Blockchain Enabled Trustless API Marketplace

The API marketplace ecosystem generally consists of three stakeholders: a centralized cloud vendor, API providers, and API consumers.

Being part of a marketplace helps individual and small scale API providers to increase the accessibility and exposure of their APIs to a larger customer base and avoid challenges pertaining to building and hosting API portals.

A developer generally lacks the infrastructure to host and serve APIs at scale, and therefore chooses a cloud vendor who hosts a centralized API marketplace, and deploys the API on the cloud.

API Marketplace Ecosystem with three stakeholders: A centralized cloud vendor, API providers, and API consumers.

Moreover the cloud vendor can invoke the API multiple times without actually reporting it to the provider or report inaccurate API usage metrics to increase its own share of the API revenue.

A malicious API provider may repudiate the query results of a certain version of the deployed API or provide a wrong API to begin with and repudiate that the output has been generated by his API. The API provider may also blame the cloud vendor for not executing an accurate version of his API. A malicious API consumer may demand refund by claiming that a wrong output was provided by the API service by possibly forging its output.

All transactions related to the storage of models components across cloud vendors, invocation of API request by API consumers, execution of specific model components held by individual cloud vendors, and receipt of the final output by API consumers are stored on the Blockchain.

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From “What is Blockchain?” to building a blockchain in less than an hour

Verifiable Data and ContractsA Blockchain can create a verifiable record of any data, file, or contract.

If you are interested in learning how to implement a blockchain contract, I’ve put together an easy-to-follow, step-by-step tutorial below.

There are two types of accounts: Externally Owned Accounts, which are controlled by human users, and Contract Accounts, which are controlled by their internal contract code and can be activated by an Externally Owned Account.

A “Smart Contract” or “Decentralized Application” is determined by code in a Contract Account which will be activated when an EOA sends a transaction to the Contract Account.

The first, a mortal contract, specifies a contract that can be killed by the person who wrote it and it needs to be declared as such, as contracts are immortal by default.

Preparing your Contract for DeploymentNow that you have your mortal contract and your greeter contract, you will need to define the greeting and instantiate your account objects.

Ethereum Block Chain Explorer allows you to view current pending contracts as well as great Ethereum statistics.

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#8 Steps to Build a Blockchain Solution

Let us dcode the how to build a blockchain in just eight steps.

Data in almost any format can be stored in the blockchain.

Depending upon the consensus mechanism you chose in step 2, you need to select the most suitable blockchain platform.

Blockchain solutions can be permissioned or permission-less.

Blockchain solutions can be private, public or hybrid.

Some blockchain platforms come with pre-made APIs while some don’t.

You can greatly enhance the power of your Blockchain solution by integrating Artificial Intelligence, Biometrics, Bots, Cloud, Cognitive services, Containers, Data Analytics, Internet of Things and Machine Learning.

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