The Spiderman weaves a web, a spider web which is a structure that consists of multiple nodes. Each node holds the web together. Every node has a function and is critical in ensuring the spider web is solid and sustainable. In much the same way, a Blockchain is decentralized.
In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network. Decentralized networks strive to reduce the level of trust that participants must place in one another, and deter their ability to exert authority or control over one another in ways that degrade the functionality of the network. We will not go into details as why Decentralization is important, but we do want to highlight the importance of Decentralization:
Provides a trustless environment
In a decentralized blockchain network, no one has to know or trust anyone else. Each member in the network has a copy of the exact same data in the form of a distributed ledger. If a member’s ledger is altered or corrupted in any way, it will be rejected by the majority of the members in the network.
Improves data reconciliation
Companies often exchange data with their partners. This data, in turn, is typically transformed and stored in each party’s data silos, only to resurface when it needs to be passed downstream. Each time the data is transformed, it opens up opportunities for data loss or incorrect data to enter the workstream. By having a decentralized data store, every entity has access to a real-time, shared view of the data.
Reduces points of weakness
Decentralization can reduce points of weakness in systems where there may be too much reliance on specific actors. These weak points could lead to systemic failures, including failure to provide promised services or inefficient service due to the exhaustion of resources, periodic outages, bottlenecks, lack of sufficient incentives for good service, or corruption.
Optimizes resource distribution
Decentralization can also help optimize the distribution of resources so that promised services are provided with better performance and consistency, as well as a reduced likelihood of catastrophic failure.
Organizations are planning to transition to a decentralized infrastructure, but this is not at all easy. There are multiple considerations:
- Using a Private Blockchain like Hyperledger or public Blockchain like Ethereum, Binance Smart Chain, Polygon and others.
- Gas fees in case of public blockchains
- Using Crypto wallets when interacting with public blockchains to pay for the gas fees
- Procuring Tokens/Coins like Ethererum, Matic or BNB depending on the public blockchain as this is used to pay for the Gas fees
- Asset size and using IPFS for large sized assets as it gets expensive to write large files to a Blockchain
- Multiple party agreements and consensus
- ERC721 and ERC20 tokens to assess ownership and transfer of control
All of this makes it extremely hard for a Business or an organization to quickly adapt to decentralization.
Well up until now. SPDR takes out all this complexity and gives Businesses a simple API call to write to a Private Enterprise Blockchain!
- One click deployment of private blockchain
- No-Code Smart Contract generation,
- Dedicated, Permissioned and Private Enterprise blockchain based on Hyperledger Fabric
- No other user can access this network
- Selective communication
- Dedicated, High throughput and No gas fees, Instant Deterministic transactions
- Single line API to decentralize your system,
- Fully secure and decentralized storage based on ipfs
- Customizable and Interoperable with public blockchain like Ethereum
- Create Fungible & NFTs on your private blockchain for Asset Transfer and ownership
- ERC20 & ERC721 Token support and Compliance
- No protocol or smart contract knowledge needed, No token/crypto deposits and no Wallets!
- Highly customizable & faster time to market
- Multiparty consensus and agreements, in-order transactions.
- Multi-tenancy support
- Faster Chaincode execution in milliseconds
- IoT/RFID Support, integrate into hyperledger backend
The beauty of SPDR is that Businesses can continue to pay in Fiat currency of their choice such as USD, SGD, INR, GBP etc. but SPDR handles all the hard work of creating a blockchain, auto creating smart contracts, automatically writing asset to IPFS and even generating an ERC token (like Fungible or Non Fungible).
No need for businesses to spin up teams and spend critical resources planning all of this when SPDR can enable decentralization within a few minutes and a few clicks.