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A team of engineers, architects, developers, business experts and researchers have launched an open-source enterprise-grade blockchain platform, Insolar. The decentralised blockchain based network allows efficient processes between enterprises.
Blockchain as a Service
Cloud-based blockchain as a service (BaaS) architecture powers the platform. The fourth-generation technology also provides sufficient data privacy coverage, complying with GDPR, HIPAA, EHR and EMR.
Insolar places enterprises on trusted, scalable and transparent networks. As a result, businesses can reduce costs and risks, increase velocity, and discover new revenue streams.
The platform claims to reduce a reliance on "extra IT efforts or skills," enabling new ways of getting competitive benefits within and across industries. It also handles the increased complexity and intensive diversification of business interactions.
Hdac Technology is also innovating with BaaS with its new blockchain adapter. The company's mission is to create an IoT enabled-BaaS platform in the near future.
The power of decentralisation
According to Accenture, 36% of companies are sharing data with twice the number of stakeholders they were two years ago. The enterprise benefits of decentralisation are therefore more important than ever.
Besides cutting costs and enabling new revenue streams, Insolar is constantly innovating and enhancing its solutions. The platform's aim is to ensure that its customers "always run the most secure, cost-efficient and scalable applications."
Decentralisation in an enterprise context also reduces back-office tasks, allowing companies to focus on core business functions. In addition, the platform increases transparency between parties and the value of a company's offer.
Insolar also automates and streamlines processes, improving the overall operational efficiency of a business. Moreover, the technology improves data management and thus enables companies to realise the full potential of their IT infrastructure.
Finally, the platform allows enterprises to sync with their counterparts. As a result, this allows enterprises to solve problems associated with individual systems becoming desynchronised.
Innovating with blockchain? Take a look at our Top 10 Blockchain Influencers for inspiration