Bezant Report: Table of Contents
Part 4.
The Tech
The Bezant Blockchain is a BaaS (blockchain as a service) offering a secure and scalable end to-end blockchain solution and a native SDK for any service providers who want to utilize the blockchain without having to construct one themselves independently. This is done by utilizing the open source system hyperledger fabric, a permissioned distributed ledger technology, that delivers “enterprise-ready network security, scalability, confidentiality, and performance, in a modular blockchain architecture.” The result of this architecture is a highly secure blockchain network based on membership authentication, which aims to achieve up to 100,000 transactions per second 2 , significantly reduce fees, and allow security and confidentiality within the network through channels.
Furthermore, the key attribute of the Bezant blockchain architecture will be efficient processing. Since the blockchain is based on a permissioned network, all participants are known and trusted, therefore, fewer levels of trust and verification are required across node types, and network scalability and performance are optimized.
Why is Bezant utilitising the Hyperledger Fabric as it's base layer for the Bezant blockchain?
Hyperledger is supported by 231 organisations across 25 countries including big names like Cicso and Samsung.
The Hyperledger Fabric is a great solution as it provides:
• Channels for sharing confidential information
• Ordering Service delivers transactions consistently to peers in the network
• Endorsement policies for transactions
• CouchDB world state supports wide range of queries
• Bring-your-own Membership Service Provider (MSP)
The purpose of Bezant Blockchain service is to allow related partners to implement blockchain service by providing web-based platform services easily.
The Bezant foundation is the main hub that offers authentication certificates to partners and In return the Bezant foundation will provide membership management services including node management and smart contract services.
There are three main components to the Bezant blockchain: Client (SDK), Node, and Orderer.
- client (sdk):
The client (SDK) plays a role in making a transaction in the external portion of the
blockchain. This mostly applies to the user and the application. The SDK will initially be
provided in Node.js and Java and will support more languages eventually. - node:
The blockchain network is mostly comprised of nodes; each with its own ledger, can
execute a smart contract in order to save and read data onto the ledger. Further, the node
endorses the client’s transaction queries and also transmit the block to nearby nodes. - orderer :
The orderer then organizes the validated transactions in chronological order and then
creates blocks and then sends these blocks to the concerned nodes.
- The client carries out a transaction request to multiple nodes
- The client request the activation of the smartcontract saved in the node
- The node endorses the query and passes on the result to the client
- The client compares the different results and decides the validity of it
- The validated transaction is passed onto the orderer
- The orderer packages the transaction into blocks and then broadcasts this to the nodes
- The nodes receive the block and then after validating, it is saved unto the ledger
Bezant Authentication
Identity and authentication is a major piece of Bezant. Any service partner that wishes to use the Bezant blockchain must be authorised and authenticated to gain access. Once authorised partners will gain membership services through the rest api, which will conviniently allow them to issue their own authentication for their own users.
Bezant Scalability
Bezant will also have channels, public and private within their blockchain. These channels are what allows scalability! The Bezant blockchain can be logically partitioned internally, it can choose to save a block by channels. It can choose at
least one channel for each node through the logical sharding structure. In a particular channel, all the nodes will have to maintain consensus. Therefore because of the logical sharding, each node can save blocks by choice and without having to broadcast unnecessary blocks; this feature allows greatly improve network capability and also increase scalability.
This greatly improves the network capabilities and drastically increases scalability. A transaction with channels is a bit different:
- The The channeled transactions by the client are all sent to the orderer.
- The batch time is designated, and the transactions are packaged into blocks through
channels. - The connected nodes broadcast the blocks.
- The connected nodes validate the blocks and then saves it into the ledger.
- The blocks are then cascaded to nearby peer nodes.
- Step 4 and 5 are repeated.
The BZNT Coin
BZNT coin will be available as the default coin on all channels. Hence all partners that have signed membership to Bezant Foundation and the users of these partner entities will be able to use BZNT coin, which is the integral currency of Bezant Blockchain. Bezant will provide Wallet SDK and Rest API service to allow the usage of BZNT coin in all partners’ payment solutions.
The Bezant Blockchain is built with a proven modular transaction architecture that allows the platform to provide blockchain solutions to businesses. Bezant addresses the key limitations in all blockchain technologies: security, privacy, and scalability. The native currency, BZNT, will provide Service Providers with a convenient means to utilizing blockchain technology enabling the creation of robust applications, globally.
Part 5 will focus on the following:
Part 5.
The Problem Bezant will fix