BlueBarricade

Lighting fast blockchain with bank level security

Introduction

BlueBarricade enhance business using Blockchain in the IBM mainframe architecture. By combining the raw process power of IBM mainframe and the unique algorithm from BlueBarricade we have solved the main challenges for large enterprise use of the blockchain technology – Performance and Security.

Bitcoin, probably the most known application built on blockchain technology today, can process 5-7 transactions per second. Ethereum, another very common platform for executing smart contracts using blockchain, can execute 40-50 transactions per second. This is not enough for the B2B business sector. 

BlueBarricade in partnership with IBM can process more than 1000 transactions per second which opens up for a whole range of new enterprise business opportunities using the power of blockchain.

Security is the key. We execute blockchain service inside the IBM mainframe at the “zone 3” level. This means we process the transaction at the same level as the global credit cards transaction – in short it’s super safe. 

BlueBarricade is a global embedded partner for IBM and we work with all the IBM Z system certified partners. We provide a range of complementary blockchain consultancy services to secure the best possible business outcome of a blockchain investment. 

53% of Fortune 500 companies list Blockchain as one of the top 5 strategic investments

In a survey by Deloitte asking 1400 companies with +500mUSD (US market) turnover and 100mUSD global companies, 53% replied that an investment in blockchain is on the top 5 list of priorities. An additional 27% classified it as important. The potential is huge and by solving the performance and scalability issue BlueBarricade is very well positioned for big growth. 

 

 

 

 

Make Blockchain real for Business

Blockchain is an enabler for a full range of user cases. The key is to do a good initial analysis and benchmark candidate business processes in order to establish which one has the best business outcome.

 

Shared Ledger

Single source of truth

Secure

Tamper proof (extra security)

Permissioned

Participants Identity

Private

Un-linkable Identity

Audit-able

Prove Identity & ownership

Consensus

Modular protocol

Smart Contracts

Business logic

Digital assets

Record depository

Confidential

Permissions control

Viable

100+ year architecture

Trust is essential

This is why BlueBarricade have partnered exclusively with IBM. It enables us to assure that the full stack needed for a secure and scalable solution is architecture and provision by the best experts in the world and with application code that is developed and delivered with full service and support. 

Jerry Cuomo, VP of Blockchain Technologies at IBM, has stated that security is their top priority and they’ve done everything they can to make this Blockchain service as secure as possible.

To ensure that they prevent unauthorized access by creating a security container for the ledger, they have separated the ledger from the rest of the cloud environment, and they have even added “tamper-responsive hardware”, which will shut itself down if a hacker tries to access the network.

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Projects in the works

A copyright protection company

In May 2018 the EU passed a new directive (EU) 2019/790. The overall objective of this directive is to strengthen copyright holders of any form. In practicality this means that the very large distribution organizations around EU will be held responsible for the content they enable via their platforms, specifically social medias. Hence, the old argument of “we are just a technology platform, not responsible for what people add to it” will no longer work. This will create a huge need for both artists and content distributors to really know what are the copyrights for any type of art, music, entertainment and events.

By putting the copyright content in to a smart contract we can make it easily accessible, searchable and when a work of art is being used initiate a smart contract registering the transaction. This keeps it all safe in a blockchain with full transparency for all the parties involved in the process. In addition, we also enable donations in this user case as most of the global live concerts and events are today cancelled – the artists, musicians etc are rapidly moving to live internet distribution and this requires new types of funding to the music industry.

 

A financial business case

A financial company based in the UK, active in the international money transfer services (remittance market) and the global donation market, turned to BlueBarricade and our IBM partner HCL to provide a blockchain based service.

Key business drivers: 

  • Track and trace payments due to more stringent international money transfer laws.
  • Minimise the overall cost of the money transfer transaction.

The overall rules and regulations on international money transfer are getting immensely tightened around the world. This is primarily driven by the need to address things like money laundry and financing criminal activities in the world. In practice this means that any party today involved in the process need to know who is who in the transfer process and that they are who they say they are. In many cases today this process is very manual. Just think about when you go to the bank and want to deposit or withdraw a larger sum of money – you need to answer a long list of questions and usually fill in long forms.

At some point in the process it’s an +90% chance (IBMs marketshare on credit card transactions) that your transfer will be processed in a IBM mainframe at one or several banks.

By putting this transaction into a blockchain we directly gain a big advantage – traceability. All transactions are logged and can be validated by a 3rd party at any time (audit). And by adding the blockchain interception at the heard of the transaction in the mainframe we can achieve great performance with very little transaction overhead making it very cost effective.