1. What is blockchain technology?
Blockchain technology was announced through the paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto in 2008. Interestingly, this paper does not specifically use the word "blockchain". This paper talks about a "purely peer-to-peer version of electronic cash" where "the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work".
Simply put, a blockchain is a peer-to-peer network which timestamps records by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.
On the other hand, a distributed ledger is a peer-to-peer network, which uses a defined consensus mechanism to prevent modification of an ordered series of time-stamped records.
All blockchains are distributed ledgers but all distributed ledgers are not blockchains.
Blockchain technology has earned the trust and respect of banks and Governments around the world.
Blockchain technology derives its strength from strong cryptography. Blockchains are provably immutable and enable the rapid transfer and exchange of crypto-tokens (which can represent assets) without the need for separate clearing, settlement and reconciliation.
2. Blockchain benefits for organizations
- Improve client satisfaction through faster, more convenient and secure services.
- Increase profits and reduce costs.
- Minimize fraud.
- Maximize efficiency, security & transparency.
- Accelerate information and money flows.
- Greatly improve auditability.
- Streamline paperwork.
- Showcase your organization as a global innovator.
- Be at the forefront of FinTech and emerging tech.
3. Blockchains for a better world
We believe that by 2020, blockchain technology will enable massive social upliftment and economic prosperity, the likes of which the world has never seen before.
Blockchains will minimise fraud and maximise efficiency, security & transparency in supply chains, healthcare, global money systems, financial technologies, democratic elections, auction of public assets, energy trading, electronic record authentication, delivery of Government services, IoT and much much more....and Primechain Technologies will lead this global economic and social revolution.
4. Pain points
- Installing, configuring, securing, troubleshooting, updating, and maintaining a blockchain ecosystem is a complex and time consuming task. (base operating system, configured instance of a suitable blockchain fabric, external databases, webservers, FTP servers etc.)
- There are 20+ blockchains and distributed ledger systems to choose from including BigChainDB, Chain, Corda, Credits, Domus Tower Blockchain, Elements, Eris, Ethereum, HydraChain, Hyperledger Fabric, Hyperledger Iroha, Hyperledger Sawtooth Lake, Multichain, Openchain, Provachain, QTUM, Quorum, Stellar and Symbiont Assembly, Waves Platform.
- Building blockchain solutions from the ground up is very expensive and time consuming.
5. The solution: Primechain APIs
Primechain APIs make it very easy for developers to add blockchain power to legacy and other systems.
Primechain APIs are RESTful JSON APIs for interacting with blockchains / distributed ledger systems that allow developers to add blockchain power to their solutions:
- address (creation, permission management)
- audit (address, block, transaction, assets)
- data authentication & verification (hash, audit)
- data storage (electronic records, audit)
- data streams (creation, publishing, viewing)
- digital signatures (key pair generation, signing, verifying, PKI, key escrow, repository, audit)
- secure messaging (sending, receiving, audit)
- smart assets (creation, issue, re-issue, exchange, escrow, transfer, audit)
- smart contracts
- transactions (creating & accepting offers, atomic, multisig, metadata, address creation)
6. Benefits of using Primechain APIs:
- Save months of development time.
- Reduce the development cycle.
- Vastly increase the security of your applications.
- Vastly increase the scalability of your applications.
7. Active projects
- Asset registry & tracking
- Clearing & settlement
- Contract management
- Corporate finance bookrunning
- Depository receipts
- Fund portfolio management
- Identity management
- Internet of Things
- KYC & on-boarding
- Micro Insurance
- Payments - b2b, b2c, p2p
- Peer to peer trading
- Regulatory reporting
- Securities servicing
- Securities settlement
- Smart wallets
- Supply Chain Management
- Syndicated loans
- Trade finance