Bridging between Private and Public Blockchains for Enterprises
Can AERGO effectively and efficiently power a bridge between private and public blockchains for enterprise adoption? To understand the need for a bridge between private and public blockchains, let’s consider the difference between the two blockchains and their current state.
What’s the difference between public and private blockchains?
The blockchains such as Bitcoin and Ethereum for simplification, are permissionless public blockchain protocols. Bitcoin is the first public blockchain to prove that value could be moved across the world without third parties like banks or remittance institutions (thus the attraction of enterprises whose first need is to mitigate cost). With public blockchains, anyone in any part of the world can easily join and participate with no restrictions. By contrast, private or permissioned blockchains intend to restrict either participant or validator access.
Many private companies, including banks and even governments, have shown a massive interest in the potential of blockchain technology, but require greater control than as provided by public blockchain protocols.
These entities, are looking to incorporate blockchain technology into their traditional way of doing business, ranging from accounting to record keeping. Apparently, these entities and the like do not want their information shared publicly, this has led to the creation of private blockchains, allowing businesses to benefit from this cost-effective technology without giving up their autonomy.
OK…problem solved why another mumbo-jumbo?
Not extractly…
Presently public and private blockchains still face lots of vital technological challenges that need hybrid solutions before enterprise adoption. A new study has shown that while private blockchains aim to fulfil the promise of becoming “fit-for-purpose”, they entail immense costs in terms of infrastructure and forfeit the ability to evolve at the speed of public blockchain (open source). It’s also indisputable that the vast majority of both public and private blockchains are underdeveloped with 3rd generation technologies being utilised.
In other words, the state of blockchains today are not adequate for existing enterprises, yes, for enterprises such frameworks are completely inappropriate and uninteresting, despite their enormous interest in the blockchain. And that’s where Blocko Inc (Blocko is known to be providing large-scale, production level private blockchain to recognized enterprise customers such as Samsung, Amazon, Microsoft and IBM with operations in the UK, South Korea and Hong Kong.) comes in, presenting AERGO as an open-source blockchain platform to tackle these challenges specially as faced by enterprises in adopting blockchain technology, which includes integration difficulties, limited technical knowledge on new programming frameworks, privacy, security, scalability and interoperability constraints.
You see, that’s a huge missing link right there that requires a large-scale production team to tackle. And yes! AERGO the proposed 4th generation “enterprise ready” blockchain protocol combined with an IT platform is well positioned as a bridge between public and private blockchains for real-world business, with a hybrid product using state-of-the-art technologies.
Ok… I got the point!
What else makes AERGO different from other blockchains?
If nothing else, make no mistake about this, AERGO is not me too blockchain project, it’s a serious disrupter and very different from everything else out there. It proposes to include a comprehensive ecosystem of complementary decentralized application (dApp) technologies and service providers that leverage secure cloud delivery models. The underlying technologies in AERGO are proposed to be made open source as a truly decentralised system. AERGO’s core technology is based on COINSTACK from Blocko Inc. Coinstack, a proven enterprise product with more than 25 million users in over 20 in-production systems.
As stated in AERGO whitepaper — unlike existing blockchains, AERGO aims not only to be horizontally scalable but also support micro-services based applications that are optimized for vertical scalability, allowing dApps to take advantage of multi-core hardware. The New technologies include a super-fast and efficient blockchain protocol, a new powerful SQL smart contract engine (AergoSQL that uses a traditional programming language, for quickest adoption), advanced IT integration APIs, and easy to use developer tools, that will be supported by a new dApp orchestration and deployment framework. This framework allows developers and businesses to install, manage and run these applications quickly and efficiently at scale.
AERGO gives businesses the ability to tailor their blockchain deployments to their precise needs on either public, private or even hybrid network. By being able to leverage and combine the different characteristics, found in public and private blockchains.
The project maintains a diverse architecture that is supported by high performance, secure and easy to use public blockchain with an efficient virtual machine engine compatible with a variety of smart contract infrastructures, including Ethereum Virtual Machine to achieve interoperability.
AERGO three major architectural functions are:
AERGO ecosystem has five key stakeholders which are:
In conclusion
The issues faced by enterprises in the adopting blockchain have remained unresolved from the very formation of the blockchain. So it was logical for the BLOCKO team, with their extensive experience in providing large-scale, production level private blockchain, to create a framework that solves the issues using technical architecture. Thus, the formation of the AERGO open source platform.
Thanks for your time,
Chikwendu C Okenwa.
