The current process of creating an “immutable” audit trail of data is cumbersome and labor-intensive, requiring all the information to be placed on a private, permissioned blockchain. Right now the typical identification process of a data trail typically take several days, but Tech Crunch reports that recent trials in the private blockchain sector forecast a future where this could only take minutes.
A London-based startup called Gospel has been working with an “aerospace and defence manufacturer” that is thought to be British Aerospace, though this has not been confirmed by the company, in an effort to develop an applicable way to improve record keeping for its supply chain.
Since it was founded in 2016 by Ian Smith, Gospel has secured $1.4 million investors led by European-focused LocalGlobe to research a new method that will allow them to securely distribute data across decentralised infrastructures, allowing companies to bypass a significant amount of manual labor by automating records for complex products.
Gospel’s private blockchain works through a system of automated “nodes.” Every user sets up a network of nodes, each of which is controlled by a particular party. If a transaction is to be processed and put on the blockchain, every node in the ecosystem must agree on it. By only sharing the information it needs to with the other partners in the supply chain, Gospel’s blockchain could become a more efficient and cost-effective method of securely sharing data.
“For manufacturers and other businesses dealing with critical data there is a problem of trust in data systems, particularly when there is a need to share that data outside the organization,” says Smith. “With Gospel technology we can provide an immutable record store so that trust can be fully automated between systems of forward-thinking businesses.”
Waves is another startup stirring up the blockchain world. The Russia-based company has issued its own cryptocurrency and recently launched Vostok, a universal blockchain solution designed for scalable digital infrastructure. Named for the craft that carried Yuri Gagarin into space, innovation is in this technology’s blood, supposedly being faster and cheaper than any other existing blockchain solutions, claiming 10,000 transactions per second (TPS) at only $0.000001 per a transaction. Bitcoin currently has a processing capacity of 3-6TPS and costs $0.951 per transaction.
“Vostok is a multi- purpose solution, quite simple, but at the same time non-trivial. It will allow any large organisation to gain the benefits of blockchain without having to create new systems from scratch or retrain their staff,” said Sasha Ivanov, CEO and Founder of Vostok and Waves Platform.