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Blockchain

EMBEDDING BLOCKCHAIN IN THE EXISTING PROJECT. PRO AND CON

If you have questioned yourself how to integrate Blockchain technologies in the already established business, you are exactly on the right page. Inn4Science together with its CTO Sergey Nemesh have prepared you a global review of the challenges you may face, advantages under this decision and implementation possibilities.

Globally: Is it possible to transfer existing data storage on blockchain?

While theoretically the answer will definitely be “yes”, in actual practice the goal might be quite challenging. Bearing in mind the size of the project, complexity of internal linkages, sufficient blockchain technologies and the way of implementation. All of these factors are sensible for each and specific project, but we will try covering the maximum of information globally and by providing a few examples of simple systems.

What type of projects will benefit the most?

Basically, this can be any project lacking the advantages Blockchain provides. Namely, if your project needs more transparency, much sophisticated security, improved traceability, increase in efficiency and speed or simply a reduction in production costs, that is when Blockchain comes in handy.

However, the importance of transferring the whole project on Blockchain shall be wisely considered. Depending on the type of the project and database structure, there might be no need in transferring the whole project itself. Though, implementing the specific part of the project on Blockchain may be a better practice.

How to choose blockchain technology for development?

What are the possible ways of implementation?

Notwithstanding the area of business, your project is intended to solve your business goals by performing specific actions. Such actions, like money transfer or registration of records, performed by your system are the most possible to be implemented on Blockchain.But how to do this? Thanks to Sergey Nemesh we have a clear-cut answer and readily understandable examples.

First of all, the whole system and its business logic shall be divided into entities or objects participating in the interaction. Let us provide an example of the possible project to you.  Imagine basic structure, where we have teachers and their students. We will divide them as different entities. And the action (transaction) performed in this system is the evaluation of grades from teachers to their students. Therefore, let us consider grades, as transactions, that will be recorded in Blockchain. Thereupon, the grades are no more possible to be erased or changed. And if any student has retaken his score, it will be a completely new transaction and new record in the system.

In general, if we intend basing system on Blockchain, “our” Blockchain shall be able to create entities we need. Actually, nowadays there are plenty of systems providing solutions to create such structure of entities internally, through an API or other mechanisms. Giving us the opportunity to configure the data schema and entities, thereby forming the transactions. Though, each and one service shall be chosen individually for a particular project. If you would like our specialists to estimate the possibility of configuring your database with API be free to contact us.

Another way is to develop everything from scratch. However, it is worth mentioning that some Blockchain projects are unsuitable for this task. Particularly, the systems which strictly prohibit extensive change of data structure. On the contrary, one of the most popular Blockchains to accomplish this task will be Ethereum. By using Ethereum Blockchain, you may create entities via Smart Contracts, so each entity has a personal unique address. Thereupon all the transactions will be held through the created Smart Contracts. However, this approach is not that effective and varied on its own.

If Ethereum is not the best choice, what do we offer?

Inn4Science recommends you to create own Blockchain. There are several good choices of frameworks for the development. 

Exonum

Exonum is an open-sourced framework developed and supported by the Bitfury Group. The main purpose of it, is to allow people designing own custom private or permissioned Blockchains. Exonum actually enables you to build decentralized, secure and reliable blockchain applications. Its main advantages are:

  • Performance

    Exonum namely handles 5000 transactions per second with a latency of 0.5 second.

  • Resilience

    It can function even if up to 1/3 of the nodes in your Blockchain network are offline or compromised.

  • Anchoring

    Anchoring prevents the possibility of forging the data of the private Exonum blockchain and rolling the system back by a collusion of nodes.

  • Light Client

    Enables the end user to easily check the presence and correctness of the data the user has sent to Exonum as well as the status of anchoring thereof.

Parity Substrate

Substrate is another Blockchain development framework designed by Parity Technologies. Substrate is created in a modular way to give technical freedom, but also make functionalities like accounts, balances, governance, and smart contracts as easy as plugging in a library. The main advantages of this framework are:

  • Runtime

    You can upgrade your runtime (application logic) without a hard fork as long as the core layer (networking, consensus, synchronization) stays consistent. 

