About blockchain

What is blockchain

What is blockchain

In the last years, an innovative technology called blockchain –starting out with crypto currencies- has come to rise, making intermediate parties redundant in business processes. A blockchain is a database of transactions, replicated among all participants in that blockchain. Each step in a business process is called a “transaction” that –after validation of its correctness- is logged as a next “block” on the “chain” of previous transactions. In this manner, a business process can be steered by a blockchain by only allowing new blocks on the blockchain (steps in a business process) according to the exact specification of the initial process. In this way, participants in the business process can only behave as initially agreed upon in the initially defined process. Such agreements are defined in a business process model. This results in grip and control on your business process. Want to know more about blockchain technology? Please contact us for more information.

Why a private blockchain?

Why a private blockchain?

Private blockchains implement business processes with an up-front set of stakeholders (possibly coming from different companies) wishing to cooperate as one consortium. Goals of a private blockchain are: clear and maintainable agreements between stakeholders, efficient processes, reduction of errors, and low operating costs. The main difference with public blockchains (like Bitcoin and Ethereum) is that only an initially defined, select group of stakeholders are allowed to be involved in the blockchain. This makes operating and maintaining the blockchain much easier, with no burdens like Proof of Work or Proof of Stake to achieve consensus on correctly executed transactions to be placed on the chain. In private blockchains (like Corda) the business process is defined as the execution of a sequence of “smart contracts”. A smart contract first checks whether all pre-conditions are indeed met before the corresponding transaction can be (automatically) executed (using “smart rules”). Private blockchains are completely transparent (all parties involved in a transaction are fully informed about any pre-conditions and execution rules of that transaction), traceable (the whole history of executed transactions is logged on the chain), safe (only authenticated and authorized users our allowed), and non-mutable (it is impossible to change or delete any logged entry in the chain). This makes a private blockchain a safe and reliable technology in any organization, starting from an internal process of a small company, up to blockchains for international consortia of cooperating businesses.

Advantages of private blockchain

Reasons for choosing a blockchain built by NorthChain!

NorthChain has constructed a language called OLE (Objects, Logic, and English). OLE is a structured natural language that allows you to define your blockchain in full detail on the conceptual level of the business. OLE is easy to read and write by non-IT experts, and allows you to systematically write a complete definition of your business process. The OLE specification of your blockchain can be validated for correctness by the domain experts. Our OLE-compiler subsequently generates executable and 100% error-free blockchain code in a fraction of the development time you would normally need to write the code by hand. We also have a Dutch variant of the language called OBN (Object geBaseerd Nederlands).

As a NorthChain client, you are offered:

  • A validated business process model of your organization
  • A working and error-free blockchain within a matter of weeks
  • A maintenance contract with NorthChain that will handle any future changes in your business process (e.g. changes coming from new law and regulations) by compiling the adapted business process to an adapted blockchain
How OLE works

Apply for a demo (no obligations attached)

Would you wish to know more about private blockchains in general, and/or discover what NorthChain, equipped with its OLE-technology, can do for your organization and your business processes? Then make an obligation-free request for a demo! We will gladly come around to illustrate and explain our technology.

Apply for a demo

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