a service(BaaS). In simple word, RBC hides blockchain complexity from business and provides simple API to interact with blockchain.
Today everyone using HTTPS for secure communication between client and server. Although most of us do not know how HTTPS communication is secure and what are the complexity behind HTTPS, but we use it.
RBC vision is to make problem-solving distributed blockchain accessible as simple as normal HTTS for business. So that business can focus on their business, not on the complexity of distributed blockchain.
Why RBC? Why Not Ethereum?
Ethereum is first programmable blockchain in which we can write our own smart contract which is fantastic! But for running a complete business on Ethereum network is not practical yet.
Few reasons are:
Solution with RBC
- Slow transaction - Ethereum is too loo slow to run complete business over ethereum blockchain, business need very fast consensus.
- High mining fee - Ethereum is designed in such a way that GAS will increase if transaction data size is increased. Usually business needs a huge amount of data in the transaction.
- No privacy - Ethereum have no privacy, its problem for a business.
- RBC would be capable of solving above-mentioned problems.
- RBC guarantees that transaction cost and time will never increase with transaction data size.
- RBC would provide privacy/ role-based access so that it can help business to solve the real problem.
Root Blockchain Partnership with YoTravelBook
YoTravelbook is one of the Top 10 Travel Startups in India with more than 4000+ Bus Operators and 80,000+ Routes
RBC Use Case with YTB!
TB - www.yotravelbook.com is online bus ticketing portal.
YTB sells bus tickets by consuming third-party aggregator API. Aggregator uses another bus ticket inventory management API.
YTB making only $5 out of $130 from customer, and bus operator also getting only $100 but 25% is eaten by middleman.
YTB wants a solution, how to eliminate middlemen from business?
YTB and RBC came to the conclusion that distributed blockchain can be helpful and the proposal looks like:
- Middleman is removed from the business
- The cost to a customer is reduced (now customer need to pay only $105)
- Entry to the business is now almost free whcih means business will have fair competition.
- Transparent system for all parties.
- Even small bus operator can easily go online.
Bus Ticket Booking business In India
- The bus travel industry in India is unorganized and highly fragmented. It is a $120 billion annual turnover industry with a growth rate of 25% per year.
- The online bus ticketing market is estimated to be $ 5-6 billion which is around 3-4% of the overall market.
- Over the last decade, we saw an exponential rise in the number of bus ticketing portals in India.
- Industry growing at a rate of 30% and estimated to reach $ 600-700 billion by 2018.