Blockchain is the hottest guy on the block (pun intended) when it comes to financial technology. It was the main technological innovation of bitcoin, where it serves as the public ledger of all bitcoin transactions. And now it is being actively used in electronic trading for capital markets.
Blockchain is a distributed database that consists of data structure blocks and maintains a continuously-growing list of transaction records hardened against tampering and revision.
So, what if you finally decided to bring your legacy solution onto the path of data transparency, resilience and, for sure, security?!
Firstly you would need to identify and define the data to be moved and stored in the blockchain. This can be transaction data and some other types of data that you feel reasonable to be stored and processed that way.
Then, you would need to update your current systems to use one of the blockchain libraries that will fit your technological stack, routines and policies. You may decide to either implement your own overlay network segment or choose an existing overlay network service provider with smart contracts execution support to encapsulate data types.
After all, you’ll need to transfer/broadcast your selected data from your legacy database into your new blockchain database to fill it up. And, that’s it – you are ready to go live.
Oh, and you should definitely not forget to test all thoroughly!