Blockchain is a rapidly evolving set of technologies that has the potential to impact every industry sector in the world. It is an emerging peer to peer computing model that has many business and IT leaders rethinking the way information and transactions can be shared and stored across different parties. This new technology will impact everyone: consumers, businesses, large enterprises and even governments.
Blockchain is a decentralized distributed ledger shared across multiple nodes. The technology makes sure that all nodes are in state of consensus, provides complete transparency and makes it nearly impossible to manipulate the data store. Its self-auditing and cryptographic properties enforce digital trust across the counterparties involved in a transaction. This enables corporations to share information and transact directly with counterparties without an intermediary or middleman. This trust-enabling capability of blockchain is extremely appealing to innovators and entrepreneurs as it can be exploited to build very innovative products. In the immediate future, business will explore this technology to reduce cost of operations, minimize errors and faster speed to transact. But similar to the internet revolution in the 90’s, blockchain will most likely create new business models and new avenues for business to get new sets of customers.
The financial services sector and many fintech startups have been the early adopters of blockchain, since many business processes in financial services industry can easily leverage this technology. The decentralized data store can solve many of the settlement and reconciliation issues between multiple parties, resulting in faster and more accurate settlement between counterparties. Securities lending, collateral management, counterparty contract management, and trade settlement are just a handful of real user cases that many firms are currently working on to adopt blockchain technologies.
A wide range of innovative startup products and ideas are constantly being announced, ranging from notarizing documents, creating a market for unused disk storage, establishing a global market for video gaming skins, to streamlining micropayments. This is a rapidly evolving and exciting space and it has only just started.
OpenCrowd’s Blockchain Solutions for Enterprise and Startups
OpenCrowd has a decade of experience helping startups and enterprises to build innovative products leveraging cutting edge technologies ranging from smart analytics, AWS cloud, peer-to-peer collaboration, Search, Natural Language processing, Conversational AI, and, most recently, blockchain technologies. Our team can help you from concept to building and launching your blockchain applications. Our team has solid experience in several blockchain platforms and experience in building crypto currencies, tokens, Crypto wallets, payments, securities lending, and collateral management systems. Most recently, OpenCrowd has partnered with Swirlds to build a distributed ledger platform. The transaction throughput in Swirlds comes out to over a hundred thousands of transactions per second compared to under fifty transactions per second on Ethereum.
We offer all the services required from concept to launch:
The primary purpose of this phase is to identify use cases that can leverage this new technology in your enterprise with a focus on reducing cost and improving efficiency. Alternatively this stage can also be used to explore new blockchain based biz models leveraging the core strengths of your enterprise to acquire new customers or to create a new product offering.
- One or two candidate concepts that will require further analysis and experimentation
- Competitive landscape and cost-benefit analysis
- Detail use cases for the proof of concept stage
- Success criterias for the identified POC projects
Proof of Concept and Architecture
The proof of concept stage is to validate the business and technical feasibility of the identified use cases. Scale, transaction cost, security, privacy, transparency, potential user experience, cost of the new operation, and the willingness of counterparties to invest are just a few factors that weigh in on the feasibility of building a blockchain based applications. This is very much an experimental stage and includes a range of mini projects to try out different options to build the systems. OpenCrowd’s decade-plus experience is extremely applicable in reducing both the time frame and the number of short experiments required to validate the feasibility of a concept.
The output of the POC experimentation is utilized in coming up with the optimal architecture for the applications. The architecture stage includes selecting the right technologies and deciding on the architecture to achieve the right scale, security, and transaction costs required in the application.
- Selection of blockchain technologies.
- On-Chain and Off-Chain processing
- High level architecture of all components
- System architecture with scale, transaction cost and other key agreed upon criterias.
- Pilot MVP definition, use cases and build plan
Pilot Build and Deployment
The key focus in this stage is to design and build out the MVP. The platform built in this system is typically rolled out to a smaller set of participants. The purpose of the build is to clear out any kinks in the system, make sure the system is truly scalable and collect feedback on the user experience/workflow from the participants.
On a successful pilot the next stage is to plan the full blown roll out to all participants and in many cases that means going public on the internet. It will include building all the parts required for a complete experience, scale, and successful onboarding of new customers.