Bianjie, the core development team of IRISnet, launched its corporate blockchain product IRITA (Inter-Realm Industry Trust Alliance).
Backed by Tendermint, Cosmos SDK and IRIS Service (a.k.a. iService), IRITA is the first blockchain consortium product in the Cosmos ecosystem to go into production.
By combining the cutting-edge Cosmos technology stack with years of experience in providing industry solutions, Bianjie has brought a range of amazing features to IRITA, including: flexible digital asset modeling, hands-on chain and off-chain interactions, privacy-preserving authorization, pluggable cryptography algorithms, it comes with efficient consensus mechanism and advanced cross-chain capabilities that come with Cosmos.
IRITA can be used to build next-generation distributed business applications for a variety of scenarios
IRITA versions
IRITA is available in Lite and Professional versions. The open source version is IRITA Lite, which can quickly help developers build PoC application systems.
The professional edition includes more advanced features such as data sharing to protect privacy with fine-grained authorization, a dedicated server that enables edge computing, enterprise identity management, and security support for related hardware.
Six main functions
Compared to other permitted blockchain products like Hyperledger Fabric, IRITA has many advantages beyond general features like identity management, storage management, and so on. Below are the 6 main functions of IRITA when addressing corporate computing requirements:
1) High performance consensus. The Tendermint Consensus Mechanism is the first Internet-scale BFT consensus protocol. Tendermint powers over 40% of PoS blockchains, providing a high-performance, consistent and secure Byzantine consensus engine. Tendermint is very suitable for scaling heterogeneous systems, including public blockchains and allowed / consortium chains that are performance oriented.
2) State-of-the-art interchain technology: Cosmos Interblock Communication Protocol (IBC) is one of the most anticipated interchain technology standards. IBC supports interoperability between heterogeneous chains and was originally developed by the strategic partner of the Bianjie Tendermint team. The Bianjie team also provided a key module in the Interchain Standards (ICS) governing IBC standardization, known as the ICS20 cross-transmission module. IRITA is expanding the IBC implementation to iService so that data and computation can be used across the entire blockchain internet.
3.Sharing data using privacy calculations: IRITA includes several levels of privacy controls. Data owners can conveniently manage data by accessing them along the chain, and the data can only be accessed through owner authorization. 4.iService: The iService provides a developer-friendly interface to support the entire lifecycle of standalone services from definition, binding (registering a service provider) and invoking to management. iService powerfully integrates traditional business applications with blockchain solutions.
5.Digital asset modeling and exchange: Supports flexible modeling of the multidimensional data structure of digital assets. IRITA is very suitable for implementing Decentralized Exchanges (DEX). IRITA supports NFT (Non-Functional Token) by supporting tokenization of various scenarios such as supply chain financing, intellectual property, medical document exchange, record keeping, and so on.
6.Support for Big Data: IRITA's built-in storage tier supports cloud storage and distributed storage, and supports efficient queries throughout the entire data lifecycle of on-chain data through a combination of analytics-focused datamart and chained data.
Use cases
IRITA use cases take into account various business scenarios, especially for registration, verification and exchange of digital assets.
For example, IRITA can be used for supply chain finance to help small and medium businesses get credit with their digital assets. Users can digitize real assets in NFT and trade them freely with others through DEX. And by using iService for traditional IT systems, including ERP systems of vendor companies, it is very efficient and practical to connect to this digital asset market.
In addition, IRITA can also be used in healthcare. Service providers may share sensitive healthcare data for analysis. These use cases can also be found and learned from past Bianjie business cases, including provincial medical Ningxia platform, Fosun healthcloud.link and so on, for better IRITA application usage
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