As more industries are building infrastructures reliant upon a widening range of secure digital integrations, Chainflux recognized the potential for a private EOSIO blockchain-based traceability solution, applicable across multiple industries.
Chainflux is part of the EOS VC portfolio of promising companies leading in the practical use of future technologies. Chainflux Co-founder and CEO Abhinav Ramesh explains the genesis of the business. “We saw the emergence of a lot of opportunities for private blockchains, which is where we started our journey.”
Working Closely with Regulators
In 2019 Chainflux began working with the India Gold and Policy Center at the Premier Management Institute. During its two year collaboration with regulators, Chainflux researched and determined that blockchain technology could improve the reputation of participants in India’s gold marketplace and help reduce illegal inflow resulting from smuggling. Responsibly sourced gold strengthens local gold marketplaces, and reduces dependency on gold imports which currently constitute a large part of the gold usage in India.
With insights gained from its research, Chainflux developed SHINE, a SaaS based traceability solution built on EOSIO designed for the following industries: agriculture, sustainability, and precious metals investment.
How Chainflux Leverages EOSIO Through SHINE
SHINE enables any supply chain to incorporate product traceability and source verification metrics. To run SHINE, Chainflux configured EOSIO to deploy a private blockchain, utilizing a Proof of Authority (PoA) based consensus model.
“EOSIO is very easy to deploy and implement. The basic architecture can be changed to suit our needs,” explains Abhinav.
Compared to EOSIO’s default consensus model of delegated proof of stake, PoA consensus only allows designated network gatekeepers authority over system permissions. The gatekeepers might be regulatory authorities, network administrators elected or assigned by a board, or consortia members.
In conjunction with the PoA consensus model, EOSIO allows network administrators to use named accounts and named permissions that improve interface efficiency and add a higher level of security.
PoA works to deliver solutions across industries:
- For precious metals investing: With PoA, industry regulators are able to authorize or deny transactions.
- For the sustainability industry: Onboarded brands may authorize authentic transactions, and classify any that are fraudulent or fail to meet sustainability practices criteria.
- For agriculture: Supply chains with integrated IoT sensor networks enhance traceability and verification, so that everything can be tracked from farm to fork.
SHINE’s private EOSIO blockchain deployment allows network participants to choose exactly what information they wish to share. This level of control enables parties to rely on blockchain verification without compromising privacy, and reduces the capacity for data breaches.
Chainflux’s Executive Leadership
Abhinav Ramesh
Chainflux CEO and Co-founder, Abhinav Ramesh, has been recognized as one of the top 100 blockchain technology influencers in Asia by Lattice80. He was the recipient of the Distinguished Speaker Award at the International Gold Convention 2019. Abhinav is also an avid outdoorsman and an Ironman Finisher.
Building on EOSIO?
Our #BuiltOnEOSIO series showcases some of the amazing projects leveraging EOSIO technology to build a more secure and connected world. If you would like to suggest a project for us to feature please send an email to spotlight@block.one for our Developer Relations team to review.
For more information on how EOS VC supports the EOSIO ecosystem through strategic investments and venture capital partnership funds, visit vc.eos.io.
– Block.one Developer Relations team
The post Chainflux Uses EOSIO to SHINE a Light on Traceability appeared first on EOSIO.