The online exchange of money and data is burdened by numerous challenges, including delays, middlemen, lack of trust, and high costs. Despite the use of blockchain, the current crop of solutions does not fully address the issues faced by businesses and individuals. Some frameworks lack adequate trust, while others rely on centralized management that prevents users from maintaining control of their own data.
To address this challenge, Yale University and TCS collaborated to create a new architecture, making use of decentralized storage provided by Hyperledger Fabric and the IPFS peer-to-peer network, as well as decentralized identities supported by Hyperledger Aries and Indy. This framework is the first to combine the scalability and identity verification benefits of private blockchains with the trust and decentralization provided by public blockchains. Additionally, it provides the ability to share data and services through a fully decentralized digital ecosystem that enables user control of data.
TCS developed the identity component, while Yale researchers built the core service and integrated the software components. The teams then evaluated the proof of concept, testing both its security and performance to support off-grid decentralized applications. The result is a platform that offers trusted exchanges within a decentralized framework.
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