  • Freedom of language

    You can write in any language that can compile to WebAssembly (Rust, C/C++, C#, Go, etc.)

  • Customization

    Substrate is highly customizable and adaptable solution.

  • Multilevel, component-oriented design

    Substrate is designed to be both entirely general at its core, yet highly composable and suitable for rapid application development. 

These are just examples, basically any other technology that has flexibility in the data structure is suitable for implementation of the data transfer. Each and particular project needs personal approach and thorough analysis prior choosing the technology and methodology for the development.

Moreover, defining the framework is just one step toward the development. To implement our own Blockchain for the existing project, we would still need to perform a lot of tasks. Including development of data schema, designing scripts that will port old directories to Blockchain, creation of accounts and implementation of the transaction system.

With this approach we can successfully divide our data to old history, where the project hasn’t been based on Blockchain and present data, where we finally have Blockchain in our system.

The interesting and important fact, that the development time of own Blockchain still is more likely to be less than adjusting old system with it. And with that, it will take you less effort to enhance your business and in afterwards grow bigger.

What kind of deficiencies may the Blockchain integration have?

The roughest part is the understanding of how many changes does the project need in the first hand. As a large part of business logic is needed to be considered from a scratch and being integrated with the business logic of the existing project. 

As a matter of fact, there isn’t that much to be mentioned as deficiencies, but to be so called challenges.

First of all, it is an ideological division of entities and transactions. Though, this point requires a case-by-case approach, the inescapable fact that simple registry systems are very easy to be divided into “roles”, rather than ERP systems (Enterprise Resource Planning systems). Deployment of Blockchain to the ERP system shall be preceded by an in-depth business analysis. The Business Analysts shall sort the project as entities, as directories, as transactions, etc. Moreover, they need to figure out the linkages and interactions of all the components, as well as possible statuses.

The second challenge arises hence from differences between traditional centralized databases, and blockchain based one. This difference may not give a chance to build the business entities in the same way, as the previous system does. Therefore, developers will need to reconsider the structure and find the best way to retain existing linkages unharmed, and still effective.

The third challenge is the migration of data itself. The transfer of the existing database, directories may not be the biggest challenge, but still one of the most essential and crucial. It takes time, extra resources and sometimes additional development.

Benefits of blockchain technology

What are the real advantages of Blockchain migration?

Contrary to the challenges and efforts you need for Blockchain integration, the benefits are considerably more valuable. We are not just mentioning the fact of your business growth but the real win-win factors for this choice. Though, the concrete progress will vary depending on the project we would like to mention facts, that any project can deny.

  • Append-only updating

    The Blockchain solution keeps a track of all the records inside the network. Making the data unerasable and unchangeable. Any official “change” of the data in the database would be a completely new record.

  • Trustworthy system

    The more widespread your system is, the more trustworthy it becomes, as it becomes harder to tinker with the data. Thus, while putting in place a robust system, the chances of data tampering are slim to zero.

  • Transparency

    The key fact to increase the trustworthiness of your system is covered in fact, that Blockchain technology makes the whole system more transparent. The ledger is distributed across every single node in the Blockchain, who will be your users, thereby giving authority to all its members accessing the data.

  • Security

    There are several reasons why your project will become more secure. First stands for individual entry to the network. Each person who enters Blockchain gains a unique identity linked to his account. This approach fundamentally reduces the possibility of fraud, as each “action” can be tracked directly to its point of origin. Another reason stands for reliable chain of the cryptographic hash. Speaking to which, when a new block in the network is created, its hash value is calculated in the first place. And this value includes a previous hash value.

  • Faster operations

    If the example would be money transfer, for sure Blockchain transactions are much faster than interbank transactions. Especially when it takes days for final settlements. However, this isn’t an only case. Blockchain technology helps to automate a lot of business processes therefore handling the time and speed of the most essential tasks.

One could argue that it’s not a game worth playing. Yet looking on Blockchain thus far, the technology has proved its reliability and efficiency. If you have a worthy idea, it won’t matter until you try to bring it live. And you are not alone! Inn4Science team has potential resources, technologies and knowledge to implement anything you wish. Choose a convenient channel for communication and let us power your project with the newest technologies.

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST


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