February 17, 2017 | Written by: John Palfreyman
Categorized: Industry Insights
We often get asked “where’s the business case for this blockchain project”. Blockchain is new yet offering considerable transformational potential, so this is a hard question to answer. We usually suggest that our customer understands what blockchain is, works with us to find a suitable use case then embarks on first project together using an agile approach.
Figure 1: Blockchain Project Approach
This has worked well with over 80 customers across industries at all corners of the globe, but we constantly look for ways to accelerate the process, so our sponsor can demonstrate blockchain value to his internal stakeholders and external business network partners as quickly as possible.
Hyperledger Composer is a breakthrough in accelerating time to value, allowing customers to focus on building their blockchain awareness and deferring business case discussions to the appropriate time in the agile process.
Blockchain is a trusted, distributed ledger with business processes shared across a business network. Transactions are agreed by the network participants and blockchain provides total clarity of who’s done (and owned) what, when. There is one view of truth shared across the business network, resilient to fraud & cyber-attack where disputes are easy to resolve.
As a founder member of the Linux Foundation Hyperledger Project, we have used the Hyperledger Fabric as a technical foundation for our customer projects. Fabric allows us to implement the shared business process as smart contracts .
Hyerledger Composer is a set of open-source development tools for quick solution creation through a business-centric vocabulary. It allows us to start at the business level, modelling network assets, participants, and transactions. Applications then use standard interfaces to invoke transactions that create, delete, and update assets and transfer them between network participants. Fabric Composer also makes it easy to integrate the new blockchain solution with existing business systems of record, again accelerating time to value.
Figure 2: Fabric Composer Positioning
Fabric Composer allows us to define:
- The business network and its participants
- Assets, transactions and their relationship with the business network participants
- Rules for sharing / privacy across the business network, controlling who can see what
- The shared business processes, or smart contracts embedding rules for asset transfer
By allowing the blockchain developer to work at a level that makes sense to the business user, Fabric Composer will shorten the time between the design thinking process and the creation of a working solution thus allowing our customers show the true value of the new blockchain solution to internal and external stakeholders. This will in turn speed up business network formation and allow organizations to realize the full transformational value of a blockchain solution as soon as possible.
To find out more about Fabric Composer, check out https://fabric-composer.github.io/. Join the community and let us know what you think!
More on Blockchain?
- Blockchain for Government
- Proving Provenance with Blockchain
- Blockchain Privacy Services
- Blockchain for Asset Registration
- Building a Blockchain Business Network
- Blockchain Consensus