Blockchain enables creation of tamperproof, automatically updated, decentralized, permission based, shared ledger that captures specified information about real-world business transactions that take place in multi-stakeholder environment where there is no single central authority. Leveraging the smart contracts capabilities, every successful completion of a business transaction can be configured to trigger an entry in the shared ledger. All participating nodes can verify the validity of new entry being added by adopting appropriate consensus building strategy. The consortium of participating stakeholders can setup blockchain infrastructure, enabling services, and applications through which a public, private of permission-based access can be granted to create, access, and manage entries in the shared ledger.
Blockchain adoption is considered promising for industries that involve multiple stakeholders, each having complex business processes implemented in unique systems and infrastructure; operating in different administrative, geopolitical boundaries. With cross-organization workflows and complex compliance requirements, industry sectors like Healthcare, Finance, Manufacturing, International Trade, Insurance, Retail, Supply Chain, Recruitment, Media, Real-estate, and Education etc. can benefit significantly by improved operational efficiency, enhanced security, and transparency offered by blockchain implementation.
Blockchain technology can be applicable in various scenarios across multiple domains. Clear mechanism of authentication and authorization of all participating stakeholders and systems in blockchain environment enables scenarios like unique identification. This can be based on KYC or similar process linking to officially verifiable document issued by authorities. Another major set of use cases that involves document proof. This can be proof of ownership to physical assets, digital, intellectual property, rights, authorization or license of any kind. Use cases involving proof of transactions include tracking and audit of business transactions, payments, claim settlements, escrow mediated deals etc. Other typical use cases are related to traceability of goods or consignments in supply chain, movement tracking, import, inventory and floor management scenarios.
SERVICES & FEATURES
Blockchain implementation can be setup on four pillars, each offering crucial capability in realizing the promise of the disruptive technology. First enabling component is the infrastructure on which the blockchain setup in built. Blockchain infrastructure involves virtual machines that are required to setup nodes, computing hardware and storage that can support required to process and store large volumes of data. Second enabling pillar is the network and protocols that links core infrastructure building blocks across the participating network. Third pillar is the collection enabling service facilitating identity governance, data management, event handling, payments etc. Forth pillar is application layer business process integration, end user application and business logic that drives various processes across stakeholder systems.
BLOCKCHAIN PROCESS FLOW
Typically, a blockchain transaction is triggered by a real-world transaction involving one or more stakeholder systems and process. Smart contract can be configured to be automatically executed capturing predetermined information about the actual transaction that can be included in the shared ledger. This new entry can be included in a unit known as block that may include other transactions, long with a hashtag link to previous block. Other participating nodes in blockchain will verify the validity of the newly created block. Once majority of the nodes arrives to a consensus about the validity of new block entry, the entry is treated as verified, and propagated across the blockchain network.
Blockchain technology ecosystem is currently in its initial phase and evolving continuously with new tools, technologies, languages and packages. One can choose from multiple technology stack each having specific benefits and limitations. Our experts can help you get up to speed by helping you select the right technology stack and offering you training customized as per your requirements. Highly qualified instructors will help develop familiarity with theoretical concepts, underlying technology, whereas hands on lab that leads to proof of concept development.