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Blockchain

What is Blockchain

Blockchain is a shared, immutable ledger for recording the history of transactions. It fosters a new generation of transactional applications that establish trust, accountability, and transparency from contracts, to deeds, to payments.

Blockchain technologies present opportunities for disruptive innovation. It enables global business transactions with less friction and more trust.

Technology in Blockchain:

To define the technology landscape for Blockchain, we need to understand the areas where Blockchain impacts in order to implement immutable transactions.
Here are they, Storage, Processing & Communications.

  • Storage: token storage, database, file system / blobs
  • Processing: stateful business logic, stateless business logic, high performance compute
  • Communications: connect networks of data, of value, and of state

Blockchain

Where do we help with Blockchain?

We provide a comprehensive study of your requirements & assessment of internal front-to-back operating and IT models and the external marketplace. We advise on best uses of blockchain and establish a proof of concept case for your organization.

  • Analyze your existing platform.
  • Assess your change portfolio.
  • Suggest ways to optimize your products & new product initiatives.
  • Gauge the marketplace, which may include analyzing opportunities for partnering and acquisition and the industry wide case for change.
  • Evaluate blockchain solutions providers while recommending a roadmap for implementation.

Usecases:

Immutability: financial ledger

Problem

Audit and compliance requires a record of all transactions over a reporting period, even though financial data in a large organization is dispersed throughout many divisions and countries.

Solution

Blockchain records transactions from a diverse set of financial systems and sources with tamper-proof qualities that create a common, trusted financial audit trail that becomes the single source of truth. Privacy features ensure authorized user access.

Benefits

  • Lowers cost of audit and regulatory compliance
  • Simplifies process shortens timeline for auditors and/or regulators

Consensus: shared routing codes

Problem

Competitors and collaborators in a business network need to share reference data (for example, bank routing codes). However, each member maintains their own ledger and must forward to a central authority for collection and reconciliation.

Solution

Blockchain provides a secure, shared record of the contract status which is automatically updated as the purchase and delivery progresses. It is available to all parties in the agreement, including their banks and partners. The distributed ledger creates a common view of the entire data set.

Benefits

  • Consolidated, consistent data set reduces errors
  • Adds transparency amongst participants in the network

Provenance: vehicle maintenance

Problem

Tracing the origin and movement of parts through a complex supply chain (for example – manufacturer, components and original sources of the parts that make up a vehicle) is challenging and prone to error.

Solution

Blockchain allows all members of the supply chain to track movement in a common, transparent and accessible record, enabling much quicker forensics in case of a recall.

Benefits

  • Increased trust through tamper-proof records
  • Isolated recalls instead of cross-fleet

Cryptocurrency

Anytime someone talking about Blockchain, default thought in our mind is Cryptocurrency like Bitcoin, Ethereum etc.

So, how Blockchain works in the financial services space for cryptcurrencies?

Lets see below steps to understand a Cyptocurrency transaction between two people Rob and John.

  • Rob owes John money for lunch so he picks up hs smartphone and opens his Cryptocurrency(like Bitcoin) App
  • To pay John, he needs two pieces of information, his private key and John public key.
  • Rob can get John’s public key in two ways, by scanning a QR code from John’s phone or John seds him an email with the payment address which is a string of seemingly random set of numbers and letters.
  • Anyone who has a public key can send money to a cryptocurrency address, but only the private key can release money by generating a signaure.
  • The key consists of a string of 34 seemingly random numbers and letters.
  • The Crypto currency app alerts Crypocurrency miners around the world of the impending transaction.
  • The miners verify that Rob has enough cryptocurrency to make his payment.
  • Now is the time for miners to bundle all the cryptocurrency transactions over the past ten minutes or so and record the last block of transactions in the public ledger.
  • Through trial and error, the miners now need to solve what is known as ‘hash’ puzzle to produce the winning ‘nonce’: a random number in order to run the transaction.
  • The hashed block must have a certain but arbitrary number of zeros at the brdinning. Its a unpredictable which nounce will produce a hash with the correct number of zeros.
  • Whichever miner solves the puzzle first receives 25 crypto coins as a reward and the remaining miners check the validity of the solution.
  • Rob and John now receive confirmation of the transaction.
  • The complete transaction takes about 10 min.
  • Both receive several more confirmations to confirm as the block that recorded the transaction is now embedded into subsequent blocks.

What do we do in Cryptocurrency space:

  • Smart Contracts
  • Crypto Wallet
  • Crypto Loyalties
  • B2C, C2C, C2B loyalty trade

How does the ecosystem work:

Blockchain

Contact us today to discuss how your business can benefit from Blockchain!

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