RiveX’s Blockchain as a Service (BaaS)
A deep dive into the RiveX BaaS pillar.
What is BaaS and why is it important for RiveX?
Lets start with Software as a Service. SaaS is an important software distribution model which involves third party-providers hosting over the air applications to end users. Centralized service providers give customers network access to these applications and store user data either locally or on the cloud. Businesses have to rely on the SaaS provider to facilitate a secure environment for their data. This leaves data vulnerable as locally stored and cloud based data are at risk of being stolen by hackers, being damaged or even lost. A security breach could have a profound effect on a business.
This is where RiveX enterprise solutions comes in. Blockchain as a Service (BaaS) is a core component in RiveX’s revenue model, offering highly customizable and modernized software for enterprises, enhanced by the strength and uniqueness of blockchain technology. Decentralized cloud-based solutions alleviate the risk of data vulnerability by encrypting data and distributing it in chunks over a peer-to-peer blockchain based network. This data can only be unencrypted by the end user which increased privacy and security for all data sent across the network.
Individuals can either choose to be the provider or the user. By being a provider, the individual will be incentivised for assisting the network by pledging their own unused storage (becoming a storage node) or by assisting in securing the network during data retrieval (becoming a validator node). Being a user, the individual will be given assurance on data availability as well as the option to share their data set publicly or privately (encrypted).
Customers are able to leverage cloud-based solutions to build, host and use their own blockchain applications, smart contracts and functions on the blockchain while the cloud-based service provider manages all the necessary tasks and activities to keep the infrastructure agile and operational. This is a revolutionary development in the blockchain ecosystem that indirectly aids blockchain adoption across businesses. Lets take a look at the core features offered by RiveX’s Lanchain solution.
Governance — Capability of a solution to be fully compliant with all regulations including KYC and AML management with full privacy protection. Enterprise also benefit from private chain consensus as its more efficient since there are less nodes and enterprises have full control over their chain.
Privacy Protection —Capability of having a one time account bundled with a ring signature system for privacy. Since data can be encrypted, split into chunks and shared across a peer-to-peer blockchain network, data is far more secure than any centralized solution could ever offer.
Performance — Lanchain solutions offer very high performance as they can be tailored to specific enterprise needs, whether it be for transfer of value over a public chain, or transfer of encrypted data over a private chain.
Cross Chain Protocol — RiveX’s Lanchain built on Wanchain’s private chain offers cross-chain communication with existing public chains such as Bitcoin, Ethereum and the upcoming EOS integration. This bridges the gap between private chains and public chains by breaking down the cross-chain communication barrier.
Usability — Tailor made Lanchains can be adapted to enterprise needs, offering highly scalable and easy to use solutions.