Blockchain technology has gained attraction in recent years, promising industries to boom across the board. This innovative technology flashes light on business operations by providing a secure, transparent, and decentralized platform for transactions. However, building a scalable and sustainable blockchain business network requires careful consideration of several factors beyond the technology. In this blog, we will discuss the five key perspectives that need to be realized to construct, deploy, and operate a blockchain-based business network.
4 Layers And 5 Perspectives Of Blockchain Solution
Do you have any idea how does a blockchain work? A successful blockchain network consists of 4 layers – data, network, application services, and an interaction layer. However, to build a successful blockchain network, it is essential to realize these four layers with five perspectives,
Choose The Right Blockchain Platform And Smart Contact Framework
Choosing the right blockchain platform for your business is critical to the success of your network. Hyperledger Fabric, R3 Corda, Quorum, or others, are popular platforms, and you can choose one based on the nature and expected capability of your target network.
Defining a smart contract framework is also essential for easy customization for cross-geography and extending to more participants of similar businesses.
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Address Security Concerns
Security considerations such as identity and access management are crucial when building a blockchain network. Suitable security services, such as AppID, should be used to ensure that participants have granular access.
Data privacy is another critical element that needs to be addressed by segregating the data into four segments – personal, business, legal, and operational, using channels, private data collection, encryption, zero-knowledge proofs, and off-chain databases based on the requirements.
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Have A Clear Integration Strategy
Having a clear integration strategy for both inbound and outbound data is essential. REST APIs, and messaging like Kafka, SFTP, ETL, and others, can be used for importing and exporting data with your DLT. It is also necessary to discuss with participating organizations the necessity of integrating with existing enterprise IDP on their side so that SSO (Single Sign On) is implemented.
Choose The Right Infrastructure And Data Storage
Choosing the right infrastructure and data storage for your network is vital. Based on the network vision and nature of all your business participants, you can choose single-cloud, multi-cloud, on-premises, or hybrid infrastructure. You can also use containers, applications, and API components to be deployed and integrated with external systems. Finally, choose the data to be stored both on-chain and off-chain based on your data model, expected performance indicators, and the data usage in multiple personas and participants.
A comprehensive approach to building a scalable and sustainable blockchain business network must consider the technology perspective, including infrastructure, security, integration, deployment, and operational aspects.
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