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Blockchain Technology Integration: Unleashing the Synergistic Potential

blockchain integration 

Dirt-Simple Technique for Integrating with Blockchain

Blockchain can be defined as a protocol and record for building an indisputable historical record of transactions. Usually, the ledgers are simultaneously stored in multiple sites. All entries are cryptographically employed to avoid changes. The requirement for a reliable middleman is avoided by maintaining an auditable trail of all transactions. Blockchain is capable of providing highly secure, accessible digital versions to all parties within a transaction. All smart contracts will be utilized for efficient management of workflow of approvals. This also helps in transferring payment automatically upon collection of all signatures.

The Building Blocks of Blockchain

Fundamentally, a proposed Blockchain solution must accommodate the key components listed below:

Shared Ledger - Adds only the distributed transaction record. The Bitcoin Blockchain was designed with an intention of democratize visibility. As far as enterprise Blockchain is concerned, this must be reconsidered due to regulations related to consumer data. Once the block info is verified to every node, there is absolute transparency with access based on permission.

Public and Private - Public blockchains such as Bitcoin and Ethereum are permission-less available for use. Any node can conduct transactions as well as participate in the process of consensus to ensure advancement of the Blockchain.

Cryptography - This guarantees both authentication and verifiable transactions. All new blocks comprises of previous block's cryptographic hash. This makes it tough to break through a confrontational procedure within the distributed system.

Immutability, Irreversibility - All records within the nodes are secured cryptographically. Hence, there is no possibility for anyone (minus key access) to alter the data. This also means there is absolutely no threat to data integrity.

Business Rules or Contracts - This is mainly a rules component which is required by an organization to define value flow and transaction state. An access layer is required for the following to enable existing applications to function with Blockchain flawlessly:

  • Handle the complications of integration of Blockchain and smart contracts.
  • Interface with Blockchain application functionalities and establish communication for legacy applications.
  • To get complete visibility of all events in the Blockchain network.
  • Facilitate Blockchain events for kick starting processes across both on and off-chain applications.
  • Ensure highly secure governance and mitigation of Blockchain network risk.

Blockchain Implementation Recommendations

  • Business opportunity and specific use case must be identified while setting clear prospects of outcome.
  • A staged implementation should be planned for a non-mission-critical activity that ensures reduction of operational risk.
  • It is recommended to use a hardened, open-source code base such as Bitcoin or Ethereum.
  • Multiminer implementations must be avoided as far as it is practical
  • A design in mechanisms is recommended for monitoring as well as the "dead man's switch" across all networks. The "dead man's switch" is all about limiting damage through one or more mechanisms under the event of unexpected irregularity).
  • It is wise to plan for smart contracts concepts in advance. The development can be delayed until all issues related to technical and business aspects get resolved.
Blockchain is an ingenious innovation that can change industries in unseen ways. However, its haphazard adoption can impact the bottom line in negative ways. Enterprises should tread carefully and evaluate many things before implementing it in for their use case.

Without integration, teams can face treacherous operational challenges in establishing symbiosis between Blockchain and other technologies. Teams can face downtimes and errors at every turn. Teams can fail to get a runtime view of all technologies on one platform. These problems can be counteracted with the help of a start to end integration strategy.

A layered connectivity approach is required to connect with different protocols, nodes, and connections. B2B data integration platform can strategically address this need by strategically layering every technology in a network. Business teams get the ability to integrate with Blockchain in simple ways and get access to overarching business benefits. Top to bottom integration can help teams in seamlessly fusing blockchain and other business-critical applications for engineering more value out of them. On top of that, this will help them in achieving lasting success from their investment.

Description:  Blockchain must be connected with various mainstream applications, and protocols for greater value. An enterprise integration solution can simplify this path.

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About the Author

Chandra Shekhar 

Chandra Shekhar is a technology analyst who likes to talk about business integration and how enterprises can gain a competitive edge by better customer data exchange. He has 7 years of experience in product knowledge for SaaS companies.

Published Wednesday, September 25, 2019 9:28 AM by David Marshall
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