Implementation strategies 

There are different implementation strategies that organizations can look at to implement a blockchain network. These are as follows:

  • All stakeholders own and maintain a node on the blockchain network. This node can be on-premises or on a cloud platform.
  • A cloud-hosted blockchain network is operated by a trusted service provider. Organizations can view data and information and submit transactions based on access control. This is known as Blockchain as a Service (BaaS).
  • Accessing a public permissionless blockchain to record data so that it cannot be tampered with. A good example is storing the hash signature of a document to the public Bitcoin or Ethereum network. The transaction ID and the document is then shared with other stakeholders who need to validate the authenticity of the document in the future. 

Organizations can choose to put either complete data and information on the blockchain or can just the hash of the data, document, or information on the blockchain.

The first case is applicable when the stakeholders need to share data in real-time between different stakeholders and ensure that the information shared is immutable and cannot be modified once it has been published to the shared ledger.

The second case is applicable when the stakeholders only need a blockchain to establish the provenance of documents, data, files, or any other assets. The actual data or asset is not shared through a blockchain. In such a case, we only publish a unique attribute of the asset to the blockchain. For documents, files, and information, this can be a hash of the file or document content. For assets such as gold, it could be the carat value.

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