BlueBarricadeLighting fast blockchain with bank level security
News from BlueBarricade
Front page news in Swedens largest business newspaper!
Link to Dagens Industri (Swedish)
“The world’s fastest blockchain accelerator, developed on IBM platform by Stockholm-based growth tech company BlueBarricade, enhances business opportunities with high-end performance and security” Read full press release in:
Blockchain technology is extremely topical and expectations are enormous. Research and advisory company Gartner made predictions in 2019 that this technology will create business values at a staggering level of 3.1 trillion US dollars – or approximately 2.7 trillion euros – by the year 2030. In addition, 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.
BlueBarricade has the capacity and model to 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.
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 inside the IBM mainframe on “zone 3” level. This means we process the transaction on the same level as global credit card transactions.
BlueBarricade is a global embedded partner for IBM and we work with all the IBM Z system certified partners. This 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.
We provide a range of blockchain consultancy services to secure the best possible business outcome of a blockchain investment.
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.
Make Blockchain real for Business
Single source of truth
Tamper proof (extra security)
Prove Identity & ownership
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.
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.