Blockchain Connectivity with Codefi Orchestrate
Easily Connect Enterprise Applications to an Ethereum Network
Blockchain POCs (Proof of Concepts) are increasing across numerous industries. Yet, many institutions struggle with making the solutions viable and cost-effective. Why? Because building an enterprise solution that interacts with blockchain networks can be a complex undertaking.
Here are some key considerations when looking to connect your enterprise applications to your Ethereum network, and ways to resolve them using Codefi Orchestrate.
Private keys are at the heart of any decentralized network and require additional protections to ensure they are not compromised. By using a secure vault enclave that uses rotating keys and strict permissioning, you can ensure your keys remain private.
Codefi Orchestrate offers compatibility with secure storage systems such as Hashicorp Vault, in which private keys either live in memory when signing a transaction or are stored encrypted on disk, tremendously limiting the possibilities of a private key being compromised. Hashicorp Vault is a good choice for storing the majority of private keys that are used on a daily basis (e.g. private key of an investor in a decentralized finance system) and it offers a good balance between security, user experience, and infrastructure cost.
To learn more about Private Keys and Orchestrate, read the blog post “How Codefi Orchestrate Solves 4 Key Security Challenges for Enterprise Blockchain Solutions”.
Smart Contracts are what store and process your data. Any bugs or vulnerabilities could be disastrous for your blockchain solution. Here are some questions to ensure you have the answers to:
1. Has the smart contract been deployed using the correct code?
2. Is the implementation of the smart contract safe, i.e. no backdoors for potential attacks?
Orchestrate will soon integrate with MythX, a robust security API that will automatically audit and flag vulnerabilities in smart contracts whose code is available in the Orchestrate contract registry.
System failures and downtime can be extremely costly. According to Gartner, the average cost of downtime for an enterprise network is around $5,600 per minute. Here’s how to calculate your potential costs for your blockchain network downtime:
Cost of Downtime (per hour) = Lost Revenue + Lost Productivity + Recovery Costs + Intangible Costs
Lost Revenue = Revenue/hr x downtime(hrs) x uptime(%)
Highly regulated industries can also incur fines and additional costs.
Potential Transaction Failures
Some considerations that may easily be overlooked are:
- Your account not having funds beforehand
- Gas prices rising, making your transactions unable to be mined
By having a Faucet Management feature, Codefi Orchestrate helps ensure your transactions are monitored and sent every time.
Other transaction pain points include:
- Losing transactions that have not yet been mined
- Unrecoverable errors are always a risk
Using Orchestrate’s Transaction Manager, transactions are consistently monitored, and are re-broadcasted if they are not mined. Error codes are sent back to users as soon as any errors occur to limit potential damage.
High Volume Risks & High Availability
Sending a batch of transactions isn’t always easy. You want to ensure each has gone through, and in order.
Codefi Orchestrate offers a separated highly available distributed database to keep track of transaction nonces sent off-chain. Transactions and receipts are kept in order using an enterprise message bus.
A highly available solution also ensures resilience and horizontal scalability. By reducing micro-dependencies, Orchestrate avoids data loss.
Learn More About Codefi Orchestrate
There’s a lot to consider with the “in-betweens” of your Ethereum platform and your applications. From transactions, smart contracts, gas, nonce, and more – you want to ensure that each part is considered to avoid data loss, security breaches or other risks. In future posts, we’ll discuss how you can manage the costs of building your blockchain solution and reduce the time to production with smart planning and Codefi Orchestrate.