An all-star team of serial entrepreneurs, blockchain engineers, and leading academic scholars is pleased to announce Insolar, an open source, enterprise-focused blockchain platform and ecosystem that helps companies rapidly and affordably deploy distributed business networks. Insolar’s 4th generation, blockchain-based cloud architecture is made to solve urgent real-world business needs. With it, Insolar is poised to bring the promises of blockchain cost cutting, revenue generation, and business model transformation to life.
Insolar’s announcement comes at a pressing moment when businesses are struggling to keep pace with increased data sharing demands. According to Accenture, 36% of companies are connecting to and sharing data with twice as many stakeholders than they were just two years ago. Existing systems, which are centralized and siloed, simply weren’t built for this velocity of interactions, causing companies to waste resources connecting systems together, transporting, processing, and verifying data, hiring intermediaries, and resolving inevitable discrepancies.
Insolar’s distributed business networks are the solution. Its 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,” says Insolar CEO, Andrey Zhulin, “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.”
Insolar is powered by a team of more than 60 people across North America and Europe, with an expansion into Asia coming soon. It is led by experienced enterprise and technology executives and boasts a technical group comprising 35 full-time engineers with industrial and blockchain skills and 10 academic blockchain researchers from leading institutions (York University, ETH Zurich, and Princeton). Among all blockchain projects worldwide, Insolar is ranked #1 in development activity (Cryptomiso).
Insolar is a significant brand and mission expansion of its previous identity, INS Ecosystem. It was developed to meet INS’s enterprise requirements and then dramatically expanded in scope following extensive market validation with 100 C-Suite executives across different business verticals.
Insolar’s open source platform is a generational leap forward from existing blockchain solutions. It is an order of magnitude faster, can be run on a federation of blockchain-based clouds, meets compliance and governance standards, supports smart contracts and hybrid, public and private networks, and introduces dozens of innovations, including industry-size node networks and large and long-running transactions. Insolar will be the first platform to offer solutions which truly fit the needs of enterprise interactions at a practical scale.
“Insolar is a state-of-the-art blockchain platform, and more”, says Zhulin. “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.”
Currently, Insolar 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.
- Large, diverse, and expert team of enterprise veterans, tech entrepreneurs, engineers, and leading academics.
- One of the biggest and most experienced technical teams in blockchain. Insolar boasts 35 full-time engineers who have built and maintained industrial, high-load, and high-availability systems, and have expertise in blockchain, AI, machine learning, and IoT.
- Insolar’s subsidiary, Insolar Research, boasts 10 world-class academics, including Prof. Henry Kim, co-director of York University’s blockchain lab in Toronto and one of the leading blockchain scholars in North America, Alexandru Butean, and Senior Lecturer Professor in Computer Science and architect of the Blockchain Society in Estonia.
- Ranked #1 in development activity among blockchain projects worldwide (Cryptomiso).
- Meets an urgent need. 36% of businesses are sharing data with twice as many stakeholders as they were only two years ago. Their existing legacy systems cannot keep pace. Insolar is compatible with legacy enterprise systems as an external add-on.
- Poised to surge. Gartner predicts that the business value added by blockchain will grow to $38 billion by 2021, then surge to $360 billion by 2026, and more than $3 trillion by 2030.
- Enables new transformative business models, such as asset digitization, disintermediation, and value exchanges such as the supply chain of information.
- Can be run on blockchain-based clouds in the Insolar ecosystem, thus enabling rapid deployment without expensive upfront investments in IT staff and infrastructure.
- Can integrate with existing enterprise systems and can also connect or enable migration from solutions built on other blockchains, such as Hyperledger Fabric and Corda.
- Introduces dozens of enterprise-critical industry-first: first to support simultaneous public and private networks, amendable and bug-resistant smart contracts, transactions longer than one block, multi zone security, and much more.
- Built leveraging extensive domain expertise in industries such as enterprise supply chain, energy, and fintech, validated through ongoing pilot projects and field research.
- Open source, with five diversified and proven revenue streams: domain registration in the ecosystem with full amenability to the individual domains’ governance schemes, consulting on the use of Insolar platform and applications, customized product development for individual business needs, paid ready-to-use blocks for applications and services, and vendor certification.
Disclosure: This article includes a client of an Espacio portfolio company