Insolar is a renowned tech company, which builds blockchain solutions for enterprises that offer fast transaction speed, data protection, scalability and regulatory compliance.
On November 1, 2019, Insolar launched its public blockchain network called MainNet. This is a hybrid network, which means it can combine private and public blockchain deployments. One could either choose to start a public network straight away, or start their private chain integrated with a cloud provider first, and later on run their environment in the public network.
During the event, Peter Fedchenkov, Founder and Chief Revenue Officer of Insolar, stated, “We believe that data will become more and more valuable in tomorrow’s economy. To unlock the value of data, you need to be able to share it with the value chain participants. And this is exactly the problem we have today.”
Peter went on to explain Insolar’s pragmatic two-step approach to blockchain implementation in enterprise environments.
The first step is called a ledger of documents, which uses blockchain as a database to record all the transactions and events that happen across the value chain. For example, invoices, purchase orders and delivery notes could be recorded in the blockchain, and blockchain would synchronize all of the systems across enterprises involved in the particular value sheet. This is also called the silent ledger because it only records information. It does not actively manage the value chain.
In the second step, users can add more and more structured data into the blockchain. Then with the power of smart and digital contracts, they can enable a further ultimation of the value chain, be it supply chain or anything else. This is called the ledger of data or the active ledger.
The mandate of Insolar Blockchain Platform is to enable organizations to manage and share data, and synchronize workflows in a multi-enterprise environment. This, as believed at Insolar, is the core value that blockchain brings to the enterprise world.
According to Peter Fedchenkov, “Blockchain does not have to replace the existing systems. In fact, it empowers the existing systems within the enterprise. It empowers ERP systems to enable immutability and share the single source of truth across their ecosystem of partners.”