As it is understood we have come far from using blockchain as a distributed ledger for storing personal data to using it as business technology. With improved technology and constant upgradation, blockchain has gone from just a peer-to-peer (P2P) computer network for use as a publicly distributed ledger, where nodes are used as algorithm protocol for new transaction blocks to using them as personalised safety structures of business enterprises.
Organisations such as IBM, ConsenSys, Chainanalysis and Dhiway, among others, are built on this decentralised network. Among them, Dhiway, which is a provider of enterprise Web 3.0 technologies, has managed to build CORD, its own layer-one distributed ledger or blockchain network platform. In conversation with FE Transform-X, Pradeep KP, co-founder and CEO, Dhiway, a provider of enterprise Web 3.0 technologies, spoke about how CORD can change the way we look at a business model. ( Edited Excerpts)
How can CORD help business enterprises attain cost management when it comes to data management?
CORD has been able to create a user-based distributed ledger. This means whatever transactions are executed will be done as per the user’s needs. With the use of personalised hash, which is a backend code aimed at personalised and verified transactions, without the intervention of any third party, which is unaware of the code, the cost can be reduced with an optimised data management platform. Also, with CORD the time period of the availability of data could be limited, making it less threat-prone. We use only fiat-based transactions, which is a much more cost-friendly option rather than using cryptocurrency.
What makes your collaboration of CORD and Google Cloud stand out?
We have something called a Proof-of authority backend, which includes mapping and tracing user credentials. It is a connection of nodes which exchanges data, only after about 51% of nodes verify the authenticity of the owner. This is a closed network, which is user-centric. The involvement of Google Cloud provides credit for the authenticity of the owner related to the details of the owner which have already been present in the Cloud and are tamper-proof. Apart from this Google Cloud provides an extended space for storing data.
What is the cost structure of including this technology in business?
At present CORD is an open-source platform, available free to all. However, our transaction is mostly based on the purpose it is used for. For example, if any large private organisation wants a customised form of blockchain network we charge about Rs 15,000 per month, which is mainly maintenance fees. We are also looking to raise funds in the future so that our product can be available to a larger audience.
Are you planning for any other collaboration in future?
After our recent collaboration with Google Cloud to drive the adoption of secure, verifiable, and privacy-centric solutions for businesses, we are looking for market segregation-based technology. This will be aimed at identifying product-based users. The technology will be used to identify potential customers for a product and they will be notified about it with the use of different models of advertising.
