Business challenges, decoded.
Please introduce your company and give a brief about your role within the company?
We are a group of blockchain experts and business professionals committed to accelerating the implementation of blockchain solutions globally. We have been delivering end-to-end customized blockchain solutions to different verticals like finance, healthcare, and energy for the past few years. Our clientele is spread across the United States, Europe, and Singapore. Our consultants and developers work on providing solutions using state-of-the-art blockchain technologies, including Hyperledger Fabric, Ethereum, EOSIO, and Graphene.
Personally, I lead Deqode’s corporate and development work. Over a career spanning two decades, I have provided advisory support to a broad range of institutions, including payments providers, asset managers, healthcare providers, and supply chain organizations.
How does your company differentiate itself from the competition?
Deqode offers a complete portfolio of enterprise blockchain solutions to rapidly integrate the technology with existing business processes and accelerate digital innovation journey. From ideation to deployment, we help our customers build the future of decentralized technology. Our rich industry experience and distributed ledger expertise paired with robust integration competence helps in providing end-to-end blockchain application development services where we conceive, design and test real-world blockchain applications while addressing important aspects such as interoperability, scalability and business process re-alignment across network participants.
What industries do you generally cater to? Are your customers repetitive? If yes, what ratio of clients has been repetitive to you?
We are known for our work in financial services, supply chain, and telecom industry. We do have repetitive customers, which form nearly 60% of our client base.
Please share some of the services that you offer for which clients approach you the most for?
The services that we receive the most traction in are:
• Blockchain and DLT solutions
• Cryptocurrency solutions (wallet and exchanges)
• Dapp development
• Smart contract and auditing
• STO launch
Which platform do you prefer to use when developing a blockchain application? Why?
Our proprietary BIF (Blockchain Identification Framework) model helps us to choose a platform that suits our customers’ needs the best. Ranging from Graphene, Hyperledger Fabric, Ethereum, EOSIO, we use the platform that fits our customers’ requirements the best.
What tech stack and tools do your developers use?
We shape our clients’ vision using different JS frameworks and implement blockchain technology and DLT using IBM Hyperledger, EOSIO, Blaze Protocol, Graphene, Corda, etc. Our specialty lies in custom blockchain development for our clients and integration of AI - for which we harness the power of multiple programming languages ranging from C++ to Python.
Are open source, decentralized protocols going to be more significant than their web equivalent?
We can easily see a very high degree of digitization happening in our lives. Thus, it is not far when we would have the machines talking to each other via a mix of technologies that encompass IoT, Cloud and Machine learning. Open source decentralizes protocol would then present and construct the trust layer over which these devices would communicate and execute specific contracts with each other. Having said that, the web equivalent would continue to remain as they provide a separate business function all together than the decentralized protocols.
What scalability and throughput challenges are there with blockchain? What solutions would you suggest?
At Deqode, we acknowledge that pretty much the biggest issue standing in front of mass adoption of the technology is scalability. For instance, Bitcoin supports only about ten transactions per second, and one of the solutions by a huge enterprise claims to have 2000 transactions per seconds. But these speeds will do nothing for the volumes of data traditional companies exchange, irrespective of any use-case.
We recognized this back in 2015, and our research wing at Deqode started taking this issue head-on. We started with a prototype for one of our customers that was capable of doing 18000 transactions per second, and the solution, which was based on a sub-chain and parent chain concept, worked so well that we developed an entire patented blockchain: Blaze Protocol. Blaze is the only decentralized protocol that scales as you add more machines and nodes to it. This allows Blaze to achieve theoretically infinite throughput.
Will the success rate of ICOs be better or worse than tech start-ups?
I cannot deny that the fail rate of ICOs is pretty high, but so is with the tech companies who use traditional funding methods. Now, at this point in the game, the success of ICOs is surprisingly better than the success rate of the tech startups. This is mainly due to a vacuum of regulations enabling a proliferation of scams. In the future, I can see how the success rate of ICOs will fall to be closer to the actual success rate of the startups, as the whole industry gets smarter.
What are the key factors that you consider before deciding the cost of a project?
• Scope and Technical complexity of a project
• The staffing need for the project in terms of the number and experience of the resources needed.
• Future support and maintenance needs.
What kind of payment structure do you follow to bill your clients?
We generally follow three models:
1) A fixed scope, milestone-based payment structure.
2) Time and material engagement
3) A combination of both.