Blockchains are an emerging technology pattern that can radically improve banking, supply-chain and other transaction networks, giving them new opportunities for innovation and growth while reducing cost and risk.
It is a shared public ledger. It uses the Blockchain Technology for keeping the transactions highly secure. The blockchain is a list of blocks that form the database in which transactions are written in an append-only manner. The Miners mine the Blockchain Solutions to create new blocks.
Customers can create contracts which are embedded in the code. Hence, whenever the code runs the contract attached to the transaction is executed. Consensus systems with a group of peers in the network ensure that the transaction is valid and on acceptance of majority, the contract is executed.
EIL Global has built capabilities in the technology side specific to IoT and Blockchain.
Currently, we have 3 offerings in Blockchain to promote which are specific to industries.
- Quark – The logistics control tower management software
- Axis – The tools, dies and moulds lifecycle management (which can be extended to component supplies as well) with bill discounting modules integrating with vendor payments and banks
- XACT – Bunkering solution for refuelling.
Want to know about EIL’s blockchain services?
MARINE INDUSTRY: XACT – BUNKERING PLATFORM USING BLOCKCHAIN:
- Bunkering involves multiple stakeholders – The vessel-in-charge, bunkering vendor, surveyor, Fuel Analysis labs, mediators.
- The procedure is totally manual requiring extensive monitoring and ratification by all parties.
- With Blockchain enablement, all the measurements and the transactions can be stored in a distributed database which is immutable.
LOGISTICS – QUARK – CONTROL TOWER MANAGEMENT PLATFORM
- With Blockchain enablement, all the measurements and the transactions can be stored in a distributed database which is immutable.
- Ability to handle multi-party contracts and settlement along the logistics value chain.
- Significant savings in transactions processing and reconciliation times.
MANUFACTURING – AXIS – TOOL & DIE LIFECYCLE MANAGEMENT
Possible to group all tools & dies required for manufacturing specific components through the system. Will help in the planning process, reduced machine Blockchain Solutions downtime and improve customer delivery. All stakeholders, Toolmakers, Component suppliers can track & trace all the 6000 tools & dies on the system. 100 % fool proof, no pilferage and stock out.
POWERFUL FEATURES OF BLOCKCHAIN:
ACCESS TO THE SHARED LEDGER IS PERMISSIONED – Only authenticated parties get access to the ledger and permissions are configurable. The benefit is that ledger access can be controlled so that only parties that you want to access it can do so. The shared ledger is replicated and distributed; every permissioned participant gets a copy of the same ledger. The benefit is the increased Blockchain Solutions transparency of information.
TRANSACTIONS ARE ENCRYPTED
Only those parties with separately provided security certificates can un-encrypt transactions. This means that transaction details remain secure and unreadable to all but the transaction’s explicit stakeholders
IMMUTABLE TRANSACTIONS
Sets of transactions are grouped up into blocks and the blocks are then written to the ledger. Each block also holds the hash value of the previous block; creating a linked chain of blocks that can’t be changed. This enables assets to be traced back to their origin through every update stored in the transaction record and linked by the chain. Thus the transactions are Immutable.
NETWORK VERIFIED TRANSACTION
Participants in the business network agree that the shared ledger is the single source of truth or System of Record, which brings the benefit of fewer disputes about discrepancies in records of transaction details between parties.
EIL Global’s offerings in Blockchain:
- Quark can be offered as a KPO solution as well, with recurring revenue possibilities.
- Quark is primarily for logistics companies but can also be provided to logistics technology solution providers as a differentiator to help their customers manage their operations better.
- We can also look at B/C solutions to Government (Blockchain based elections at all levels for fast, reliable and transparent elections) and to Universities and Academic Institutions for managing the academic as well as co-curricular records.
- We can provide IoT, RPA solutions, either separately or with Blockchain offerings, through our partner companies.
- We can explore offering FTE resources in Blockchain
