The era of digital government is here. Our connected world provides enormous possibilities along with big challenges. While demand is rising for innovative solutions to the most pressing public sector problems, government agencies operate in an environment of shrinking personnel and budgets. In this complex, fast-changing environment, ChromaWay’s innovative “blockchain as a database” technologies can provide a path forward towards delivering on the promise of digital government. Postchain, our consortium database offering, and Esplix, our smart contract workflow engine, work together to create and store data in a secure and highly auditable framework.
Database + Blockchain = Breakthrough
Databases are at the heart of our modern information ecosystem and can be found behind every public or private organization. The core advantage of a database is centralized control of data. Standard relational databases facilitate easier enforcement of standards, improved security, and superior access control. For all their strengths, databases aren’t very useful for sharing data between agencies. That’s where the blockchain comes in. The point of a distributed ledger is that every participant in a consortium has a local yet guaranteed correct copy of the data, but how is this data stored? In a pure blockchain it is simply a list of transactions. This is a primitive and severely limiting way of storing data, and it is not necessary. Any application software needs a good way to find the data it is interested in. How many resources did Agency A send to Agency B? What is the average value of a transaction sent between the US government and a donor country? If the data is stored in a list of transactions, it will probably be necessary to write a new application to extract this complex information.
Enter the Consortium Database
A consortium database is just as good at managing data as a database, and just as good at being a secure distributed ledger as a blockchain.
Why choose between a traditional database and a blockchain when you can have the best of both worlds?
Powerful Application Across the Federal Government
Postchain is the world’s first consortium database using blockchain protocols to extend and integrate data sharing with key partners. Some of the many applications include:
Inter-Agency Data Sharing
Postchain enables agencies to work with every agency’s databases, while capturing data from other agencies through our synchronization protocols.
Grant, Lending, and Guarantees
Postchain facilitates the tracking of financial transactions using advanced ledger technology that provides an immutable record. Because Postchain integrates with SQL and NonSQL databases, interfaces between existing accounting and grant systems are easy.
Governmental Supply Chains
Supply chain management is a critical function of any government. Postchain provides agencies a robust platform to track goods from raw material, through production and distribution using digital signatures and the distributed ledger, all while leveraging current agency applications.
The world of currencies is changing. Since the appearance of Bitcoin in 2009, and the posterior development of simultaneous cryptocurrencies based on the blockchain, the way to understand money has changed completely. Cryptocurrencies are not the only origin of a shift in the currency world: empowerment of mobile payments or digital payment services have also had their share when it comes to empower a different way to pay.
Following the current trends, the list of banks and central monetary issuers are investigating the ways to become more adapted to a futuristic way to have money, spend it or save it.
ChromaWay is now developing a solution with e-currencies based on the blockchain. The industries to which blockchain can be adapted to are constantly growing, making the technology more adapted to the real world and the needs of companies, governments and financial institutions, as much as private users.
Sofitto and ChromaWay partnered to provide a solution to the Riksbanken in Sweden: the e-krona. For some months, the Central Bank of Sweden has become interested in finding a way to build an e-currency to complement cash, creating a safe way to do payments and transfers on the blockchain.
ChromaWay and Sofitto presented SofiWay, a blockchain-based network for immediate settlement of payment directly between individuals with a flexible and extensible architecture to support an ecosystem of applications and integrations.