Announcing the 6-minute blockchain

Installing, configuring, securing, trouble-shooting, updating, and maintaining a blockchain ecosystem is a complex and time-consuming task.

Plus, there is a severe shortage of skilled blockchain developers.

And that’s why we have built Primechain.

Primechain is a blockchain ecosystem that builds itself in 6 minutes (or less) with a functional web application, mobile Progressive Web App, and an API service.

Seeing is believing. Request a demo today.

1. Background

Today, the Internet enables the movement of data (videos, text, photos and more) globally in milliseconds. But try moving value (money, loyalty points, etc.) and you will be surprised by the costs, inefficiencies and time delays.

Blockchain is a revolutionary technology that enables “internets of value” that can move value in seconds — money, loyalty points, equity shares, bonds, coupons, votes, intellectual property and much more.

Blockchain solutions can be permissioned (e.g. a Government-run land registry) or permission-less (e.g. Bitcoin, where anyone can become a miner). Blockchain solutions can be private (e.g. a contract management system implemented in a pharmaceutical company), public (e.g. an asset-backed cryptocurrency) or hybrid (e.g. a group of banks running a shared KYC platform).

1.1 What are the benefits of blockchain?

1. Blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double-spending.
2. A single blockchain transaction can perform multiple asset exchanges between two or more parties. The exchange takes place in a single transaction, and comes with a guarantee of atomicity, aka, delivery-versus-payment, meaning that all of the asset transfers take place simultaneously, or none take place at all. This enables real-time automated settlement and removes the need for reconciliation.
3. A blockchain can assign title rights because it provides a record that compels offer and acceptance.
4. By storing data across its network, a blockchain eliminates the risks that come with data being held centrally.
5. The use of public-key cryptography, symmetric cryptography, and cryptographic hash functions makes blockchains cryptographically secure and provably immutable.
6. Blockchains improve client satisfaction through faster, more convenient and secure services.
7. Blockchains maximize efficiency, security & transparency and minimize fraud.
8. Blockchains accelerates information and money flows.
9. Blockchains greatly improve auditability and streamline paperwork.

1.2 What are the pain-points of blockchain?

Blockchain is a world-changing technology, but it suffers from some pain points:

1. Installing, configuring, securing, troubleshooting, updating, and maintaining a blockchain ecosystem is a complex and time-consuming task.
2. There are 100+ blockchains and distributed ledger systems to choose from.
3. Building blockchain solutions from the ground up is very expensive and time-consuming.
4. There is a severe shortage of skilled blockchain developers.

1.3 Why use Primechain?

Primechain is a blockchain ecosystem that builds itself in 6 minutes (or less) with a functional web application, mobile Progressive Web App, and an API service.

Benefits of using Primechain-API:

1. Save months of development time.
2. Reduce the development cycle.
3. Vastly increase the security of your applications.
4. Vastly increase the scalability of your applications.

1.4 Who is Primechain for?

Whether you are a 1-person startup or a multinational conglomerate, Primechain is for you if you need to create a robust blockchain-powered solution.

1.5 What are Primechain’s features?

Smart Asset Lifecycle Management

1. Create a new asset
2. Create additional units of an open asset
3. Get details of a specified asset
4. Get details of assets held by specified entities
5. Transfer asset when a private key is in the node
6. Transfer asset from multisig address
7. Transfer asset when a private key is not in the node
8. List transactions by a specified entity

Offer management

9. Create a public offer

10. Get list of open public offers

11. Read an offer

12. Accept an offer

13. Cancel a public offer

14. Create a targeted offer

15. Reject a targeted offer

Encrypted data storage

16. Sign, encrypt and store data in the blockchain

17. Decrypt, verify and retrieve data from the blockchain

18. Sign, encrypt and store a file in the blockchain

19. Decrypt, verify and retrieve a file from the blockchain

Electronic Signatures

20. Signing data

21. Verifying a digital signature

22. Sign and store the signature in the blockchain

Entity creation & permissions management

23. Creating a new entity

24. Create a multisig address

25. Manage permissions of an entity

26. List all permissions given to an entity

27. Information about the addresses in the wallet

28. Validate address

29. List entities

Data Channels

30. Create a data channel

31. List data channels

32. Subscribe node to a data channel

33. Unsubscribe node from a data channel

34. Write to a data channel

35. List channel items by key

36. List channel items by publisher

37. List keys in a specified channel

38. Retrieve all data from a specified channel

Blockchain administration

39. Blockchain parameters

40. Runtime parameters

41. Blockchain information

42. Memory pool information

43. Raw memory pool

44. List blocks

45. Peer info

Non-blockchain actions

46. Store data in a database

47. Search for data in a database

48. Edit data in a database

49. Delete data from a database

50. Signup new users

51. Login system

2. Talk geeky to me

2.1 What is Primechain?

Primechain is a fully functional blockchain ecosystem with a built-in web application, REST API and mobile PWA. It has 4 core functionalities:

1. Smart Asset Lifecycle Management: Issuance, payment, exchange, escrow, retirement of smart assets (currency, gold, invoices, fiat-backed tokens, goods & cargo contracts, loyalty programs, etc.)
2. Data Authentication & Verification: Encrypt and store data and files with provable immutability.
3. Entity management: Create unlimited entities (individuals, devices, organizations) and manage multiple permission levels for each.
4. Electronic signatures: Generate unlimited key pairs, create, store and verify unlimited electronic signatures.

2.2 What is the tech stack?

1. Node.js®, an open source JavaScript runtime built on Chrome’s V8 JavaScript engine.
2. Express, a web framework for Node.js
3. MySQL, the world’s most popular open-source database.
4. MongoDB, a general-purpose, document-based, distributed database.
5. Multichain, an open-source blockchain platform.
6. Primechain® REST API, a Representational State Transfer Application Programming Interface.
7. Primechain® web application, a blockchain, SQL and NoSQL connected web application built using HTML5 and bootstrap.
8. Primechain® PWA, a progressive web application built using bootstrap.

2.3 What are the prerequisites?

To setup Primechain you need an Ubuntu 16.0.4 machine (1 GB RAM, 1 CPU) with CURL and git. The ports used are 22, 80, 1410, 2512, 15590 and 61172.

2.4 What’s CRUISE?

In the pre-blockchain world, create, read, update, and delete (CRUD) were the four basic functions of persistent storage. In the blockchain world, we need CRUISE:

Create or add new entries
Read existing entries
Update or edit existing entries
Immutable data storage
Smart asset lifecycle management
Entity creation & permissions management

You can use Primechain right out of the box for any blockchain-powered product / service. You can also integrate Primechain API with existing / legacy systems.

Customizing Primechain is very simple. In most cases, all you will need to do is edit the functional forms built into Primechain. This only requires a basic knowledge of HTML.

Check out a list of use cases

Seeing is believing. Request a demo today.