Things to consider when developing use cases with blockchains

There are so many beneficial use cases using Ethereum (ERC 20), but the price of Ethereum itself appears to be bottomless. Now that the dark clouds are on the future of the blockchain, because it is such a time, we are very much committed to roll out useful use case of blockchain to the world.

Recently, I had the opportunity to spend a week at Shanghai Development Center. The BCL chain itself has finally started to get some shape with multiple nodes at last, but there are still a lot of things to do. But a good thing about any blockchain project is that the project doesn’t have to solve all the challenges by itself. The revenue model has changed in the recent past after the introduction of the token economy and then open source communities are trying to solve blockchain specific issues such as scalability and performance.

Firstly, I will try to introduce what BCL is doing in terms of technologies. Briefly, we are working on the locking and unlocking of a smart lock with the power of a blockchain, realizing lending, borrowing and facilitating payments of the space which is belonging to the lock. BCL’s multi-layer technology consists of following technology layers.

1. Blockchain
Blockchain exists as an infrastructure to provide trust. The use of blockchain is designed to be simple for specific business requirements.

2. IoT
For devices to work on IoT platform safely, efficiently and in massive quantities, IoT platform needs to manage to register, delete, organize and manage devices. In the future, this part is also targeted to be decentralized synchronously with the stabilization of the blockchain, but BCL aims to provide it by ourselves at the beginning of service.

3. PaaS
This layer is much bigger than others. When you examine the existing business flow one by one how it can be realized with P2P, we realize that not all business functions cannot be realized with just the smart contracts. Yes, this mechanism is rather centralized and not much different from the traditional centralized business applications.

4. API gateway

In order to build an API micro service and to provide stable service at a higher speed, it is necessary to create and manage an API gateway. This is also a centralized API gateway which is far from the idea of ​​decentralizing blockchains.

5. Devices
With all above to be developed, finally devices can be connected to the network. As a benefit of using blockchain, not only does the device’s identity be written against the chain, it will make it more secure and make it possible to unlock and lock securely through blockchain.

Although the existing centralized systems serves it purpose, we must acknowledge the fact that it does it by making compromises in the real-world applications like privacy, security etc., Among the many progressing blockchain projects and initiatives, Bitcoin is the oldest of all and is aimed at becoming the most decentralized project. However, even for bitcoin, for it to be used safely and easily, it is necessary for someone to provide a wallet service and a centralized base to buy/sell and trade BTC. Coinbase is an example service provider making huge profits by acting as a Bitcoin broker. Due to the contradiction of being a decentralized system controlled by a group of centralised entities, there are a group of people who thinks why we need Blockchain in the first place. Fair enough, let us think of ways why BCL thinks Blockchain is needed for,

Blockchain Lock thinks of the use case using the blockchain has many layers as described above and the PaaS part is responsible for complicated business logic. The function that you want to put on the blockchain is something that a business can utilize the original characteristics of the blockchain. Among the advantages of the blockchain, it can be applied comparatively easily as a normal task: 1. Identity management, 2. Tamper proof document 3. Asset management. From such a point of view our BCL chain delivers following functionalities.

1. KYC
The status that the person is identified once is written in the BCL chain, and it is used for BCL chain to increase values that only identified users participate in BCL chain.

2. Device Identity Management
Register identified-user-owned device as a trusted device. At the same time, semi-trusted devices will be able to trade securely through smart contracts.

3. Record information that should not be tampered
Utilize as a database for information that should not be tampered, such as a copy of real estate registration certificate.

4. Digital Currency
It is used as a ledger of digital currencies used safely in the world of P2P trading represented by Bitcoin..

5. Tokenized real-world Assets
With IoT devices, it is used as a mechanism to securely trade real-world assets in the P2P economy.

In the first place, the decentralized idea of ​​blockchains originated from antithesis to a centralized ecosystem. Other than the core functionalities mentioned above, BCL considers any businesses joining our chain as a standalone entity consuming our services. Each business will be run on a separate sidechain utilising the main chain ledger, and I aim to build a blockchain business empire with many side chains set up on the BCL main chain and growing while mutually helping each other.

As I explained above, it is very time-consuming and expensive to do existing business on a blockchain. Still, I would like to make use cases with blockchains because the number of people who have doubts about the way of enclosure accomplished by the world’s largest platformers is increasing. It looks like our life is getting free, but the reality is that we became a peasant of the giant platformers of the internet. The blockchain is located at its opposite side, technology to bring people back to sovereignty. Even if it takes time at the beginning, if you promote the future world standard infrastructure, you can share many assets in the chain, and the number of people participating in the chain and the number of devices will be expressed as the power of the chain. It will all be worth at the end. It means not only to safely control our own assets by ourselves, but also to regain self-sovereignty including our personal information in our hands.

We believe that such a world will be somewhat better than the present world, and we will continue to work hard and promote what we should do to be a part of that.

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