The Permissioned Consortium Blockchain — A Recipe for Business Success
Basically, there are three types of blockchain: the public, the private and the consortium blockchain:
The public blockchain is known to most users through the crypto currencies — the decentralized network without a superior authority creates security and transparency, but is only of limited use for companies due to its resource intensity and low speed. In contrast, the private blockchain which is operated by a single company, for example, is significantly faster more efficient and due to possible restrictions on reading rights also advantageous from a data protection point of view. However, with the abandonment of the completely decentralized approach, part of the reliability and unquestionable security is also lost. Consequently, both approaches cannot be optimal. So what is?
The consortium blockchain is a kind of a hybrid of a private and a public blockchain. Here a group of participants shares the power of decision over the verification and distribution of the read rights of transactions. This offers many advantages of the private blockchain such as efficiency and data protection of the transactions without putting the entire sovereignty into one hand.
For our edeXa solution only a consortium Blockchain is suitable as platform to fulfill our high standards regarding security, data protection, user friendliness and efficiency.
Permissioned blockchains create additional security because they maintain an access control layer to allow certain actions to be performed only by certain identifiable participants. On this basic technology, organizations and peers can be added automatically. Other consortia or blockchain applications can be integrated into separate blockchains or own networks and channels with analog technical infrastructure.
Afterwards, the integration of practical applications is only limited by the limits of one’s own imagination. We’re having a huge list of applications under development: Identity (eID), Asset (Digital Twin), Data Fingerprint for signing, Secure & tamper proof messaging and Data Safe. We would like to present a few of them below.
A worldwide unique development is expected with the implementation of the electronic ID (eID), which is unique on the business blockchain. This is based on the Sovrin approach (Sovrin.org) and is done in the example of edeXa with the support of research institutions. The eID is a new concept and has been a popular approach over the past few years. However there is still no solution and especially no eID on the Blockchain. This is why edeXa is supporting the development of an eID with an interface to our Blockchain network. We work together with numerous partners, for example the prestigious Fraunhofer Institute in Germany.
The eID is intended for companies as well as private persons. Therefore we’re cooperating with governmental authorities in order to integrate the eID into further official applications. Then you can use your eID to order with just one click — or open a bank account with just one click. We will provide the technology to store, use and secure the eID.
For the exchange of secure messages with attachments on the blockchain, if required also with a scheduled self-destruct mechanism, edeXa will provide a web and mobile application to be launched parallel to its entry into the mass market in 2020.
Furthermore edeXa is expanding the asset management solutions in the near future. This means that items in the blockchain can be provided with a digital ID and copy of a product (Digital Twin), thus ensuring ownership and traceability at all times.
These achievements will mean real competitive advantages for companies and changes in everyday life for every human being. This motivates us at edeXa from day to day to advance development and play a decisive role in shaping our times — through unique solutions on the business blockchain.
If you are looking for solutions within your company get in touch with us. We’re providing you the leading edge over your competitors.
Highlights
How edeXa brings more security and transparency to international trade
In times of maximum globalization, the letter of credit is regularly used by companies to carry out international purchases and sales.
Blockchain for notaries and lawyers
There are countless applications for the blockchain — our next use case is about the support of notaries and lawyers.
