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Insolar is building its Blockchain as a Service (BaaS) platform as an open-source enterprise-wide blockchain ecosystem and platform that helps companies quickly and cost-effectively deploy distributed enterprise networks.
Insolar is building an open source and enterprise level blockchain platform to enable seamless interactions between companies and to unlock new growth opportunities based on distributed trust.
The BaaS platform manages the complexity of the real world of corporate networks, building shared business processes that are easy to design and works like using Lego bricks.
"Insolar is a cutting-edge blockchain platform and much more," CEO Andrey Zhulin said in a statement.
"It's a full-service ecosystem that will help any organization, of any size, take advantage of blockchain technology – from proof of concept to production – and give them the tools they need to innovate and build tomorrow's transformative business models ", he added.
Insolar's fourth-generation cloud architecture based on the blockchain was created to solve the urgent business needs of the real world.
According to the company blog, "Blockchain 1.0 (Bitcoin) is designed for P2P transactions, blockchain 2.0 (Ethereum) has introduced smart business-oriented contracts and blockchain 3.0 (EOS, Ziliqa, etc.) aimed at improving scalability with sharding, enhanced transaction speed capacity. "
To learn more: do not trust anyone: the history of Blockchain and Bitcoin
"We call our fourth-generation blockchain platform because what it offers is a turning point compared to previous solutions – it's an order of magnitude faster, it can run on a blockchain-based cloud federation, meets compliance and governance standards and supports smart and hybrid public and private contracts. "
"We are building Insolar to solve the real needs of business, today"
Insolar's open source platform delegates trust to a shared data network. It connects to existing business systems so that large and small organizations can connect seamlessly. It works on blockchain-based clouds, so companies do not have to make expensive initial investments in IT manpower and infrastructure.
"We are building Insolar to solve the real business needs, today," said Zhulin, adding that "his needs have been informed by decades of industrial experience and validated by field research on more vertical: supply chain, consumer goods, energy, finance and production.Insolar also has the advantage of hindsight, building the successes and shortcomings of our predecessors ".
The Blockchain as a Service platform technology is based on three key elements: domains, contracts and cloud.
- Domains are essential to customize Insular in different applications and include the ability to manage a wide range of different operations.
- Contracts are sets of functions that provide services – and every service within Insolar is a contract, including domains.
- Clouds are sets of nodes designed to store and execute contracts in domains associated with the cloud.
Insolar is ready to bring to life the promises of reducing the costs of blockchain, revenue generation and business model transformation.
Currently, the blockchain company is negotiating PoC Pilot with an independent mining company, smart grids in Toronto and a major European logistics company. It foresees a production launch in mid-2019.
Disclosure: This article includes a client of an Espacio portfolio company
