Towards Blockchain Interoperability
Blockchain, and its broader category, distributed ledger technology, entails the decentralized organization of data across numerous points. This data is synchronized and validated through consensus mechanisms. One of the significant advantages of such solutions lies in the absence of reliance on trust in a specific platform administrator or orchestrator. The technology itself, driven by the organization and interconnection of data, cryptography, and the previously mentioned consensus, inherently instills trust among users.?
Trust is inherent to the technology of the specific Distributed Ledger Technology platform, and its validity is confined to that particular platform. Consequently, blockchain platforms resemble closed silo-like environments. To integrate seamlessly into a larger ecosystem and avoid losing their primary advantage, they necessitate additional interconnection mechanisms.
The straightforward API integration of two blockchain-based systems poses a vulnerability, potentially exposing security breaches. Primarily, such a component would be under the control of a specific party, introducing the risk of data manipulation. Additionally, it brings forth several other risks, such as double spending, especially if the involved blockchains are utilized for the transmission of value.
The blockchain platforms utilized for cryptocurrency purposes have addressed the challenge of cross-chain asset transfers through the implementation of smart contracts. When an asset is to be transferred from one chain to another, the smart contract acts as a safeguard, 'encapsulating' the asset to ensure it remains within the wallet. Simultaneously, it creates an equivalent asset on the target ledger. However, this solution comes with a notable drawback: its applicability is confined to asset classes explicitly defined in the smart contract. Due to its inherent nature, it cannot be considered a universal solution for establishing interoperable bridges between distinct distributed ledgers.
Another existing solution involves the concept of a 'master blockchain.' In this model, when there is a data or asset exchange between two ledgers, it is recorded on a third ledger that acts as an intermediary. Examples of such solutions include projects like Polkadot and Cosmos, which connect multiple ledgers independently of a single controlling entity.
Such approaches however? have concerns regarding? the scalability - adding the additional overhead to it and additional transaction costs, which are usually denominated in given master chain native tokens, which can be a subject of speculation.
Various concepts exist for achieving interoperability between ledgers through the use of different types of oracles or connectors. IBM, for instance, has introduced an intriguing concept called Hyperledger Weaver—a framework designed for interoperability. Weaver connects different ledgers by emulating the protocol consensus of one platform within a second DLT platform. This approach enables interoperable operations without a single point of failure. However, its implementation appears to be complex, necessitating the development of structures for each connected ledger.
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The model of blockchain interoperability is intricately tied to specific architectures and use cases. Use cases related to supporting data movement in public administration can be seamlessly interconnected through a public administration blockchain. A notable example is a service provided by EBSI (European Blockchain Services Infrastructure). EBSI has developed its service utilizing the Hyperledger Besu solution. Its core functionality is to establish an EBSI trust model by creating Trusted Accredited Organizations (TAOs) and trusted issuers. The ledger is additionally capable of verifying the provenance of data through the Verifiable Credentials framework. This opens up opportunities for other blockchain-based platforms, enabling them to:
This functionality facilitates the integration of blockchain platforms, such as Billon Unified Blockchain, which predominantly specializes in on-chain public and private document storage and processing. Such platforms can leverage EBSI capabilities to register institutions generating documents and accredit significant documents within European blockchain structures.
This interoperability promises tangible business benefits, as it transcends the notion of merely replicating actions on a different platform. Instead, it ensures additional functionality by leveraging and exposing the unique advantages inherent in both platforms.
Billon Unified Blockchain excels in publishing complete documents on the chain, ensuring durability, provenance, and existence by multiplying their digital representations across networks. Leveraging a unique approach, Billon nodes refrain from replicating the entire ledger, holding only partial information. This strategy establishes a broad, secure, and scalable distributed platform, particularly well-suited for extensive data processing.
On the contrary, the EBSI network is composed of monolithic nodes, each maintaining a complete copy of the ledger. EBSI's functionality serves as an excellent foundation for establishing governance, where entities can be onboarded in alignment with the EBSI trust model. The accreditation of an entity to issue specific document types can be verified by anyone through the use of verifiable credentials.
In conclusion, the synergistic combination of Billon Unified Blockchain and EBSI, by integrating the unique strengths of each platform, could be a perfect match for a robust document management solution for public entities. This exemplifies the new business value unlocked through the seamless interoperability of these two blockchain-based platforms, paving the way for innovative and secure document handling in the digital landscape.