Corporate blockchain: what it is necessary for
Lately the Microsoft corporation has reported that it plans to include Ethereum technology in Blockchain-as-a Service (BaaS) for connection the corporate clients. As a result the corporate (exclusive) blockchain which is capable to solve more specific problems will turn out.
Such system is interesting for both the retail enterprises, and global structures (e.g. to banks). It is most important for banking institutions as this technology will allow to protect better data transmission and cash. It is possible to use this technology in the most various spheres as it allows to store information and also to use SMART contracts.
As the subject of a corporate blockchain is perspective and is interesting, there is the sense to understand this model better.
Protection of interests
What is the blockchain attractive to the corporate client by? First of all is its security and decentralization. The technology assumes record of transactions in blocks, each of which consistently joins the uniform purpose. At the same time the probability of breaking the system is minimized, because each block is ciphered with the help of a hash function thanks to what any changes in its code become visible at once.
Decentralization is reached due to the computing nodes in system structure. The node is the computer of the client which solves a certain problem of check and also transfers transactions. At the same time the knot receives the blockchain copy. Every node is considered as the independent administrator. Therefore there is not a uniform center of control in the system.
Features of the system
If to consider a blockchain from the point of view of corporations, it is a technology which can change habitual way of conducting document flow and also already existing options of interaction between contractors. At the same time the system represents an independent product.
The exclusive blockchain assumes processing of transactions by certain companies and responsible persons with special keys. At the same time the possibility of reading information is limited. As a result the company increases system control which represents the more controlled environment.
The main moment of such format blockchain usage is leveling of a human factor. Thus the risk of mistakes or roguish actions emergence is excluded.
The corporate blockchain creates a transparent structure of management which differs in transparency, adaptability and flexibility in comparison with open system. Therefore it is more demanded in those areas where the solution of specific business challenges is required (e.g. an election campaign).
Here it is possible to create new blocks without proof of work. Instead there are used consensus algorithms with the participants who have passed an identity verification (e.g. Practical Byzantine Fault Tolerance). In this case any handler of transactions has couple of keys (opened and closed).
One more distinctive feature of an exclusive blockchain is that it is developed on the basis of frameworks, and public systems similar to PaaS-solutions.
Thanks to these features the corporate blockchain allows to solve business problems more effectively.
Despite a number of features and advantages, exclusive blockchains for protection have to use those security aids which are similar to instruments of protection of DBMS. Otherwise the corporation won’t be able to ensure system safety even by means of calculation of difficult hashes. The computing power comparable to the similar parameter of potential malefactors for this purpose is required.
However the system doesn’t need serious protection against internal threats. All persons having access by default are considered as conscientious because it is an internal network. Therefore the corporate blockchain will be more effective than the well protected public one.
It would be possible to optimize this system by the decisions on the basis of neural networks and machine learning which NeuroSeed gives. The company soon plans its entry into ICO.