Blockchain has often been compared to the internet owing to its ability to offer endless possibilities and wide array of opportunities to businesses. While it’s true that blockchain is an advancing technology that has immense potential to disrupt many industries like what internet did in early 90’s, organizations often relate blockchain with cryptocurrency and limit it as an underlying technology for the cryptocurrency application. However, blockchain is much more than that. Over the past few years, many companies have come to realize the true potential of blockchain in solving many business problems. Also, many a time, blockchain acts as a true enabler for new business initiatives and models, empowering businesses to take new paths and try new models for meeting their business objectives.
This change in perception occurred primarily because of the quality-driven services offered by blockchain service providers, and the key benefits customers received from adopting them. By providing quintessential blockchain services, these companies allow organizations of all sizes to transform their businesses and achieve success and growth swiftly. Empirical Data, the subsidiary of trAna Technologies in Singapore, is one such company that provides groundbreaking enterprise solutions on its blockchain—Fusion core.
Empirical Data’s blockchain platform, Fusion core, is a fully permissioned enterprise-ready platform that offers unlimited possibilities for enterprises to transform their business. All the solutions of Empirical Data are built on Fusion core and are integrated with cutting-edge technologies such as IoT, machine learning, and Artificial intelligence to provide the best solution for the chosen use-case.
At Empirical Data, the company has adopted an open source blockchain framework and its engineers have been adding some innovative features to make its blockchain core called—Fusion core even more purposeful and impactful for the use-cases. For example, features that provide for storage of large size objects, more security wrappers, powerful frontend, intelligence visualization and many more.
Addressing the Unaddressed
Many organizations of today suffer from chronic SLA (Service-level agreement) failures leading to business and opportunity loss. This situation occurs as organizations fail to administer, monitor, and manage their SLAs to its entirety. “In most cases, there is a human element involved in the periodic review and to take appropriate actions during the lifecycle of the SLAs and this often leads to failures,” says Karthik Ramarao, Founder & CEO, Empirical Data. This is where Empirical Data excels by providing its enterprise-ready platform Fusion-core.
By arming customers with its enterprise-ready Fusion-core, the company helps both big and small organizations to administer, manage, and execute on their service-level agreement with their partners using blockchain as the core platform. Moreover, Empirical Data helps organizations to measure against the service-level objectives with the help of IOT, ML, AI and use the blockchain to track, reconcile, operate, manage and enforce and communicate on execution.
Today, the team at Empirical Data is focused on adding new features to its quintessential blockchain platform—Fusion core. With the passion for innovation and the commitment to user experience, the company has already developed and integrated four add-ons such as Deepstor, Accrete, Bowshock and Spectrum into its platform. Also, Empirical Data’s these solutions cover use cases in healthcare, Energy, Retail, Media, and FSI.
When asked how blockchain is transforming different sectors, Karthik Ramarao explains, “while in healthcare blockchain can bring transparency, quicker reconciliation, and settlement without hassles, blockchain can drive overall efficiency by integrating the supply chain better in the retail industry. In the case of the finance industry, blockchains are already being used for quick and fast movement of value cross-border. Besides this, it can help banks in monetizing APIs. It can fundamentally change how insurance industry functions and does its business. It can be an enabler for a rapid line of credit modulation in case of the merchant or commercial banking.
“As you will see these are all various manifestations of a blockchain very similar to, for example, how RDBMS evolved. The core is the same but should be capable to these evolutions. That is why we have built Fusion-Core in a manner it can cater to a wide range of use cases,” adds Kartik Ramarao.The company going forward intends to invest more resources in developing machine learning capabilities and even evolving it for deep learning applicability. “IoT and IIOTs are the others we are currently focused on. From a deployment model point of view, we will have an on-premises solution in the short term and a cloud-based service model in the medium term – which may be appropriate for some of the use-cases,” concludes Kartik Ramarao.
Quotes: Empirical Data’s blockchain platform, Fusion core, is a fully permissioned enterprise-ready platform that offers unlimited possibilities for enterprises to transform their business
Empirical Data helps both big and small organizations to administer, manage, and execute on their service-level agreement with their partners using blockchain as the core platform.
