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The blockchain parsing project: how to speed up the KYC up to 3x

December 2021–ongoing, Time & Material

Our client, a world leader in the blockchain industry, came to us for a technology-intensive project focused on blockchain parsing. After parsing, the client will sell the parsed data to interested parties and transmit it through an API.

When the client came to us, they already had a blockchain solution but couldn’t release it due to technically complex issues related to the back end, and they asked NERDZ LAB to solve those issues. The fundamental goal of our partnership was to advance the KYC (know your customer) process for decentralized financial operations.

 

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Services

Back-end development

Front-end development

Technologies

Node.js

React.js

Kubernetes

Kafka

TimescaleDB

PostgreSQL

AWS

Blockchain

Redis

Industries

Blockchain

Cryptocurrencies

Team composition

2 back-end node.js developers

1 front-end react.js developer

Challenges_

Slow blockchain parsing

The future platform should be using the KYC approach, which involves personal data validation and processing for decentralized financial operations inside the blockchain. Our main task was to accelerate the blockchain parsing for this procedure by at least three times.

Postponed profitability

The slow nature of the parsing significantly delayed asset delivery to stakeholders, interested parties, and end users. Initially, the platform took too long to confirm all of the records in the blockchain and even more time to start collecting meaningful data and transferring them to third parties. NERDZ LAB had to speed up the asset delivery process.

Scalability issue

With each new record added to the blockchain, the speed of data confirmation decreased, as did the speed of data transmission through the API, and the system would become overloaded.

 

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Solutions

Boost the parsing algorithm

The NERDZ LAB team rewrote the back-end code for the platform. We chose Node.js as the central back-end development framework and included specific data processing, analytics, and orchestration instruments, like Kafka and Kubernetes. This combination sped up the blockchain parsing by several times for faster data record validation during KYC procedures.

Deliver revenue

For now, the technical solution allows the platform to catch up with all blockchain records 3.5 times faster than its initial speed. This enables more rapid delivery of the stated value and income to all interested parties.

Further technical improvement

NERDZ LAB is working on advancing the parsing algorithm using the same engineering tools described above. We’ve already enhanced the blockchain parsing to run with the enhanced speed with minimal to no impact from scaling the blockchain or from increasing the number of records without overloading the system.

 

Results:

01

A 3.5 times faster blockchain-parsing algorithm for KYC processes

02

Faster revenue delivery

03

Ongoing improvements to the platform’s technology