The Challenge for Enterprises to adopt blockchain
Traditional and legacy enterprises have faced challenges when it comes to integrating with blockchain technology. Despite the availability of privacy features offered by permissioned blockchain technologies like Hyperledger and Corda, these enterprises are often hesitant to send their data into a shared and replicated database. This is especially true for companies that deal with highly sensitive and heavily regulated data, such as healthcare providers.
Additionally, designing a blockchain solution is a highly intensive process that requires significant resources to build out a full-scale solution. Enterprises need to gain buy-in from multiple stakeholders in the ecosystem and hire experienced blockchain developers to deploy and manage the system.
The current blockchain ecosystem is highly fragmented.
Despite blockchain's value proposition of creating an interoperable ecosystem, the current landscape is highly fragmented and isolated from each other with multiple private consortiums built by large multinational corporations and smaller players deployed on their own networks.
Introducing Dedoco Trust Engine
To help enterprises overcome this barrier to blockchain adoption, Dedoco has taken an alternative approach to help companies overcome this challenge - by separating the document or data from the blockchain provenance.
This means that sensitive documents that need to be trusted and shared within the ecosystem are not directly stored on the blockchain. Instead, we only store the document hashes and all business processes that are applied to the document.
This alternative approach ensures that only the document holders can get access to the information contained within the document and also verify its audit trail.
What is Dedoco Trust Engine?
The Dedoco Trust Engine is a blockchain-based solution that enables businesses to securely store, manage, and verify documents across multiple networks.
It provides a simple yet powerful API integration that allows businesses across various industries to seamlessly write and read blockchain data, and manage information exchange. With this singular solution, enterprises can reap the benefits of enhanced security, transparency, and trust without blockchain expertise.
Deploy without blockchain expertise
The Dedoco Trust Engine is designed with the intention of creating an easy-to-use set of APIs for any business to be able to tap into blockchain features via smart contracts.
The APIs are made available as a Web2 friendly environment that is able to be integrated into any existing infrastructures and enterprise softwares without having to deal with the blockchain components.
Modular & Incremental Adoption
As opposed to private consortiums when ecosystem members are required to undergo intensive integration and data migration, the Dedoco Trust Engine allows users to take a modular approach when integrating with Dedoco Trust Engine. This means that a company can start with the most basic functionalities with a simple API request, and incrementally add on more smart contract features on-the-go based on the business requirements.
Dedoco Trust Engine API: Multi-Chain Interoperability
The Dedoco Trust Engine enables business applications to call the API service with different requests to write and read the blockchain data. It utilises GraphQL to index and consolidate the blockchain data, making it easy for users to query. Acting as a moderator to the API requests, it uses indexed data to post and retrieve information to the various connected blockchain networks. This unique feature allows for the verification of documents on Dedoco across different networks using one single API.
Business Optimised Smart Contracts
DTE allows users to read and write smart contracts that are catered towards business processes. These include document hashing, transaction signing, business attestations, certificate issuance, ownership transfers, revocations, and verification.
To cater for differing customisation needs by different user demographics, our smart contracts are deployed on various blockchain networks such as Polygon Matic network and Hedera Hashgraph.
Users of the trust engine will not need to interface with this layer and will use these functions via the APIs.
Benefits of blockchain for Enterprises
- Enhanced security & traceability: the immutable record cannot be tampered with, and the end-to-end encryption helps to prevent fraud and unauthorised activities. Audit trail documents the provenance of an asset and all actions taken to it at every step of its journey. This audit trail can be used as a proof for industries that requires provenance system due to regulations, or when the consumers want to verify audit trails for ESG disclosures.
- Digitalisation: Traditional paper-based processes are highly time consuming, prone to human error, and often requires third party mediation. The shared and replicated ledger on the blockchain acts as a one source of truth, eliminating the need for paper exchange, and streamlining the settlement process.
- Automation: Smart contracts can automate transactions and settlements. It acts as a parametric solution that automatically triggers a process once a pre-specified conditions are met This reduces the reliance of a middle man to oversee the process that requires significant lead time.
Explore the endless possibility with Dedoco Trust Engine Today
Dedoco Trust Engine is an easy to use on-ramp service for web2 companies to deploy web3 features within a short timeframe. With this singular solution, enterprises can reap the benefits of enhanced security, transparency, and trust without requiring their own in-house blockchain expertise.
The beta release of Dedoco Trust Engine is currently available on Dedoco’s permissioned chain and polygon Matic public network. For companies that are keen to explore the potential of DTE, our sandbox environment on polygon Mumbai Testnet is available for free access.