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Blockchain Technology Distributed Ledgers Mutualized Ledgers
Simple answer: Mutualize the access to data, optimize multi-organization digital processes, distribute and share IT costs, transition from organizational "data ownership" to "data custody".
Definitions
Let us begin but simplifying a couple of key concepts around
blockchain and distributed ledgers technologies (DLT).
Distributed Ledgers
Blockchain is one of several types of Distributed Ledger Technologies (DLT), which is a class of technologies analogous to traditional databases, in its purpose to store data, but in which, by design, data is consensually shared and synchronized across multiple sites, institutions or geographies.
Distributed ledgers are purpose-built to enable more transparent and efficient digital transactions between multiple participants with varying levels of trust. You should think of a distributed ledger not as a simple database or record of data, but as a decentralised and transparent universal computer serving multiple organizations and participants.
Immutability
Perhaps the most notable feature of blockchains and modern distributed ledgers is keeping data immutable.
Due to its decentralized nature, they are more resistant to malicious changes by a single party. For an attack to be successful, the majority of the ledger copies and network nodes would have to be compromised simultaneously.
Consensus mechanisms enforce the immutability of data over time, by making sure it is either too expensive or unpractical to attempt such an attack.
Consensus
In the scope of DLT, consensus algorithms are normally protocols and sets of rules ran by network nodes with two main purposes: approving transactions in a distributed manner (and writing them on the ledger) and enforcing the immutability of stored data.
Consensuses in DLT can be looked at from 2 perspectives: Business-driven, resembling voting and rule-based systems organizations use everyday to verify and approve transactions; Computation or technology-driven, which focus on ensuring overall system reliability, namely making it technically unfeasable for a single entity to compromise the immutability of the ledger.
What can you do with DLT?
Distributed Ledgers can work as shared services infrastructures and mutualized data repositories,
purpose-built to increase efficiency in multi-organization digital processes and reduce transactional costs.
Find some practical examples bellow.
Data Notarization and
Validation
Regardless of its trade-offs, there is currently no better technological solution to ensure universal reliance on a single source of data.
The immutability property of blockchains and distributed ledgers can make them work as digital notaries, serving both as a trustworthy storage of data and as a decentralised data validation service.
The cryptographic features, data models and protocols available today make DLT a prime-candidate to support next generation data notaries and credential verification systems, working for the mutual benefits of multiple organizations and enabling new ways to connect organizations, users and people.
Decentralized Reconciliation and Settlement
By design, DLT works to enable real-time data reconciliation and rule-based settlement between participants, without the dependency on a single institution. The ledger provides universal trust in data and a secure environment for transactions.
Smart Contracts And Programmable Business Logic
Blockchains and distributed ledgers provide the essential features which enable universal trust in data. Such distributed and decentralised networks provide environments upon which novel applications can be deployed, by using smart contracts.
In practice, the applications we've been developing since the dawn of the digital age inside our traditional centralised architectures, can now be redesigned using a process-driven approach and deployed on a shared environment which connects all participants and automates digital processes.
Asset Tokenization
The process of securitising a particular asset into a digital token on a blockchain. These can be unique hash values representing physical assets, financial instruments, ownership rights, etc.
Asset owners and investors can leverage on disintermediation, lower transaction costs and increased efficiency, such as asset liquidity, automated data reconciliation, clearing and settlement, simplified custody services, etc.
Non-repudiable and atomic Transactionality
Due to its immutable nature and by using distributed consensus, blockchains and distributed ledgers can enable non-repudiable and atomic transactions.
This can largely reduce the amount of disputes and afterwork needed in the transaction flow, further reducing costs.
Self-Sovereign Identity (SSI)
Blockchain technology has enabled the universal provision of digital identifiers and identity accounts.
By being tamper-proof, not controlled by a single institution, private-by-design and of free access, blockchains can enable anyone anywhere to register and hold a private universal identity wallet.
WHAT WE DO
Solutions Design and Architecture
Are you looking to adopt DLT in your organization? Are you looking to join an existing network or are you building a DLT solution yourself?
In the first stage, we will defining the value across business, operations and technology, shape and architect the solutions that fit your organization and prepare the roadmap for development, implementation, launch or scale of solutions with blockchain technology and DLT.
Development, Implementation and Maintenance
From Proofs of Concept (PoC) to Products and enterprise-grade systems, we can help you across the solutions’ lifecycle, from conception to development, deployment and operation.
Integration
Our product Gen.Flow can facilitate the integration of your current infrastructure with multiple distributed ledger technologies and smart contract application.
TECHNOLOGIES WE WORK WITH
Found something interesting?
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(+351) 914 001 194
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R. António Champalimaud, 1 1600-514 Lisbon, Portugal
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info@genesis.studio
(+351) 914 001 194
