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Blockchain for Enterprises
- 1. Blockchain for Enterprises ADOPTING BLOCKCHAIN FOR BETTER BUSINESS OPERATIONS 0
- 2. Overview Purpose Created to highlight advantages of private blockchain over centralized databases and public BCs. Audience Top business management (Non-Tech) interested in creating POC for their business Anyone looking to get started In blockchain ecosystem Intended Use Making decision about architecture best suited for your business . 1
- 3. Is Blockchain Required ? Blockchain cannot solve all problems in the world. Make your project pass through this flowchart to know whether blockchain can provide solution to business or not. Need to share data across multiple Participants (Departments/Organizations) ? All participants can trust your IT system ? Need for strong audit trail ? Is data sensitive enough to be immutable ? Need for shared history and visibility for all parties ? Yes NO Valid Blockchain Use-Case Blockchain wont be the best solution NO Develop a system and give API access to each participants Is shared database acceptable ? Is centralized ledger acceptable ? Yes NO Yes No NO Yes Yes Yes No
- 4. Understanding Blockchain UNDERSTANDING ITS BASIC WILL HELP YOU MAKE BETTER DECISIONS WHILE WORKING WITH TECHNICAL TEAM IN CREATING YOUR BLOCKCHAIN APPLICATION
- 5. Blockchain In Brief Account book in which business transactions are recorded sequentially This book is not controlled and maintained by any central authority. Shared Ledger Collection of information in such a way that it can be updated /deleted only through set of rules embedded in design of the application. This makes blockchain trustless as all server- client applications are Immutable Database Information recorded is translated into a form that is easy to move around Data Transferring Information recorded can be accessed by only someone who has permission i.e Public Blockchain (by anyone) , Private Blockchain (only with peers) Secure 2
- 6. Components In Blockchain Architecture Dependent on code written in Smart Contract of the Application Thats done through Cryptographic Elements in place Decided by Consensus Mechanism chosen Decided by type of blockchain Network chosen Participants Coming to Agreement Date Transferring Securing Information 3
- 7. Work flow in Blockchain Transaction Request Transaction is requested by one of the participants in the network i.e NODE This transaction is broadcasted to P2P network of Nodes Transaction Validation Network of nodes(participants) validate the transaction and user state. Validation is done using Validation Algorithm e.g. Public Key Cryptography Block Creation Verified Transaction(Cryptocurrency, Record, Contracts) are linked with other verified transactions. This chain of verified transaction creates new Block of data for blockchain Block Validation New block of data is validated through Consensus Mechanism used by the network e.g. Proof of work. Verified block is added to existing blockchain data in an Permanent and Immutable way. Transaction Completion TA DA Transaction completed successfully ;) 4
- 8. Software Stack for Blockchain
- 9. Blockchain Networks Consortium Network Consensus process is controlled by a pre-selected set of nodes(Participants). The right to read the blockchain may be or restricted to the participants. Semi Private Network Single company grants access to any user who qualifies, to read and write on the network Private Network Write permissions are kept to one organization. Read permissions may be public or restricted to certain participants. Public Network Anyone in the world can read, send transactions and anyone can participate in the consensus process
- 10. Choosing Right Network Private Semi-Private Public Privacy of data High Only permissioned uses and read write High Only permissioned users and read write None -- Anyone can Read and Write Governance Totally in the control of owner Totally in the control of owner Owner has no control Innovation Target Process within existing relationships. Supporting existing model or creating new services New business model Number of Users Dozen to few hundred Hundred of thousands Millions Setup Cost High High Low Operational Cost Low Low High Platforms Hyperledger, Multichain Quorum, Corda Ethereum, NEO
- 11. Choosing Right Blockchain Platforms License - Check It is necessary to know whether the framework is free to use or if it comes with a paid service as it would impact your overall costing. Compatibility Check whether platform can smoothly integrated with the existing business systems or not Community Support Sufficient amount of community is required in development and production as it true any enterprise software. Check for adequate community support for platform that you have chosen Scalability Network congestion could become major roadblock so choose platform that promises high scalability and efficiency of transactions The proliferation of blockchain technology has led to the availability of various blockchain based solutions for enterprises. Consider these criteas while choosing right platform for your business
- 12. Thank You Himanshu Pandey Blockchain Architect & Consultant https://www.linkedin.com/in/himanshu21pandey/ Connect with me on LinkedIn for consultation