What Is Blockchain Technology ?
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Blockchain IT solutions can boost the ROI of IoT-related investments for the oil and gas, retail and manufacturing industries, as DLT helps address common scalability, privacy, and reliability concerns. By partnering with ComF5 , you can drive enterprise-wide Blockchain initiatives with ease. We can help you accelerate the time to market for such projects through rapid prototyping, an agile development approach, and by leveraging our strategic partnerships with leading enterprises and academic institutions.
With expertise spanning across verticals, and equipped with the required DLT skill sets, ComF5 Consulting team is well suited to work with clients throughout their DLT Journey. Our exploratory workshops are aimed at introducing this technology to our clients, and we work with them to identify use cases specific to their business needs. We are strategically positioned to partner with our clients to devise their overall DLT Strategy, which comprises adoption, execution, and finally, implementation
We have recently partnered with leading players in the DLT space to provide specific solutions to our clients. Positioned to act as system integrators, we offer the clients our capabilities to scale, and leverage our existing business technics for these solutions. Our alliances are focused in areas of Payments and Enterprise Integration, speculated to be segments that are most likely to see DLT implementation first.
ComF5 Innovation Lab facilitates collaboration with clients, to identify and pilot different use cases. Our Rapid Prototyping approach shortens the time to work through the use case, and helps us achieve meaningful results faster. At the end of this reiterative cycle, we deliver a detailed report with our findings, which facilitates strategic decision-making with regards to DLT implementation.
The ComF5 Asset Exchange is a peer-to-peer exchange built directly into the Nxt software, allowing secure and fast decentralized trading in ComF5 Assets. This eliminates the need to transfer assets or to put trust in an outside agency or business, and as ComF5 Assets can be used to represent literally anything (from Bitcoin to coffee beans) there are a wide range of potential investments or trades to be made on the Asset Exchange.
- Private equities & Public equities
- Derivatives (futures, forwards, swaps, options and more complex variations)
- Voting rights associated with any of the above
- Commodities , Coupons, Vouchers
- Reservations (restaurants, hotels, queues, etc)
- Software licenses
- Music/movie/book licenses (DRM)
The ComF5 Monetary System allows you to create and trade user-defined Tokens called Currencies. Currencies are a specific class of Asset which have several extra parameters, such as the ability to back them with the ComF5 crypto-currency to stabilise their value.
Monetary System currencies can be freely traded both within the ComF5 system using the decentralized Exchange Booth feature and outside the Nxt core on external exchanges or projects that support the MS Currency system.The Monetary System allows an individual or project that needs a digital currency to quickly create one ‘off the shelf’ and then immediately begin using it, taking advantage of the established ComF5 blockchain, software and network.
- Voter IDs
The ComF5 Data Cloud is a decentralised data storage system.
In addition to keeping a record of ComF5 transactions, the blockchain can also be used to store user-defined data. All forms of data can be uploaded to the ComF5 blockchain, providing a secure (and, if desired, permanent) method of storing, retrieving and publishing information. ComF5 Messaging makes use of this ability to embed data in the blockchain, and the Data Cloud can be seen as an extension of the Messaging system.
One of the most important features of data storage on the blockchain is that the ComF5 blockchain is a permanent and immutable record that provides a tamper-proof time stamp. This allows for legal records (such as contracts) to be embedded in the blockchain, with absolute certainty about the time at which they were created.
- Vehicle registries
- Business license
- Business incorporation / dissolution records
- Criminal records
- Passports , Voting records
- Birth certificates & Death certificates
- HR records (salary, performance reviews, accomplishment)
- Business transaction records
- GPS trails (institutional)
Voting in ComF5 is very important: decentralised systems and organisations need to have a means of arriving at a consensus.
In addition to allowing the creation of simple polls, for example to gauge public opinion or to elect candidates to a position, ComF5 Voting is used as part of the ComF5 Account Control system, allowing transactions to be approved or rejected by a group of users. The results from ComF5 Voting can be utilized in many ways, depending on the project.
Voting can be restricted to holders of a particular Asset or Currency, allowing polling to be carried out either completely publicly (ie all ComF5 account holders) or only among a smaller, selected group.
- Voter IDs
- Voting records
- Criminal records
- Government/non-profit accounting/transparency
- Package delivery (split key between delivery firm and receiver)
The owner of a ComF5 account can make it subject to the ComF5 Voting System.In practice this means it is possible to restrict access to an account or to prohibit transactions without approval by multiple parties.This enables users to create accounts that can only transact with the approval of holders of specified Assets or Currencies, or to make transactions subject to Votes on spendings.
Account control enhances the security of accounts and ensures that only specific people have access to funds, under specific conditions.
- Decentralised Autonomous Organisations (DAO)
- Secure accounts
- Charity accounting
- Private Investment Funds
- Private Insurance Funds