Prestigious American educational institution Yale University has announced the launch of a blockchain-based off-grid networking platform in partnership with Tata Consultancy Services TCS on September 23, 2020.
Solution Based on Hyperledger Fabric Blockchain
This new solution is expected to will in a new framework that integrates privacy and trust within peer-2-peer digital networks. The idea behind this innovation was to resolve the current issues that affect the current exchange of money and data online. This includes the problems with delays in transfers, the presence of middlemen, and high transaction costs.
Yale University and TCS utilized the Hyperledger Fabric blockchain and IPFS p2p network to create a framework that combines the scalability and identity verification of private blockchains with the transparency and decentralization of public blockchains.
Furthermore, the solution also has features that allow for sharing data and services via a fully decentralized ecosystem that gives users control of their personal data. Yale researchers worked on building the core service features and integrated the software components while TCS focused on creating the identity component.
Both teams then evaluated the proof of concept in a series of tests for both security and performance on off-grid decentralized applications. The tests were successful and resulted in a platform that offers a trusted exchange solution within a decentralized framework.
Yale University professor Leandros Tassiulas speaking at the launch believes that the solution would enable greater trust within p2p platforms while increasing user’s control of data.
“But this first-of-its-kind platform we’ve created with TCS can establish trust while upholding user control of data. It’s a platform that will enable markets where they weren’t previously possible and give people sovereignty over their own data once again.” He said.
Blockchain Solutions Being Developed at a Rapid Rate
The adoption of blockchain technology continues to spread at a rapid rate as more organizations are deploying blockchain solutions for different purposes. There have also been millions of dollars poured into the blockchain industry towards researching new use cases.
This is a contrast to a few years back when the technology was largely seen as a way to create get rich quick cryptocurrencies. The partnership between Yale University and TCS shows how blockchain can be used to create unique projects.
It is expected that the adoption rate would continue to grow as blockchain solutions become integrated into real-life applications.