Chinese Blockchain Consortium FISCO To Create Own Blockchain Protocol

Although leading Distributed Ledger Technologies like Hyperledger Fabric and R3 Corda have taken the route of coinless private consortium, FISCO BCOS, an opensource platform from China, has decided to be coinless and open to the public. From Nov. 12th to Nov. 14th, BCOS will make its international debut at Singapore Fintech Festival.

That means a public permissioned blockchain so that only accredited organizations can host nodes, but members of the public can use the functionality. This is reinforced by the consensus mechanism which is Byzantine fault tolerance (BFT).

Although blockchain technology has long been esteemed for its unique ability in rendering consensus in recording transactions, it is also thought to have low concurrency, long delays, and probability-dependent completion. In today's highly competitive business environment, these are weaknesses that need to be overcome. FISCO wants to solve this problem through BCOS.

The Performance for public blockchains such as Bitcoin and Ethereum is known to be very slow. But that’s because they are permissionless. By comparison, BCOS which is permissioned has a rate of more than a thousand transactions per second (TPS) with split-second confirmation. Hyperledger Fabric can get as high as 2,250 TPS, and R3’s Corda and Digital Asset can reach more than 6,000 TPS.

Furthermore, the BCOS platform enables concurrent computation and a multichain architecture with cross-chain interactions. Different applications could hence reside on different chains. Other blockchains have multichain architectures such as Cosmos and Polkadot. Cosmos is currently in the process of going live.

To ensure privacy BCOS supports Zero-Knowledge Proofs which allow users to reveal information without sharing private data. For example, a company could find out that a user is over 18 without knowing their age. Additionally, BCOS supports homomorphic encryption. The latter allows calculations to be done using encrypted data without the nodes having access to the data. Other privacy aspects include group and ring signatures. The system has observatory nodes which can be used by regulators and auditors.

Since the launch of BCOS, many use cases have been revealed, ranging from finance and arbitration to copyrights and recruitment. BCOS has promoted innovative initiatives and ideas, including cross-consortium collaborations, Open Chain Ecosystem, and Distributed Business Model.

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