With all the hype and billions invested into crypto currencies, most really don’t understand that a blockchain (Distributed Ledger Technology) is nothing more than a fancy database without administrator control. Blockchains are immutable which means they cannot be changed after the data has been entered. This creates significant risks to those required to interact with a blockchain, especially an Enterprise DLT, as they would be liable for erroneous data input.
A solution to this issue is decentralised middleware and the consensus reached through aggregated answers. As any single centralised point in a system can be targeted, it is advisable to reduce risk and liability as much as possible by using decentralisation. A further incentive to provide accurate data is the collateral North East must put up to ensure the validity of the data we service through our middleware. North East face significant loss of Reputation and a penalty payment for not reaching consensus, or not providing the correct data. At North East, we believe businesses must use collateralised third-party middleware to interact with blockchains in a secure and tamper proof fashion while also reducing risk and liabilities.
North East cannot view, alter, nor manipulate any data serviced, and doing so would generate Reputation loss and a financial penalty. Data is, to put it technically, Byzantine Fault Tolerant when interacting with North East middleware, and all code is open source while being extensively audited. We can assist your company to decide how much decentralisation, or Fault Tolerance, is required when creating smart contracts of varying value.