Insolar is launching a new blockchain-as-a-service platform

Insolar’s fourth generation blockchain platform will address urgent business needs.

In our previous blog post we discussed our rebrand, and the vision and identity we want to communicate to our clients and community. Now we would like to show you our platform’s unique features that will enable enterprise clients to improve trust, reduce overheads, cut costs, and increase profitability.

Real business needs

At this point in the crypto market cycle, mainstream media and most of the public have forgotten what all the hype about blockchain was about. Taking a step back from the headlines, we know that nothing has changed. The reality is that businesses are struggling to keep pace with increased data sharing demands. According to Accenture, 36% of companies are now connecting to and sharing data with twice as many stakeholders than they were just two years ago. Their centralized, siloed systems were not designed for this volume and velocity of interaction. As a result, companies are spending resources to connect existing systems and processes, and verify data. They are forced to work with intermediaries to resolve discrepancies.

Put simply, trust is expensive.

Radical new approach

What is needed is a radically new approach that is compatible with such legacy systems as an external add-on. Something fit for purpose that complements rather than replaces existing solutions to maximize benefits while minimizing disruption and downtime. And that is exactly what we have built: an open-source, enterprise-grade blockchain platform and ecosystem that helps companies rapidly and affordably deploy distributed business networks. Our fourth generation blockchain platform is designed from the ground up to solve real and acute business needs.

We know that we can deliver on the promises of cost-cutting, revenue generation and business model transformation that blockchain has made throughout its ten year history, and that the future is bright for this set of technologies. We are not alone in our optimism. Recent reports from PricewaterhouseCoopers and Gartner indicate the high levels of research and development activity among large corporations and forecast a $30 trillion value for blockchain business by 2030.

Outstanding tech

We call our platform ‘fourth generation blockchain’ because what it offers is a game-changer compared to previous solutions. It is an order of magnitude faster, can be run on a federation of blockchain-based clouds, meets compliance and governance standards, and supports smart contracts and hybrid, public and private networks. What we have built is state of the art blockchain and more. It is a full-service ecosystem that will allow any organization — from start-ups to global corporations — to profit from blockchain technology, giving them all the tools they need to innovate and create new business models.

Our technology is based around three key elements: Domains, Contracts and Clouds. Domains are critical for tailoring Insolar to different applications and include the ability to manage a wide range of different operations. For example, we might define data standards, set conditions for processing personal data according to legal requirements, manage market data or the storage of sensitive client data, and set access policies to objects outside of the Domain. Contracts are sets of functions that provide services — and every service within Insolar is a contract, including Domains. Basic features that give access to core functionality are provided by special system contracts. Insolar supports Golang, Java/JVM and C#/CLR. Importantly, Insolar contracts enable existing practices, tool libraries and environments to be reused, and we have designed the platform to allow storage of large data objects with only a linear impact on performance. Finally, the Insolar Cloud is a set of nodes designed to store and execute contracts in Domains bound to the cloud. You can find out more about the basics of Insolar’s architecture and approach at https://insolar.io/guides.html.

We are launching at a critical watershed for the blockchain sector, where it is evolving beyond its early and more experimental platforms to solutions that can truly add value across industries. With the benefit of hindsight, we have learned from the successes and failures of our predecessors. Not only that, but we make our platform easy to use. Businesses can integrate Insolar into existing enterprise systems and can also connect or enable migration from solutions built on other blockchains, such as Hyperledger Fabric and Corda. Because our solutions run on blockchain-based clouds, no expensive upfront investment is required.

Innovation

Insolar has one of the technically strongest teams in the blockchain sector, and a combination of industry, academic and business expertize has already driven some remarkable innovation. We have introduced dozens of enterprise-critical industry-firsts and are ranked #1 in the world among blockchain initiatives for development activity.

Insolar is the first platform to support simultaneous public and private networks, the first to launch amendable and bug-resistant smart contracts, the first to enable transactions longer than one block, multi-zone security, and much more.

We are very excited about the future of both Insolar and the blockchain industry!

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