Blockchain The Next Big Thing for Middleware

Oracles can also be used as interoperability solutions, since oracles like Chainlink and Band Protocol serve multiple blockchains. Despite the six years of blockchain development along the likes of decentralized infrastructure and GameFi, there remains roadblocks that hinder blockchain utility. These features make Hyperledger FireFly an indispensable tool for organizations aiming to leverage blockchain, setting it apart as a leading solution in the rapidly evolving landscape of blockchain middleware. The top layer is the application layer, where most of the current industry solutions reside. Discover how AI, oracles, and blockchains are solving the massive corporate actions data problem for custodians, brokers, and investors across the finance industry.

If Web3 natives are not dealing with decentralized privacy protection driven identities, centralized parties such as government and big tech will roll out digital identities. In such a situation, the majority of the power in decentralized identity protocols will be owned by centralized parties. Web3 natives can either surrender power to them or to develop a complete privacy-driven solution for identities. With such a solution, the blockchain network can be bridged to more institutional and retail users, with a higher level of trust. With proven Web3 identity ownership, Web3 users and owners can deal with reputation-based scoring for uncollateralized lending and domain name services.

In collateralized lending such as Meta visa and Atlendis, users could provide creditability proof for borrowing loans. This attracts traditional finance and institutional lending as it is similar to how lending works in banks. After all, uncollateralized lending and borrowing does not make sense to the collateralization of securities, as institutions like Lehman Brothers used to have a strong reputation but ended up as the cause of the 2008 Global Financial Crisis. When borrowers are whitelisted, the Atlendis protocol only uses a few targeted liquidity pool for borrowers in order to strengthen the security of the whole liquidity system. Borrowers do not need to lock up any collateral on Blockchain Middleware Atlendis protocol which does not limit their liquidity level. In this protocol, lenders can also choose borrowers that have higher levels of trust and sincerity.

2 Financial-service middleware

• These compute-enabled oracles verify that the data is accurate before the computation.
• The second transformation service prepares that data for the particular application.
• The rates established by the Chainlink node operator are dependent on the market relevance of the information given.
• This gives enterprises a future-proof abstraction layer for seamlessly interacting with any smart contract in any manner directly from existing backends and legacy tools—all with minimal-to-no server-side modifications.

Chainlink can also make use of trusted-execution environments, such as Town Crier, to conceal oracle computation while proving data and computation integrity. The goal is that users don’t need to trust the blockchain to operate as stated. Instead, all variables that could prevent the code from executing exactly as submitted are removed or reduced to near statistical impossibilities via proper game-theoretical design. The end result is multi-party processes transitioning to a shared, credibly neutral backend that maintains a single source of truth and facilitates value exchange in a trust-minimized manner. Decentralized validation plays a key role in generating trust-minimization, as all new transactions must be approved by a distributed network—removing asymmetrical advantages derived from having centralized administrators and IP owners. The airline association would implement the blockchain infrastructure and define smart contracts to enforce airlines to compensate customers when flights are delayed or canceled.

They use their knowledge of the Web3 ecosystem to assess and signal the subgraphs that should be indexed by The Graph Network. Through the Explorer, curators are able to view network data to make signaling decisions. The Graph Network rewards curators that signal good quality subgraphs, by letting them earn a share of the query fees that subgraphs generate. For example, XPRT works with staking as a service for Cosmos, Sol, Eth and Persistence One, pStake, liquid staking application. Its sub arm, audit.one, is an institutional staking as a service application with pLend as the stablecoin lending platform. Institutions have been a hub for attracting and educating retail investors so the latter can glean financial information.

It uses zero-knowledge proof to verify the user identities and assure privacy protection. The decentralized identity starts with KYC data verification that is submitted to the team, including facial biometric data. The user data is sent with an authentication request through the ONT gateway. After the authentication, the credential is stored on the local device with the ONT software development toolkit, then verified on ONT blockchain mainnet. The ontology ID starts with the ONT ID on the primary digital wallet, with Ontology Authenticator being the device to confirm the decentralized identity subject’s information. The Ontology Authenticator allows people to claim and register the identity.

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An example of outbound oracles would be smart contracts that check the circulating supply of a cryptocurrency token. Blockchain oracles, also called blockchain middleware, are services that connect blockchains to external (off-chain) third-party clients and services. Users with a developer background will be able to utilize on-chain data as an off-chain way and API connections from blockchain endpoints. The participation of institutions would drive the activities of retail users to form a massive blockchain world. Although every cloud has a silver lining, identities that are stored in a centralized chain or centralized database leads to the restriction of freedom. These data, once exploited, can be vulnerable to hacker attacks and identity thieves.

In addition, they also provide smart contract migration services, while migrating from Ethereum-based systems to Polkadot network. Truffle and Ganache provide smart contract development tools on ETH2.0, and their purpose is also to reduce the threshold of smart contract development. Since the network technology stack architecture and value distribution model of Web 2.0 and Web 3.0 are completely different, we tend to use a broader mind to research the middleware stack in the crypto network. We believe that Web 3.0’s middleware stack is between the base layer (layer1 / layer2) of the blockchain and the application layer, which improves the decentralized collaboration capability or the efficiency of token value transmission. Huobi Blockchain Application Research Institute (referred to as “Huobi Research Institute”) was established in April 2016.

Users can scan QR code on ONTO to log in to OScore’s website and authorize OScore to read ONT ID wallet assets. Consequently, users can sign in scan the QR code to generate user credentials. Enter Hyperledger FireFly, the leading blockchain middleware that seamlessly integrates applications with various distributed ledger technologies and any smart contracts. Polis’s solution to this issue is an upper-level middleware application manager that offers an authentication service to help app developers manage user access without worrying about wallet integration.