Implementing Blockchain into Your Supply Chain Workflow
Andrey Zhulin, co-founder and CEO of Insola, believes that blockchain technology should bring real value beyond the hype, and it should create new business opportunities, decrease costs and increase transparency, it can transform the whole economy, across all supply chain industries.
Distributed Ledger Technology (Blockchain)
Insolar is a DLT-project (Distributed ledger 'blockchain' technology) which focuses on delivering the best infrastructure for businesses when it comes to implementing blockchain into their workflow.
Insolar’s team is working hard on building their architecture, just take a look at their GitHub.
$INS has been outperforming EVERY single $crypto in terms of github activity and progress
The technology is described in detail.
I highly suggest giving it a read:https://t.co/XHRDxxIxUYhttps://t.co/VPySAcc7AK@insolario @andreyzhulin pic.twitter.com/QdtMSRnTHy— tehMoonwalkeR (@tehMoonwalkeR) August 29, 2019
I had the honor to ask Insolar’s CEO Andrey Zhulin (pictured above) all about their project.
“Hi, Andrey, what is your background and for how long have you been involved with blockchain technology?”
Hello everyone, I’m Andrey Zhulin, and I’m co-founder and CEO of Insolar. I’m an experienced tech entrepreneur. Before Insolar I co-founded Instamart, one of the largest venture-backed delivery services in Eastern Europe.
It’s a successful company with triple revenue growth year-on-year, with a team of over 600 employees. At Instamart I built an advanced, scalable platform and assembled a cutting-edge engineering team.
Before Instamart I worked as a Vice President at Siguler Guff, one of the largest equity and venture capital funds, based in New York. Here I invested in dozens of technology companies in the US, Europe, and China. I hold a Masters degree in Engineering from Bauman State Technical University and a Postgraduate Diploma in Quantitative Finance from the University of London. At Insolar, I focus mostly on strategy, product, and business development.
When we started, we had a vision of how blockchain could be put to practical use and transform virtually any industry. We quickly realized that no blockchain platform yet existed which could fill the needs for large and small companies worldwide. So we decided to build our own. We started Insolar to create an alternative.
“Insolar was founded with a rebellious spirit and lofty objective: to transform blockchain technology from a geek’s toy into a useful tool for real-world applications.”
When we started, we had a vision of how blockchain could be put to practical use and transform virtually any industry. We quickly realized that no blockchain platform yet existed which could fill the needs for large and small companies worldwide. So we decided to build our own. We started Insolar to create an alternative.
By leveraging rich experience in building complex enterprise software, utilizing the best available technological solutions, and engaging directly with future end-customers - large and mid-sized enterprises - we are able to provide a robust, reliable and scalable blockchain platform and developer tools that meet enterprise requirements.
We believe that blockchain technology should bring real value beyond the hype. It should create new business opportunities, decrease costs and increase transparency. With it, we can transform not only the grocery industry but the whole economy, across industries.
“There are many blockchain companies which focus on blockchain solutions for businesses, what makes Insolar different?”
The Insolar platform is enterprise-grade and solves the main challenges which blockchain technology otherwise faces: It is scalable, with fast transaction throughput, compatible with legacy IT, and easy to use. It is DLT as a service and does not require inhouse IT skills or hardware for implementation.
Insolar’s platform architecture is based on three main elements:
- Domains allow for flexible, custom-designed governance.
- Smart contracts guarantee full compliance with the rules established by domains.
- The cloud system based on blockchain technology is a set of computing and storage nodes, which allows scalability and flexible consensus mechanisms.
Our platform uses node role allocation to split computation power across the network, meanwhile, data sharding means that data is split across the network. This provides for greater security along with greater scaling due to the fact that network nodes are completing different tasks.
Moreover, we offer the ability to hybridize public/private solutions, meaning users can segregate data within a single network. This means that some data can be provided to some permissioned users, while other data is open to others with a different level of permission. This is possible by using data splitting via sharding and node role allocation that I talked about earlier, and these features also allow us to scale near-linearly.
Our vision is to overcome all of the current hindrances that are preventing wide-scale blockchain adoption among enterprises. We at Insolar really believe in the potential of the tech and are working hard to make DLT implementation a reality.
Insolar compared to existing technology & competitors
“Can you elaborate on the benefits Insolar’s platform brings to businesses?”
The two main benefits that Insolar Blockchain Platform brings to business are that it:
Improves cross-business interactions
Our platform solves problems associated with individual systems becoming desynchronized between business counterparties that results in agreed, immutable history of interactions/transactions. In adding smart contracts, the blockchain becomes a platform for immutable cross-organization workflow, a “business process automation in a consortium”.
Enables Information-as-an-Asset
The best companies increasingly recognize that information is the most valuable strategic asset they possess. By focusing on the information rather than the technology, these organizations are finally realizing the full potential of their investments in IT and optimizing business performance.
“What industries would benefit the most and can you describe some use cases for us?”
Sure, Insolar’s main target industries are:
Supply Chain & Logistics
As for supply chain: typically, negotiations and trading are conducted via telephone or email with limited transparency, meaning important data is fragmented and resides in unstructured documents. Centralized infrastructure does not provide a viable solution because delegating trust in one of the stakeholders comes at a risk to the others.
For more details on the impact of distributed ledger 'blockchain' technology on energy & utilities, retail, and automotive industries visit the medium article; Q&A - Andrey Zhulin, CEO & Founder Insolar
“A lot of businesses have never utilized blockchain technology before, how does Insolar help them move in the right direction?”
Most companies are aware of some of blockchain’s advantages, but others are not familiar with their benefits at all.
On the initial stage of our discussions with enterprises, we determine their pain points and do a strategy assessment.
Later we design a solution based on their needs, present a demo and, after that, we build a solution and help with its implementation.
“We are currently in discussions with several Fortune 500 companies about how we can improve their process efficiency via the implementation of the Insolar Blockchain Platform.”
Source: Medium (Mr. Backwards)
Related Papers
The Insolar Blockchain Business Network Platform
This technical paper details how Insolar’s fourth-generation blockchain platform represents a significant maturity of blockchain technology, furthermore it describes in detail how it is designed for enterprise networks and shared business networks. Download Now!
Insolar Economic Blockchain Paper
This paper details the unique architecture of Insolar Blockchain Platform combines strong points of public and private blockchain networks, enterprise clients are able to retain the privacy of sensitive data while still being able to openly interact with third party services. Download Now!
More Resources from Insolar
