The New, Integrated, Integrity-Focused, and Intelligent Kid on the Block


By  
Director, Technical Content Services and iWay Product Manager

Learn how iWay handles blockchain integration.

Blockchain Buzz

A blockchain is a distributed record of transactions validated and stored at multiple peer locations in a network. The records form a consensus of replicated, shared, and synchronized information. For example, the debits and credits applied to a bank’s accounts might be stored in the blockchain. The ledger (blockchain) is not the record of the accounts themselves, but rather the changes in account position.

The records stored in the blockchain are immutable, providing a high level of security and integrity. Each record is chained to the prior record, hashed, and encrypted, forming a chain of transactions from the initial transaction to the most current. The records are duplicated among the peers in the network, and available to any authorized party for viewing. The result is a horizontal (peer storage) and vertical (historic chain) mesh that is virtually tamper proof. This results in a high level of trust, transparency, and reliability.

The diagram above illustrates the "chaining of the blocks," where iWay Service Manager (iSM) posts a unique Transaction ID (TID) along with application data for a specific transaction within a block.

Once an item is recorded, it is irrefutable proof that this event occurred at a specific time and date, and (perhaps) between specific counterparties. The use of blockchains solves the problem of transferring value between parties (or entities) without the need to rely on a third intermediating party.

In the enterprise business world, a private (permissioned) blockchain provides a basis for non-repudiation and automates many of the existing labor-intensive processes required to settle transactions. Blockchains can reduce transaction and back office costs, the complexity of cross-enterprise business processes, fraud, and inefficiencies in the business to free up capital.

Blockchains can also take advantage of smart contracts. Smart contracts are self-executing contracts or agreements that are represented as software that can automatically trigger actions under certain conditions, such as when payments are made (or missed).

Smart contracts are implemented in chaincode, which implements the application in the peers. The peers run this code, and at a future point, validate the transaction to determine, for example, whether an asset should or should not be transferred.

Business Value Drivers:

  • Ability to share information with parties that cannot be fully trusted
  • Reduce the risk of data being compromised internally or externally
  • Multi-party collaboration
  • Need for increased security
  • Utilization of smart contracts/chaincode
  • Transparency and ease of auditability
  • Increase business transaction speed
  • Minimize data duplication
  • Reduce operational costs
  • Reduce the cost of fraud

Blockchain Provides:

  • Decentralization
  • Reliability
  • Simplification
  • Transparency
  • Traceability
  • Cost Savings
  • Reduced Errors
  • Faster Transactions

Blockchain Integration Support With iWay Service Manager

iWay Service Manager (iSM) Version 8.0 and higher offers integrated support for permissioned/private blockchain applications. Our proven integration capabilities work with and alongside blockchain platforms and applications.

Using our blockchain application integration capabilities, iSM can acquire messages from the outside world, existing applications, or other sources, then process them and share the results with other applications. iSM lays the foundation for a quickly deployable, easily maintainable service and event-oriented blockchain architecture, as well as a mechanism to make configuration easier for a user to understand. iSM integration benefits include:

  • Reduction in development cost and time, and faster implementation into the blockchain workflow.
  • Integration with peers (nodes) on the network, and ability to transfer detailed posts and queries between peers and iSM.
  • Capability for synchronous and asynchronous transaction posting to the blockchain, which directly tackles scalability, transaction speed, and throughput concerns.
  • Linking multiple types of blockchains together.
  • Graphical building of process flows with full integration and configuration via adapters.
  • Ability to keep transactions in order, prior to posting a sequence of transactions.
  • Better visibility of the workflow process with real-time exchange of events and documents.
  • Component customization through our wizard simplifies component use.
  • Metadata and streaming analytics.
  • Unique queries and custom event handling.

Blockchain Data Integrity Support with Omni-Gen

Once your blockchain application is integrated with iSM, our Omni-Gen platform can easily be incorporated. Omni-Gen Master Data Management (MDM) and Data Quality (DQ) Editions enable profiling, analyzing, enrichment, merging, managing, and cleansing data from any source, structured or unstructured. With Omni-Gen, organizations can:

  • Obtain a browser-based, 360-degree view of master data across multiple blockchains.
  • Assess and visualize data through dashboards, open presentation interfaces, and user-driven execution.
  • Implement real-time data quality rules that support standardization, validation, cleansing, custom business requirements, and integration with multiple blockchains.
  • Facilitate data governance using an integrated Remediation portal with customizable workflows for insight and remediation.
  • Shorten development cycles and improve ROI.

Blockchain Data Integrity Support with WebFOCUS

Once your blockchain application is integrated with iSM, our WebFOCUS platform provides the ability to turn blockchain data into actionable insights for real business strategic decisions. The WebFOCUS enterprise business intelligence (BI) and analytics platform delivers rich, consumable, interactive information to the widest range of employees, managers, analysts, partners, and customers. With WebFOCUS, organizations can achieve:

  • Broad and deep analytical capabilities via portals and dashboards.
  • Self-service analytics and data discovery.
  • Enterprise reporting and analysis.
  • Predictive and location analytics.

Sample Business Blockchain Applications

Banking and Finance

Domestic and cross-border payments, KYC, AML, clearing and settlement, loan origination, trading transactions
Manufacturing

Design IP protection, product history tracking, production process assurance, recalls management
Education

Transcript validation and transfer, educator credentialing, payment of federal/state funds/grants, degrees, certifications
General Business

Payments, collections, claims, purchase agreements, identity fraud, shareholder voting

Media and Entertainment

Direct payment to content creators, digital asset security, know your customer
Government

Taxation, infrastructure protection, ownership records, building permits, criminal records, voting, identity management

Retail and e-Commerce

Product histories, reduction of counterfeit goods, supply chain management, product registration/warranties
Real Estate

Mortgages, title ownership, lease agreements, legal documentation, contracts, escrow

Healthcare/Pharmaceutical

Lot tracking of drugs, regulatory submission, clinical trial management, patient privacy (EMR), genome data
Supply Chain

Supply chain finance, shipment tracking, ownership transfer, compliance monitoring
Insurance

Transactional processing, claims automation/processing, fraudulent claims reduction
Utilities/Energy Asset management, certification of renewable energy and emission allowances, metering and billing
Personal

Vehicle registration, passports, birth certificates, death certificates, marriage licenses
Legal

Wills, trusts, transfer of ownership, contracts
Food

Enhanced traceability of product origin, processing, tracking
Travel and Hospitality

Loyalty programs, travel documents

How Can iWay Service Manager Integrate With My Blockchain Application?

The blockchain workflow provides participants end-to-end visibility based on their level of permission. Detailed visibility of the workflow process is enhanced with real-time exchange of events and documents.

This level of detail and transparency helps reduce fraud and errors, reduces the time required to complete the workflow, and improves the management of the workflow. The result of the selected query is returned to iSM from the blockchain for transaction analysis.

Why Partner With Information Builders?

  • Over four decades of enterprise software experience.
  • Global organization.
  • Capable of linking multiple blockchains together for greater analysis and intelligence.
  • Guaranteed delivery network.
  • Provides 360-degree customer view.
  • Flexible solution architecture design.
  • Blockchain agnostic.
  • Shorter time to market and lower operating costs.
  • Ability to reuse existing applications and infrastructure investments.
  • Can adapt to existing legacy systems.
  • Universal off-the-shelf adapter suite, providing easy access to enterprise systems.
  • Award-winning IT customer service department.
  • Leader in transforming data into business value.
  • Member of the Hyperledger Consortium and Linux Foundation.

Additional Resources

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