Digital Business Activities Switch to Blockchain Technology - Bitxcon
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Digital Business Activities Switch to Blockchain Technology
Blockchain

Digital Business Activities Switch to Blockchain Technology

Select the right technology and consider the basic requirements for building, deploying, and operating a blockchain-based network of businesses. The technical architecture of the Blockchain solution is determined by the functional and non-functional requirements of all stakeholders as well as the core business.

There are four layers to the solution: data, network, application services, and interaction or application layer. But these four layers must be implemented from five perspectives or models-infrastructure, security, integration, deployment, and operation–to build a successful network blockchain technology.

We discussed in our last article the importance of the 4-dimensional framework: business, operations, law, and technology. We will now examine the technology in order to provide a deeper dimension that can help you design and grow your business.

1. Create a solution for overlaying network components and application components

A blockchain solution must be accessible to all users. Participate effectively in the business network. It is important to define the business requirements clearly and classify both the content on the blockchain technology and what remains outside of the application.

The technology stack is defined by identifying the products and services required for each layer of the solution stack (data network, API, application, and data). You can customize your adoption approach by defining a participation-based approach throughout the build, integration, testing and deployment phases.

2. Start building your network to get started

The Network design is primarily focused on the core components of the blockchain platform. It also uses its functions. To make smart contracts more flexible and accessible to all participants, regardless of where they are located, you can define a framework for smart contracts. Define your asset relationships model (static and dynamic), by identifying users, organizations, and business events that trigger smart contract to modify the asset entity’s value.

3. Integrated networks require security

Next, you will need to resolve security issues like identity and access management using appropriate security services. Participants have access rights by mapping user IDs and roles, as well as certificates. It can also be managed through transparent, decentralized and responsible identity management among issuers and holders.

Data privacy is an important aspect that must be prioritized. This can be done by breaking down data into four sections-personal, legal, operational, and business. You can also achieve data privacy through channels, personal data collection and encryption, zero-knowledgeproof databases, and off-chain data bases, depending on the level of data available.

Next, you need to determine a secure way to use key management software (such as “key security” or other methods) in order to manage keys and certificates. Clear integration strategies are required for both inbound and export data.

4. Plan for predictable growth of non-functional demand

It’s now time to solve your physical deployment model using NFR. Depending on your network vision and the natures of business participants, you can choose the right infrastructure such as single, multi-cloud or on-premises. Containers can be used to deploy the network, applications, and API components, as well as integration with other systems.

Based on your data model and expected performance indicators and data usage across multiple roles, participants and roles, you can choose which data should be stored on-chain or off-chain. You should evaluate how much data is being processed in real-time, offline, transaction indicators, performance indicators over the next few years, and the expected number users.

Conclusion

Technology infrastructure, security and integration are all important to consider. It makes it look more professional and reliable.

Read Also: Consensus Algorithm – What’s a Blockchain Technology Solution?

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