Enterprises are becoming more involved with blockchain both from an investment perspective and through integrating the technology into their pre-existing tech stack. Blockchain’s use cases can span from finance to NFTs, the metaverse, gaming, and more. However, there are operational challenges that enterprises need to think about when they integrate blockchain. Institutions have more assets under management and reflect many shareholders’ wealth.
Institutions need to be aware of many things when holding or buying digital assets. There are many working parts including storing private keys and having strict hardware standards for your devices. Additionally, multi-party signatures are necessary when multiple fiduciaries or executors are required for a transaction to be approved.
Accumulate makes it easy for institutions to integrate or use decentralized finance (DeFi) solutions as the entire network is centered around secure identities and key management. Secure identities have the ability to manage keys, tokens, and data.
The Benefits of ADIs for DeFi
Accounting for these concerns, Accumulate seeks to integrate secure digital identities into everything – from a publicly-traded corporation to a non-profit organization to a large financial institution.
Accumulate has made identity a central part of its architecture with Accumulate Digital Identifiers (ADI). ADIs are a core component to replicating organizational operations on the Accumulate Network, such as:
- Making multi-signature decisions
- Sending & receiving tokens
- Building consensus
- Key management
Accumulate has a hierarchical key management structure where Key Books contain Key Pages, and then the Key Pages contain keys that are authorized to sign transactions. Every Key Page can specify how many transactions are required to approve a signature.
There is a unique architecture surrounding an ADI’s various functions. Some of the components include:
- Key Book: Secures accounts and provides advanced key management; belongs to an ADI
- Key Page: Organizes keys within a Key Book
A common use case for Accumulate is making enterprise-level decisions on the blockchain. That means a corporate structure could essentially be replicated – department by department – onto a blockchain network. Accumulate’s unique design is created for this type of corporate replication, centered around the concept of identities.
Why would an enterprise like a financial institution or a multinational business conglomerate use a blockchain? Blockchains have many benefits that extend well-beyond cryptocurrency and the hyper-financialization of NFTs.
Benefits of Accumulate’s Unique Identity-Based Architecture
Added benefits of the unique identity-based architecture of Accumulate enables enterprise data management, business hierarchy, ownership, and regulation-readiness:
- Enterprise Data Management: Secure data mapping that is highly available and organized.
- Business Hierarchy: Replicate your business’s operational procedures, but with more permission-based responsibilities like a requirement for multi-signature transactions for decision-making.
- Ownership: ADIs can be assigned to any asset-owning entity, from buildings and IoT devices to investor reports and patents. Those digitalized, IoT-ready devices then have their own smart identity that is linked to it, ensuring secure communication
- Regulation Readiness: Accumulate’s architecture is compliance-ready, meaning you won’t have to worry about adhering to the GDPR or other major data mandates because compliance is baked into the Accumulate architecture
Accumulate’s inherent compliance-ready architecture heightens security and market readiness. Additionally, Accumulate is designed to be more approachable for corporations to onboard themselves.
Enterprise adoption of blockchain technology continues to grow. Accumulate Network’s compliance-ready architecture can help enterprises take on the unique horizon of challenges. The identity framework and Accumulate’s key management structure delivers a secure, highly modular platform for corporations to integrate blockchain into their tech stack.