Insolar is building its Blockchain as a Service (BaaS) platform to be an open-source, enterprise-grade blockchain platform and ecosystem that helps companies rapidly and affordably deploy distributed business networks.

Insolar is building an open source, enterprise-grade blockchain platform to enable seamless interactions between companies and to unlock new growth opportunities powered by distributed trust.

The BaaS platform handles the real-world complexity of business networks, building easy-to-design, shared business processes, and it works like using Lego building blocks.

“Insolar is a state-of-the-art blockchain platform, and more,” said CEO Andrey Zhulin in a statement.

“It’s a full-service ecosystem that will help any organization, of any size, profit from blockchain technology — from proof of concept, to production — and give them the tools they need to innovate and build the transformative business models of tomorrow,” he added.

Insolar’s fourth generation, blockchain-based cloud architecture is made to solve urgent real-world business needs.

According to the company blog, “Blockchain 1.0 (Bitcoin) was designed for P2P transactions, blockchain 2.0 (Ethereum) introduced business-oriented smart contracts, and blockchain 3.0 (EOS, Ziliqa, etc) aimed at improving scalability with sharding, higher transaction speed capacity.”

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“We call our platform ‘fourth generation blockchain’ because what it offers is a game-changer compared to previous solutions. It is an order of magnitude faster, can be run on a federation of blockchain-based clouds, meets compliance and governance standards, and supports smart contracts and hybrid, public and private networks.”

“We’re building Insolar to solve real business needs, today”

Insolar’s open source platform delegates trust to a shared data network. It connects with existing enterprise systems so that organizations large and small can connect seamlessly. And it runs on blockchain-based clouds, so companies do not need to make expensive upfront investments in IT labor and infrastructure.

“We’re building Insolar to solve real business needs, today,” said Zhulin, adding, “its requirements were informed by decades of industrial experience and validated by field research across multiple verticals: supply chain, consumer goods, energy, finance, and manufacturing. Insolar also has the benefit of hindsight, building off the successes and shortcomings of our predecessors.”

The Blockchain as a Service platform technology is based around three key elements: Domains, Contracts, and Clouds.

Domains are critical for tailoring Insolar to different applications and include the ability to manage a wide range of different operations.

Contracts are sets of functions that provide services — and every service within Insolar is a contract, including Domains.

Clouds are sets of nodes designed to store and execute contracts in Domains bound to the cloud.

Insolar is poised to bring the promises of blockchain cost cutting, revenue generation, and business model transformation to life.

Currently, the blockchain company is negotiating pilot PoCs with an independent mining company, smart grids in Toronto, and a leading European logistics firm. It anticipates a production launch in mid-2019.

Disclosure: This article includes a client of an Espacio portfolio company