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The Blockchain testing approach should be comprehensive to cover the various logical and systemic components of the Blockchain such as Identity & Access, Ledger, Peer/Node, Smart Contract, and integrations across Third Party Interfaces.<br>Read more: https://www.cigniti.com/blog/creating-assurance-blockchain-world/
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Creating Assurance in a Blockchain World • A Blockchain is a distributed ecosystem marked by the absence of a central authority and involves a Distributed Ledger spread across multiple nodes managed by multiple entities. The transactions are recorded using an immutable cryptographic signature known as a hash and added as a chain of “blocks.” • The blockchain market trends • The blockchain technology market is expected to showcase a rapid growth of ~67% over the next four years. The banking and financial services applicationarea is expected to hold the largest market size in the blockchain market during the forecast period. • The top emerging blockchain technology trends are • Emergence of Blockchain as a service (BaaS) • Enterprise Blockchain Adoption further accelerated by the Pandemic • Hybrid blockchain models having a mix of public and private blockchain features • There is phenomenal growth potential in the blockchain space within which Consortium based permissioned Enterprise networks are gaining traction.
Creating Assurance in a Blockchain World • A plethora of opportunities in Blockchain • The current market trends open a plethora of opportunities in blockchain. Some of the trends are as follows – • 90% of European Payments Council members believe that blockchain technology will fundamentally change the industry by 2025. • Moving securities on blockchains could save $17B to $24B per year in global trade processing costs. • A survey among 8 global banks found that blockchain technology could bring down the average cost of clearing and settling SWIFT transactions by $10B annually. • Components of a comprehensive Blockchain Testing Assurance program • The major components of the testing program can further be classified into • Functional Testing spread across UI/Mobile app interface, User Acceptance, API Validation, System Integration. • Blockchain centric testing spanning the four central pillars of Immutability, Transparency, Security and Consensus • Non-Functional Testing with the key focus areas as such as Consistency Validation, Fault Tolerance, Database Failover, Resilience, System Performance, Latency, and Synchronization
Creating Assurance in a Blockchain World Cigniti is one of the few IT service providers to have invested in a couple of its own blockchain sandboxes across diverse blockchain technologies. These sandboxes are designed to quickly create a viable prototype for any business application providing a ready environment to test the viability of the concept and effectiveness of its configuration. Cigniti offers targeted testing services for applications that include comprehensive validation methods across API testing, functional/non-functional testing, integration testing, security testing, compliance testing, and performance testing and also includes specialized testing features, such as peer/node testing and smart contract testing. Need help? Talk to our Blockchain Testing experts to learn more about vendor financing on Hyperledger Fabric and identify the issues a typical blockchain project has, and how Cigniti can help in making the blockchain compliant. Read Full Blog at: https://www.cigniti.com/blog/creating-assurance-blockchain-world
