The hottest topic of this season is Blockchain and a mission to seek functional solution design to scale enterprise requirements. There are numerous designs for private blockchain, but all look for one single cryptographic mathematical solution to furnish all the key requirements.
Solutions to the different applications may vary but they all share same infrastructural design, hence, this blog will list down a systematic approach to an enterprise blockchain solution. It will address foundation pillars involved and key modules for all significant requirements.
Foundation for Enterprise Blockchain
Now we will list down the five foundation pillars which are required to comply with the regulation, ensuring consumer protection through privacy and security, accommodate volatile requirements and scale. This systematic approach can be offered by two cryptographic solutions instead of a single blockchain. One of these blockchains will act as integrity and security engine and other as a private data-store. This will result in a solution that will strengthen the architectural design.
This will ensure exclusivity to the users, wherein read and write access can be provided to specific users. For instance, users coming under the umbrella of public have only read access while exclusive users can have access to almost everything to fulfill and compliment organization’s requirement for interoperability.
This will ensure equal control is given to all permissioned participants over a shared database. This will safeguard that there will always be a complete record in existence available to all who have access to it.
3. Immutability and Data Integrity
Records are cryptographically secured with strong data integrity.
The fourth pillar is a scalable environment for records, this provides network accessibility, data integrity, synchronization, and security.
Strong data encryption is placed so that only permissioned participants can access required data.
Now let us have a look at the three key modules where aforementioned foundation pillars can fit to provide a sturdy blockchain application.
Key Modules for Enterprise Blockchain
1) The Blockchain
This module houses two pillars, the decentralized P2P, and Data Integrity and is used for ‘Pointers’. Pointers are transactions that secure valuable information from people who have access to open Blockchains. These Pointers or ‘Market Trees’ provide notifications for a status change or a new entry made on secondary and private Blockchain as well as validate data integrity on private Blockchain.
2) The Data Store
This module houses pillars #1 Authorization, #4 Scalability and #5 Security and is used for Storage and Business logic behind permissions. The module does not require limited transaction payloads or other such public blockchain constraints.
This compartmentalization is made to ensure that participants’ transactional data is secure. It is carried out such that a third-party cannot derive any meaningful information from data store without having keys to decrypt the data. This further safeguards data syncs between private data store with a permissioned participant’s master copy also notifying of any changes in data and hence making monitoring effective.
On this module, scaling is carried out on a private Blockchain which reduces the costs incurred while transacting over Blockchain network. The data store works by creating sub-data-store and segregate data into multiple child accounts. Further, data store module takes care of complex permission settings as this feature is imbibed in the module by default which is extremely vital to maintain exclusivity to trusted third parties.
3) The Application
This module processes the first two modules and converts them into a useful business application. This acts as a connector in and out of Datastore and from there it is connected to public Blockchain of choice for data integrity.
IBM Enabling Blockchain for Enterprises
Organizations like IBM with its product Bluemix have been incorporating systematic approach and embedding such solutions for broader participation, lower cost and increased efficiency thus making blockchain real for businesses. There are open source codes and Blockchain managed services on IBM Cloud and zSystems to tailor identity and consensus along with system integration and hardware assist for performance and security.
In order to incorporate Enterprise ready blockchain solution, IBM has platforms to address full life cycle of multi-organization blockchain whose foundation is on Hyperledger Fabric with which one can leverage its modular architecture to achieve foundation of security, data integrity, scalability, and performance to meet your business needs.
IBM is providing solutions to government, insurance, supply chain, banking, healthcare, and financial markets in order to accelerate innovation and transform business networks. Below are just a few of the areas where IBM is helping industries to reimagine their domains by implementing Blockchain.
- Banking: Banking, payment services, and digital currencies are made secure, scalable and real-time across multi-currency zones.
- Financial Markets: Blockchain’s shared immutable ledger manages and tracks each and every financial process.
- Healthcare: Clinical trial data, electronic medical records, and regulatory compliance are achieved by financial solutions where outcome-based contracts can be exchanged with audit-ability and traceability.
- Government: Government functions of fraud and compliance, registry, identity, and supply chain are implementing blockchain to boost efficiency and collaboration.
- Insurance: Transaction processing systems and reconciliation are automated, safeguarding the interest of parties’ involved, by enabling accurate valuation of insured items and mitigating risks through the transparency of data on a shared ledger.
Enterprises Using Blockchain for Innovative Solutions
All, in all, a methodical approach is needed to design an efficient Blockchain solution for any organization. This will create a symbiotic feedback loop between public and private Blockchain thus increasing interoperability and having a sturdy solution.