23rd Feb — iXledger Weekly Update!
Women’s Blockchain Event / Enhanced System Security / Dev Progress
This week, our fabulous Cristina Dolan, Co-Founder, and President US, iXledger, attended and lead talks at the ‘WOMEN LEADERS IN BLOCKCHAIN’ event at Thirty Two Orchard Street. Thirty-Two Orchard Street is New York’s First Blockchain Incubator and Accelerator.
It was an amazing gathering of globally well-recognised Executives within the Blockchain industry engaged in a discussion centered on the following:
• Underlying drivers behind the recent volatility and trends within Cryptocurrency markets
• Steps in developing a successful ICO and Blockchain project
• Characteristics identified in recognizing potentially successful versus unsuccessful ICOs
• Legal and Regulatory Compliance/Risk updates and challenges with SEC, CFTC and other Federal and State prudential regulators
• Advancements in Blockchain design and technologies, including Artificial Intelligence
• Shared wisdom on increasing gender and diversity inclusion within the Blockchain community
• Upcoming events and engagements opportunities
Ding Ding! — Next, in the devs corner. We had our talented dev team this week focusing on the following key areas;
- Further development of key insurance workflow contracts, including refinement and refactoring of API to enable potential third-party integration
- UI development of user’s home page feed
- Further UI development of Insurance/Broker Company registration, company connections, and employee management
In further detail relating to the Smart Contract Refactoring.
During the last months of designing and implementing the Ixledger platform, we have realised that isolating the server-based part of the application as much as possible from the smart contracts on the blockchain will improve the general design. Whereas previously the smart contracts predominantly functioned as helpers to the server, we are now refactoring the smart contracts to make them more useful independent of our server application.This means that eventually, different clients could write custom software to ‘lock-in’ to our smart contracts system and interact with it.
This doesn’t make our marketplace any less important, but it clearly distinguishes between;
1. Creating a blockchain based backbone for the entire insurance contract lifecycle, and;
2. Creating a marketplace that utilises this backbone for the creation of insurance contracts through interactions of users in the marketplace — which is one of many stages in the life cycle.
To create this distinction, the smart contracts need to reflect insurance processes and functionality in their own functions, which defines a clear smart contract API. Part of this is replacing functions such as ‘update()’ with functions like ‘reject()’, ‘accept()’, ‘answerRFI()’, etc, and replacing user IDs that are generated by our server with Ethereum addresses.
The latter requires local transaction-signing, or every user to have their own geth client running, which is infeasible for now. And is explained in one of our previous blogs.
Lastly — Let’s talk security!
We have set-up our new UAT environment which is comprised of single function nodes which simplify performance monitoring rather than having servers that run multiple services.
The chosen virtual machines have greater flexibility in scaling the environment as required, i.e. we can add more storage/CPU’s/Memory at any time without needing to redeploy the system.
We welcome on board Nigel Trigger our newly appointed Systems Operation Lead with over 10 years experience in IT infrastructures. He will complement our already experienced team to further enhance the security surrounding our solution and will be invaluable in bringing the iXledger platform to the market.
That’s it for this time! Catch you next week..