14. November 2022, by iconicchain
The blockchain trilemma: pick two
As we all know about the blockchain trilemma (that a blockchain system cannot be all three: distributed, scalable and secure at the same time) we see how various teams and communities try to find a perfect balance in large public networks like Ethereum, Solana etc. playing with hybrid consensus algorithms, sharding, adding layered solutions and other more and more complex ways to “cheat” the trilemma.
At the same time there is a usage domain of DLTs where one of the “sides” of the trilemma is naturally undermined, giving space for DLTs (Distributed Ledger Technologies) to perform securely and be scalable. This domain is called enterprise blockchains.
Enterprise use cases
Permissioned/Enterprise DLTs have been used in a wide variety of fields and industries like various CBDC (Central Bank Digital Currencies) that are being implemented in several countries, asset tracking in different domains (like real estate transactions or financial assets), supply chain tracking and management, different examples of various data sharing among companies and/or regulators where traceability and auditability are the key factors.
An “enterprise blockchain” is a range of DLTs that usually sacrifice decentralization to some degree in favor of security and scalability to better satisfy requirements imposed by corporates and their business cases.
Large enterprises usually want to protect sensitive information from competitors or the general public and at the same time must conform with regulators. That puts quite specific limitations on what technology can be used for enterprise DLT networks.
At the same time, less decentralization leads to consensus algorithms that make intensive calculations like Proof of Work being unnecessary and thus algorithms with better performance may be used like Smart BFT (Byzantine Fault Tolerant) and PoA (Proof of Authority) variations.
iconicchain’s solution, iconicChainserver encompasses all these requirements by featuring an Ethereum enterprise client running a QBFT (a BFT PoA consensus algorithm for Ethereum blockchain) together with other means that also allow file sharing between parties and private transactioning.
iconicChainserver is an application that runs and manages permissioned enterprise blockchain nodes in the form of Hyperledger Besu clients together with several tools like EthSigner allowing extended account managing and transaction signing capabilities, direct P2P (peer-to-peer) networking between different nodes with Tessera private transactioning manager and a DFS (Distributed File System) client IPFS for file sharing. It allows easy and convenient automation of deploying new blockchain networks, joining existing ones, integrating concrete business applications into the network and providing a gateway for them to interact with smart contracts deployed in the network.
Altogether, iconicChainserver is a universal, highly customizable DLT automation tool for building and managing an enterprise blockchain network, installing and managing custom business DApps (Distributed Applications) on top of it.