New to bitcoin, technology has been demonstrating that its use can go much further,due to its strong encryption and decentralization characteristics. It creates the chain of records - where the current record depends on previous information - and it is impossible to change a undetected record, thus enabling the safe exchange of data, strengthening information authentication and validation.
And it is with this potential blockchain of things that technology is piquing the interest of institutions financial institutions as well as companies from other sectors. Banks see technology as an opportunity to reduce costs, eliminate middlemen, offer new services, and enhance existing ones.
To know if you need a Blockchain system, you need to discover some essentials. If there is a well-defined process with multiple departments (eg companies, organizations, departments that share this process, and have in common an asset with well-defined characteristics among all (eg document, certificate, title) to be shared between the parts of this process and if it also has a hierarchy process in which each party can create, modify or view the asset: YES, so you need a system in Blockchain.
Important to remember that Blockchain is born from the concept of distributed networks. Not only is data shared, but systems (smart contracts) are available on all equipment (nodes) and run on all nodes when needed. To scale a Blockchain system one must first understand the process that needs to be applied between the various entities. The more detailed the process, the easier it is to define the system in Blockchain.
After this step is completed, you now need to define the shared asset and the participants who will make use of this shared information. Technically speaking, the asset can be defined by XML, JSON, XSD files, or any preferred data structure representation.
Participants are identified by key pairs or digital certificates (the technology we work with (Hyperledger) uses x.509 digital certificates). Each participant will have a set of nodes owned by them, instantiated within their datacenters or in predefined clouds, which will perform their transactions and store Blockchain data.
After defining the asset and participants, you must now define the writing and reading hierarchy of each participant when creating, modifying or reading the asset. These read and write rules are part of the consensus concept of the private and permitted Blockchain.
The whole process becomes safer without the need for complex conciliation steps between the parties. Each transaction is signed by the originating party, and synchronized with everyone who needs to view the transaction. The parties have identical copies of all information within nodes available in their datacenters or clouds. There are no two versions of the same asset. If a document is shared between the parties, the data is the same regardless of the organization to which it is located. No two versions of the same system (smart contract). When executing a smart contract, it uses the same version of data (ledger) available on all nodes and runs on all organizations simultaneously and writing the result as a signed transaction. Audit entities no longer need to request reports from other Blockchain participants. The information is synchronized, signed and available on existing nodes within the audit organization.
We are a company specializing in Private and Permitted Blockchains.
Our work begins by understanding the process, before starting development
of any line of code. This is the way to develop in Blockchain.