Insolar, a decentralized blockchain-based network focused on achieving synergies for businesses, launches its platform today. The platform leverages the power of distributed ledger technology to create cost efficiencies and new revenue streams while fueling transformative business models.
Insolar uses a blockchain as a service (BaaS) architecture which makes the service quickly deployable.
As a fourth generation blockchain technology, it solves a number of fundamental challenges that currently present an obstacle to other blockchain-based projects. Insolar says it goes beyond competing blockchain networks in terms of scalability, ease of use and interoperability. His team includes 30 full-time engineers, 10 university researchers, and a number of business leaders. With this, he claims to have a deep force when it comes to blockchain, the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML).
A key indicator of a blockchain project that has a profound strength in terms of development is the developer's level of activity. The level of activity recorded on the well-known repository of the project source code, Github, confirms that Insolar had the highest number of "commits" or sending source code to the code hosting and version management service compared to any other blockchain project in the last 3 months.
The case of using the platform derives from a problem that has emerged at the company level in recent times. Second At the global management consulting firm, Accenture, 36% of companies connect and share data with twice the stakeholders who did last year. The existing systems are centralized and silenced. They have not been designed to cope with this level of data sharing. This has led companies to spend time and resources trying to connect existing and incompatible systems. As a chain reaction, it results in companies that transport, process and verify data. Often this must be outsourced to intermediaries and despite this further effort on resources, discrepancies inevitably arise.
This is the problem that companies face that Insolar has identified an opportunity. The beauty of blockchain technology when it comes to data that must be shared among stakeholders is that data is immutable and therefore can be trusted. Insolar's open source platform delegates trust to a shared network. It connects to existing systems so that organizations, regardless of the size of the company, can connect seamlessly. Because the system works on a blockchain-based cloud, it denies the need for companies to invest in additional IT professionals and infrastructures.
The company solution can be integrated or enabled for migration from existing blockchain systems running on Hyperledger Fabric or Corda. Its solution incorporates a number of features which means it is the first on the market for this industrial sector. Examples include simultaneous support for public and private networks, modifiable and error-resistant smart contracts, longer block transactions and multi-zone security.
Insular's CEO, Andrey Zhulin, commented on the launch:
"We are building Insolar to solve the real business needs today: its needs have been informed by decades of industrial experience and validated by field research on multiple vertical sectors: supply chain, consumer goods, energy, finance and production. it also has the advantage of hindsight, building the successes and shortcomings of our predecessors ".
In terms of collaborations with industry, the company is currently negotiating the Proof of Concept (PoC) pilot with an independent mining company, smart grids in Toronto and an important European logistics company. It plans to launch production in mid-2019.
"Insolar is a platform of blockchain at the forefront and much more," says Zhulin. "It's a full-service ecosystem that will help any organization, of any size, take advantage of blockchain technology – from demonstrating the concept to production – and give them the tools they need to innovate and build tomorrow's transformative business models. ".
While the platform is open source in nature, the company derives revenue from a range of different flows. Firstly, the registration of the domain in the ecosystem with full suitability to the governance schemes of the individual domains. The company provides a consultancy service to users regarding the platform and associated applications. Custom product development for individual business needs, ready-to-use blocks for applications and services, and supplier certification complete the range of services offered.
While participating in Blockchain Expo North America in Santa Clara today, Peter Fedchenkov, co-founder of Insolar, spoke with The Bitcoin Mag. He began by explaining the problem that Insolare's plan solved:
"Today's enterprise I.T. infrastructure creates [data] silos and is completely disconnected from the collaborative nature of the business. As a result, companies around the world are wasting billions of dollars in litigation, increasing settlement times and otherwise unnecessary overhead expenses. The way Insolar can help, Insolar applies blockchain technology to create shared corporate networks. In this way, I.T. the systems are aligned and the inefficiencies are removed. "
Fedchenkov went on to explain that the range of sectors in which Insolar can have an impact is multiple. However, it believes that areas such as the supply chain where full traceability can be guaranteed and inefficiencies can be resolved provide a logical starting point. Disputes are opened when the goods are lost. Insolar's blockchain-based application solves the problems that all stakeholders can trust in blockchain data. Whatever company shares in the physical world, it can share the I.T. the world as a blockchain enables distributed trust. No single stakeholder controls the network while all stakeholders establish and maintain the single version of the truth through consensus.
In terms of competition, Fedchenkov believes that there are no conventional solutions to address these problems in the way Insular works. In terms of blockchain-based solutions, applications based on Ethereum, Hyperledger Fabric and Cardano may have the same case of use. However, he believes that Insolar has a number of technical advantages.
Insular's solution incorporates a dynamic consensus that regulates the level of consent required based on the value of the transaction involved – making the process more efficient. This differs from other blockchain protocols in which the consent mechanism is not dynamic with respect to the nature or value of the transaction.
Unlike many other blockchains, Insolar does not require companies to run a node. Fedchenkov makes it clear that Insolar is not in the blockchain business for good blockchains. It wants to extract the value of blockchain and integrate it into business applications.
As for the roadmap, Insolare's next target is the launch of the testnet scheduled for January 2019. Currently Insolar is negotiating a pilot PoC with an independent mining company, smart grids in Toronto and an important European logistics. It foresees a production launch in mid-2019. The main network that will support commercial applications will be available in mid-2019.
* Disclosure: This article includes a client of an Espacio portfolio company
** Article updated at 4:50 pm ET to include comments by Peter Fedchenkov, co-founder of Insolar.