Unlocking the potential of 5G with Corda
The 5G Challenge is an accelerator program that will help selected startups to develop their apps on Corda technologies and reach potential customers, providing a $15K grant and a one year CE license from R3.
The program features 3 rounds that aim to narrow down the applicants and we are happy to announce that ReCheck’s solution successfully went through the first round of the challenge. In December last year, the team at ReCheck managed to craft and present its solution and now the team has to present its solution architecture, design, and business model by the end of this month.
Participants have to address one of the following problems:
- Transactions Scalability: Whereas 5G networks are supporting enterprise customers with opportunities to improve data collection and usage, scalability still persists as a problem to platforms providing data exchange.
- Security: 5G networks are providing indispensable capabilities for use cases such as Industry 4.0, Smart City, and Mobility, in order for these to be utilized, secure data exchange must be guaranteed.
- Offline trusted transactions: That challenge focuses on low-power IoT devices that will need to use power-saving mode to execute transactions on Corda technologies.
Resolving the 5G Challenge
To respond to the existing vectors of attack akin to 5G technology, such as eavesdropping, impersonation, forge attacks, and attacks on data governance, ReCheck offers to develop a Data Exchanger. The solution will be easily integrated and used by Corda technology stakeholders.
All built-in functionalities will significantly decrease the risk of data fraud and inaccuracy. Stakeholders will leverage from better time to market and lower operational costs.
Ultimately, ReCheck’s Data Exchanger will guarantee privacy, transparency, and security of the communicated data. The protocol will support events such as data creation, sharing, validation, and tracking to guarantee data integrity. It will also use Corda as a destination ledger onto which data transactions will be recorded in a private and secure way.
So far, ReCheck has created an application on Corda that allows control over firmware deployment to protect IP.
In the first two rounds, participants were evaluated based on the proposed solutions and the prototypes they had to develop. Over the next eight weeks, the selected finalists will further build the proposed solutions on Corda. And then, at the end of this phase, they will introduce the developed solutions to the panel of judges from R3, AWS, Swisscom, and Vodafone who will select the winner. The challenge sponsors believe that the finalists represent the next wave of innovation at the intersection of 5G and blockchain, and they said they were positively surprised by the wide range of use cases the teams had come up with.
R3 is an enterprise software firm that focuses on digital industry transformation. The company develops purpose-built DLT for all types of businesses in all industries. Their main blockchain platform Corda helped entire industries by digitalizing processes and systems to connect and transact together.
ReCheck BV is a Dutch product-oriented startup that builds solutions in the field of information security and digital sovereignty. The company is one of the European pioneers in the development of practical decentralised applications with tangible value. ReCheck’s functionalities improve security, privacy, and traceability in data exchange.