How Enterprise Blockchain is Transforming Legacy B2B Back Office Systems
Enterprise Blockchain is used frequently by companies to digitally transform legacy B2B partnerships and create custom applications in their back office
Enterprise Blockchain is used frequently by companies to digitally transform legacy B2B partnerships and create custom applications in their back office. This is because of the revolutionary efficiency of shared ledgers, digital constructs such as digital assets (tokens), and their game-changing effectiveness. Blockchain and the stack technology that it is associated with are all about B2B collaboration.
B2B communications is a key requirement for a business network
Kaleido has the opportunity to work with the biggest companies worldwide in all major sectors (financial, insurance, manufacturing and travel). Since 2015, we have seen many blockchain projects, from the smallest Line of Business to the most ambitious, industry-wide transformation efforts. One of the most common technical requirements expressed by consortia has been for organizations to be able to exchange messages, store and retrieve documents off-chain.
This is why we have dedicated an entire section to B2B Communications ( see the product update). B2B services make it easy to solve some of the most difficult and time-consuming plumbing problems. Although messaging and document exchange seem simple, there are many complications due to the decentralized nature a consortium brings. Kaleido services are available in the same security and operational tenancy models that the blockchain (dataplan) and admin console(control plane), which were uniquely designed for consortia nonfunctional requirements.
Kaleido is the only company that provides the complete B2B tech stack needed by modern business networks. This blockchain technology suite contains the essential ingredients for building and running data exchanges or marketplaces. These are often the most important and valuable components in many enterprise blockchain consortiums: 90% of business network members seek to exchange documents or other data offline.
B2B Transactional Decentralization
What's new in Kaleido B2B Communication
This month's major upgrade to our off-chain communications layer included brand new user experiences for Document Exchange and App To App Messaging. These upgrades go beyond the surface. There are new monitoring dashboards, APIs, and additional deployment t-shirts for large documents and large volume transfers.
Enterprise decentralized apps (DApps), have a completely different architecture and design than traditional applications. They communicate on-chain and offline between multiple participants using the shared blockchain ledger. This allows them to organize end-to-end decentralized transactions and collect some data for immutable proofs.
They use core Blockchain programming constructs such as 'tokens to link assets and information from external systems to create unique 'hashes’ on-chain. Data and actions are tied to the organizational identity, although they may be disguised for privacy. This can be traced back at authorized business entities in the Business network.
One common example is looking at the Private Data Sharing use cases
There are many opportunities to improve business-to-business data sharing. These opportunities are being demonstrated every day. Kaleido clients have already built "Private Data Marketplaces", which allow business network members from different entities to benefit from the collective knowledge of the group while also ensuring that each member receives fair compensation for their data collection efforts.
How does this data-sharing network work? First, entities agree to share data using a data marketplace managed with blockchain tokens. If a network member needs up-to-date data, they can either collect it themselves and sell it to other members of the consortium or buy it from those who have already obtained it.
Each data payload's name and description are displayed on the marketplace. This information is used to allow members to make informed buying decisions. Members of Consortia contribute to data collection through a controlled supply token. Blockchain-based solutions allow members to share what data they have and only provide enough detail for other members to decide if they want it or not.
All network members will be notified when data becomes available for purchase. Anyone in the network who is interested can review the details and make an assessment of the cost. They can also check the ratings to determine the quality of data. Then, they can purchase the data directly from their network member.
The transaction is hashed onto the blockchain to ensure transparency and security. Kaleido's Blockchain Cloud is used to create the solution. It includes integrated features such as Document Exchange, Smart Contract Management and On-Chain Registry. REST API Gateway and Event Streams.
You can securely upload or transfer files to and from Kaleido using the document exchange service. A file sharing utility can be added to the blockchain, which is not well-suited for large payloads or sensitive data like PII. This will provide immense benefits at both a business level and security. Transactions need to refer to a file's hash rather than directly dealing with its contents.
Any file uploaded or received can be easily organized using intuitive folders. They are stored in Kaleido hosted storage, cloud-delegated services like AWS S3 Buckets and Azure Blob containers.
All data transferred is deterministically hashed and signed. It is then compressed and asymmetrically encrypted during flight using proven public key infrastructure methods. This gives you the assurance that the intended recipient will be able to decrypt it.
On-Chain Registry is used for address lookup, certificate functionality, and the Kaleido network’s Kafka backbone provides high throughput, fault-tolerant reliable delivery and transport. Service interaction is flexible with support for the inconsole graphical user interface and Kaleido RESTful APIs. Socket.io connections are available for reliable event notification.