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ParallelChain Innovations: Blockchain Processing & Scalability
09 March 2023
In the last article, we saw how ParallelChain’s patented Proof-of-Immutability (PoIM) concept provides an innovative approach to data immutability and privacy in the enterprise context. At the same time, enterprise blockchain solutions also need to augment a company’s existing systems and operations to avoid any delay in data processing, even more so when the business spans multiple countries with a large volume of information flowing in every second.
Yet, these challenges are not being effectively addressed in the enterprise blockchain products on the current market, ParallelChain has made breakthrough in advancing blockchain performance and scalability thanks to its two other innovative patents that we are exploring today - Parallel Blockchain Processing, and Blockchain-Based Transaction Platform with Enhanced Scalability, Testability, and Usability.
Parallel Blockchain Processing
(USA - issued) Patent No. 11403281 B2
Data transaction is the building block (pardon the pun) of any blockchain, including that of ParallelChain Enterprise. While public blockchains verify blocks with consensus mechanisms that comprise of miners or validators that validate blocks individually, block processing and validation on private networks operate in a slightly different manner.
In ParallelChain Enterprise, the validation process takes on a hierarchical approach with coordinator nodes, quorum managers, and quorum nodes being involved in the process. But first, we have to answer the question – what is a quorum? In a business or assembly setting, a quorum is simply the minimum number of members necessary to initiate or conduct business within the group. Within the context of block validation, it is the number of votes necessary to reach a certain threshold before the block is approved.
How does the process work? Using a metaphorical office setting to illustrate the technical process, we can imagine the submitted blocks to be project documents, and the participating nodes to be a pool of employees within a company.
- Multiple project documents (blocks) are sent to the office and the pool of employees (trusted nodes) are selected to form groups (quorum) for each document, with one of them being selected as the project manager (quorum manager).
- The group votes to approve the document and the project manager tallies the vote, with a certain number of votes needed to reach the approval threshold. Once validated, the project managers from different groups then send the results of the project files to the project leader, or the corresponding coordinator node on the blockchain.
- If a project (block) is deemed invalid, another team is formed from the pool of employees and they take a second vote on the document with a higher threshold than the first team. If the block still does not pass the vote, the project leader will pause all the document approval for that particular project. In blockchain speak, this means that the coordinator node will send an instruction to all nodes to stop validating a certain number of blocks from the invalid block.
Thanks to a quorum of trusted nodes that validates incoming transactions, the process is shortened considerably which contributes to ParallelChain Enterprise's near instantaneous transaction speed of 130,000 TPS per chain, with a 3-millisecond latency in transaction confirmation. This in turn translates to unlimited scalability of the network and ability to support a large ecosystem of participants without any issue.
Blockchain-Based Transaction Platform With Enhanced Scalability, Testability, and Usability
(USA - issued) Patent No. 11409730
How do you create a functional network of transaction platforms that is decentralised yet scalable and swift at the same time? ParallelChain’s patented Blockchain-Based Transaction Platform With Enhanced Scalability, Testability, and Usability lists down three main components that are needed to achieve success. Firstly, the infrastructure has to keep data blocks small while retaining full access to its ledger records; secondly, it has to have a quorum to validate the blocks; lastly, it needs a multi-network of node members within the system.
ParallelChain’s patent achieves these three objectives by having an established quorum validation method illustrated in the last patent above, and it keeps transactions to a minimal size by truncating old blocks into subsequent newer blocks. How is this achieved? The blockchain truncation is accomplished with the following steps:
- Each block has its own timestamp which indicates when it was added to the blockchain.
- Through a method called the Ageing Process, the previous blocks are truncated after blocks beyond a certain timestamp crosses beyond an indicated timeframe which is voted upon by quorum voting.
- Instead of retaining all the data on the older blocks, essential info pertaining to these blocks are selected and added to newer blocks before they are truncated.
This patented design not only reduces the amount of storage space needed, it also improves the speed and transactional capacity of the enterprise chain without compromising on traceability or immutability.
To achieve a decentralised multi-node system, each participant of the closed network installs a blockchain client software which contains essential components such as the membership manager and quorum manager, and each node will utilise its physical hardware to store a copy of the blockchain.
With these two novel patents integrated into ParallelChain Enterprise, consortium or enterprise networks that build upon our blockchains will be able to scale up easily to accommodate large volumes of transaction data without any issue. If you are looking to enhance your business with swift enterprise blockchains solutions, schedule a live demo session with us today!
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Twitter: https://twitter.com/ParallelChainLB
Discord: https://discord.gg/parallelchain
GitHub: https://github.com/parallelchainlab
LinkedIn: https://www.linkedin.com/company/parallelchain-lab/
In the last article, we saw how ParallelChain’s patented Proof-of-Immutability (PoIM) concept provides an innovative approach to data immutability and privacy in the enterprise context. At the same time, enterprise blockchain solutions also need to augment a company’s existing systems and operations to avoid any delay in data processing, even more so when the business spans multiple countries with a large volume of information flowing in every second.
Yet, these challenges are not being effectively addressed in the enterprise blockchain products on the current market, ParallelChain has made breakthrough in advancing blockchain performance and scalability thanks to its two other innovative patents that we are exploring today - Parallel Blockchain Processing, and Blockchain-Based Transaction Platform with Enhanced Scalability, Testability, and Usability.
Parallel Blockchain Processing
(USA - issued) Patent No. 11403281 B2
Data transaction is the building block (pardon the pun) of any blockchain, including that of ParallelChain Enterprise. While public blockchains verify blocks with consensus mechanisms that comprise of miners or validators that validate blocks individually, block processing and validation on private networks operate in a slightly different manner.
In ParallelChain Enterprise, the validation process takes on a hierarchical approach with coordinator nodes, quorum managers, and quorum nodes being involved in the process. But first, we have to answer the question – what is a quorum? In a business or assembly setting, a quorum is simply the minimum number of members necessary to initiate or conduct business within the group. Within the context of block validation, it is the number of votes necessary to reach a certain threshold before the block is approved.
How does the process work? Using a metaphorical office setting to illustrate the technical process, we can imagine the submitted blocks to be project documents, and the participating nodes to be a pool of employees within a company.
- Multiple project documents (blocks) are sent to the office and the pool of employees (trusted nodes) are selected to form groups (quorum) for each document, with one of them being selected as the project manager (quorum manager).
- The group votes to approve the document and the project manager tallies the vote, with a certain number of votes needed to reach the approval threshold. Once validated, the project managers from different groups then send the results of the project files to the project leader, or the corresponding coordinator node on the blockchain.
- If a project (block) is deemed invalid, another team is formed from the pool of employees and they take a second vote on the document with a higher threshold than the first team. If the block still does not pass the vote, the project leader will pause all the document approval for that particular project. In blockchain speak, this means that the coordinator node will send an instruction to all nodes to stop validating a certain number of blocks from the invalid block.
Thanks to a quorum of trusted nodes that validates incoming transactions, the process is shortened considerably which contributes to ParallelChain Enterprise's near instantaneous transaction speed of 130,000 TPS per chain, with a 3-millisecond latency in transaction confirmation. This in turn translates to unlimited scalability of the network and ability to support a large ecosystem of participants without any issue.
Blockchain-Based Transaction Platform With Enhanced Scalability, Testability, and Usability
(USA - issued) Patent No. 11409730
