How Kaleido Created the First Blockchain Marketplace for Developers and Businesses
Marketplaces have taken the world by storm. The paradigm shift from massive firms to marketplaces enabled by individual networks was further catalyzed with the inception of Bitcoin and blockchain technology. However, even with the expansion of decentralized applications, crypto startups, and enterprises implementing blockchain technology – the emergence of a marketplace for enterprise blockchain solutions hasn’t taken off, until now.
This marketplace provides a form of composability also known as the “lego brick effect” that enables solutions to build on top of or integrate with one another. While public blockchains continue to strive to increase the composability of their platforms, Enterprise Ethereum blockchain networks have silently worked to create various specifications and components that ensure for a full-stack solution. Kaleido has built a unique marketplace that enables easy to set up Enterprise Ethereum blockchains that provide businesses optionality –– which helps eliminate the need for specialized blockchain expertise –– thereby reducing the costs to set up, deploy, and maintain a blockchain network.
“We’ve seen successful patterns of deployment as enterprise networks go into production and we’ve baked these best practices into the Kaleido Marketplace services, to help radically simplify the adoption of blockchain and eliminate some of the specialized blockchain expertise needed,” said Kaleido Founder and COO, Sophia Lopez.
How does the Kaleido Marketplace Work?
The Kaleido Marketplace offers enterprises the ability to construct their blockchain network quickly and seamlessly with customizable attributes. Businesses use the marketplace to build their blockchain solution from the following categories:
The underlying blockchain protocol that runs your network is one part of the entire full-stack solution. The option to choose from Hyperledger Besu or other Enterprise Ethereum blockchains such as Quorum is useful to companies who are solving different problems. Hyperledger Besu provides compatibility to the Ethereum public blockchain for enterprises who believe over time their firms will want to utilize the benefits of public Ethereum.
Kaleido enables enterprises to utilize their existing cloud services by integrating with Amazon Web Services or Microsoft Azure. These providers also have other services designed for key management and data protection that enterprises can integrate into their permissioned blockchain solutions. Kaleido’s platform offers a simple experience to build and manage blockchains running across Microsoft Azure, Amazon Web Services or on-premise.
Developer tooling offered by third-party providers such as Truffle or MythX are vital for widespread enterprise adoption of blockchain. These tools provide robust enterprise-grade services and products that enable a company’s product or engineering team to solve problems and build on top of their enterprise blockchain.
Unique to Kaleido’s blockchain marketplace are the services that the firm provides. For instance, Kaleido offers privacy and security solutions that enable enterprises to fully utilize the potential of blockchain solutions. Additionally, Kaleido offers blockchain native services that are needed for analytics, monitoring, and management for any blockchain network.
One of the most important aspects of the Kaleido Marketplace is the partnership integrations that enable an enterprise to use blockchain software provided by a range of other technology providers.
The Key to a Marketplace: Partner Programs and Integrations
Say you want to set up a blockchain network for your firm’s supply chain management. First, your firm will need to select an underlying blockchain protocol, for instance, Hyperledger Besu. Next, you’ll pick the cloud configuration that your firm needs whether it’s AWS or Azure. You’ll have a plethora of Kaleido services to choose from like an On-chain Registry or Zero-Knowledge token transfer mechanism. Finally, your company gets to choose from developer tools like MythX and Truffle and decide on the supply chain component, such as Treum. All of these third parties integrate with Kaleido services to provide the best service possible, all with click-button simplicity.
Today, owning the entire blockchain stack is challenging and partnerships are required to create the best solution possible. This is why ConsenSys combines our in-house applications with our ConsenSys-backed companies like Kaleido and Aztec to ensure for robust solutions that meet any enterprise’s demands.
Full-stack Blockchain Solutions in Action
Since its launch, Kaleido has helped organizations create thousands of blockchain networks with its Blockchain Business Cloud. With its Marketplace, Kaleido goes even further, offering the first full-stack of blockchain capabilities needed to build a complete solution, get to live production state and keep the solution up and running.
ConsenSys and Kaleido have helped consortium networks and enterprises establish working blockchain networks. For instance, the Small & Medium Business Exchange (SMBX), which offers a blockchain-based exchange for issuing, buying, and selling small business bonds to community investors, uses Kaleido to underpin its own blockchain solution.
“Since we are running this marketplace on behalf of the SMBX community, Kaleido has helped us get to market with our solution in a fraction of the time and at a fraction of the cost,” says Benjamin Lozano, SMBX CEO.
Another Kaleido example is Komgo, a cutting-edge commodity trade and finance network comprised of global institutions like Citi, ING, Koch Supply & Trading, MUFG Bank, Societe Generale, Credit Agricole Group, BNP Paribas, Shell, and others.
“By building on an open blockchain system, Komgo can select from the best protocols in development across the ecosystem and use existing building blocks for an optimized solution,” – Souleïma Baddi, Chief Executive Officer of Komgo.
At the same time, some enterprises often want a full-service implementation partner. There are Enterprise Ethereum solutions and support providers in every market around the world, including the big four consulting firms as well as ConsenSys Solutions. These companies offer services ranging from proof-of-concepts to production-ready blockchain networks to integration into legacy systems to ongoing support.
The value of robust marketplaces for enterprises and developers cannot be understated. The availability to create a network with industry-specific applications and services advances adoption for all users. Half the battle is knowing what exists and as the Kaleido marketplace expands the number of partners program it will continue to outpace other platforms that don’t enable such composability.