How do you see Blockchain being adopted in the enterprise space, going beyond the standard banking applications?
Blockchain has historically had limitations in scalability that restricted what developers could achieve. Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is significant. Kadena’s hybrid blockchain is a reimagining of what applications can do on-chain. That being said, Kadena is a platform designed to meet many needs – those of enterprises, developers, and entrepreneurs.
Blockchain use cases go beyond just the standard banking applications and into other areas such as supply chain management, medical data sharing, and excess capacity management through sharing services. An example of medical data sharing is demonstrated in Rymedi’s CBD oil tracking. In this use case, customers scan a simple barcode with their cell phones to receive data about a product’s origin and journey to validate authenticity.
Uniting public and private Blockchain applications will have its risks. What do you foresee, and how do you plan to mitigate it?
The opportunity here is to maximize the benefits of each type of blockchain and set it up so that all the best parts get leveraged. Historically, scaling limitations have been a hurdle for layering a public application on a private blockchain. Consider Ethereum’s CryptoKitties’ project, which almost brought the entire platform to a sudden halt. The Ethereum network was simply not built to scale as fast as it needed to in order to support so many incoming transaction requests.
Kadena’s public blockchain functions through a braided, parallelized Proof of Work consensus mechanism, the only protocol that has been validated by the market. The architecture enhances throughput and scalability while preserving the reliability of Bitcoin. Kadena Kuro, the platform’s next-generation private blockchain, overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum.
Businesses can reap the benefits of private blockchain without the tradeoffs, and individual users can participate and manage their personal data with transactions that are both more secure and faster. The ability to securely participate on a blockchain helps to realize a modern shared economy, one where a hybrid blockchain can drive security and efficiency across all industries.
Implementing a public Blockchain and integrating it into enterprise systems will not be a simple task. How do you plan to make it easier for enterprises to do this?
The hybrid blockchain supports interoperability using Pact, Kadena’s open-source, Turing-incomplete smart contract language with Formal Verification. We designed Pact to be the smart contract language that people can easily learn and use to support sophisticated projects. The simple smart contract language is powerful enough to code complex contracts and execute multi-party transactions.
Enterprises and developers alike will find that applications once considered too difficult to build are now achievable with Kadena. By removing the complexity and vulnerability of other smart contract languages, Pact advances secure and legible transactions. With its ease in usability and security, Pact encourages blockchain adoption.
In this process of integration, how would you address the question of legacy Infrastructure?
Transitioning legacy applications to a modern technology infrastructure has always been a significant challenge for organizations. Blockchain is no exception to this. As with any transition, updating legacy infrastructure needs to be handled deliberately.This means evaluating the pros and cons of the system already in place and offering alternatives that amplify the benefits and address the drawbacks.
It also means that one has to understand the true benefits of a blockchain solution and fight the urge to look at it as a silver bullet. It is possible that blockchain solves part of a problem but not the whole, and there is still a lot of value.
How can enterprises be in readiness for the drastic transformation that Blockchain applications can bring to their systems? Is it merely process transformation or will it require a deeper capability to transform? How do leaders ready their company for it?
Enterprises need to be open to innovating and, to a certain extent, open to making mistakes. That is the only way one can thrive in today’s quickly changing landscape. Blockchain adoption is coming; the question is whether an organization wants to lead or follow. The best thing that a leader can do is to reach out to a blockchain solution company, like Kadena, to understand if there is a valid blockchain use case for their business needs.
The actual transition onto a blockchain shouldn’t feel drastic. With the right features, implementing blockchain on to an organization’s processes should feel fairly seamless for all parties involved. Enterprises will find that applications once considered too difficult to build are now achievable with Kadena’s hybrid blockchain platform.
For example, Kadena’s smart contract language Pact is powerful and easy to learn, greatly reducing the hurdle to adoption. By going to the free online Pact tutorials, individuals and organizations can start familiarizing themselves with blockchain and smart contracts.
“Blockchain use cases go beyond just the standard banking applications and into other areas such as supply chain management, medical data sharing, and excess capacity management through sharing services.”
Anagha Mercado, Head of Product, at Kadena
Anagha is an experienced Information Technology Project Lead with
strong business analysis skills. She has spent most of her career
working in the Financial Services Industry. Before joining Kadena, she
worked at Nomura in their Portfolio Management and the US Finance
Technology groups. She also worked at Barclays, starting in Credit
Derivatives Technology and then moving to strategic programs that
dealt with publication and consumption of Intraday and End-Of-Day
data across the firm.
Before that, Anagha got her start as a VBA programmer at JP Morgan,
working on the trading desk in Interest Rate Derivatives and then
managing trading and front-office application teams in Credit