What is Proof-of-Immutability (PoIM)?
Let's find out Proof-of-Immutability (PoIM) meaning, definition in crypto, what is Proof-of-Immutability (PoIM), and all other detailed facts.
Without needing to disperse data across nodes, Proof-of-Immutability (PoIM) allows the blockchain to store data in a decentralized and provably immutable manner. It is a form of blockchain that uses a sophisticated hash-based mechanism to store blockchain metadata in a remote hash vault. It was invented by ParallelChain Lab and its first implementation was on ParallelChain Private. Note that PoIM methods have been applied to such patents as US-2021-0297265-A1; US-2021-0218549-A1; EP3848845; CN2021102000629400.
The data added to the ledger is not replicated or distributed around network nodes, it rather is a hash pointer with no traceable information. For this reason, a PoIM-powered blockchain network preserves the strictest data privacy standards. This method also allows a blockchain to scale and achieve high throughput while maintaining its decentralized nature.
The PoIM system enables blockchain network users to examine the trustworthiness of one another's data by proving its immutability at any time, without breaching the data privacy of the inspected party. At first glance, this mechanism for proving immutability might appear redundant, given the fact that immutability is thought to be inherent in all blockchains.
Sure, when compared to centralized database systems, blockchain as a distributed ledger technology does have a higher level of immutability. However, the degree of immutability differs between blockchains, depending on the consensus mechanism and the size of the membership. A permissioned/private blockchain network, for example, is typically smaller in scale and thus easier to manipulate.
PoIM provides a way for participants to check if the chain has been tampered with or if a record has been changed, without having to visit the database. Besides, as real-world adaption accelerates, an auditing mechanism for certifying information integrity within the blockchain ledger will become increasingly important. It will probably be used in advancing the legal recognition of blockchain data and smart contracts.
In addition, PoIM is planned to be used in "Inter-ParallelChain Communication" to meet the trust and data privacy criteria for permissioned and permissionless networks to interoperate in the Web3 ecosystem.