Currently, Telco players compete as well as cooperate in a “Coopetition” environment to generate greater revenues and in today’s world. This involves sharing data as generated by several devices and providing services to each other with data and processes. These services have strict SLAs and need to be adhered to. Segregation of responsibilities and data integrity is often a challenge based on data generation and data integrity. This leads to legal disputes and is very expensive to settle.
Now there are several solutions to this problem. The most talked-about are
- Enterprise permissioned blockchain
- Enterprise blockchain solutions appear to be efficient and promising at the “Face Value” and marketing jargon.
- Complications on trust arise when one party owns the administrative control and can have a say on the data.
- Ethereum based public blockchain with Smart contract with Data oracles
- Blockchains like Ethereum with Data oracles are a great solution
- They resolve trust and are foolproof and provide a high integrity process log with immutable timestamps when used with appropriate smart contracts and data oracles such as Chain Link
- Analyze the solution in terms of Gas fees and BOOM!! the scale at which network devices generate data, storage of the said data and multiple transactions associated with them make it unviable
- Other based public blockchain with Smart contracts with Data oracles
- Blockchains such as Terra Luna, Solana, Avalanche provide greater performance and much lower transaction fees but still do not address the data oracle issue
- Also, Enterprise Data requires at times special treatment such as non-storage of data beyond a geographical location, selective and hierarchical masking of data across smart contracts.
- Low transaction fees mean no fees. This is significant when you have thousands of devices producing millions of data points in a year and initiate transactions that need to be verified several times
- I would like to propose a blockchain that uses a weighted average proof of stake protocol for validation that at layer 1 performs a zero-fee value transfer validation. It has a layer 2 side chain that enables zero-fee smart contracts and a zero-fee-based data oracle blockchain with both inbound and outbound capabilities.
This blockchain would have a weighted proof of stake mechanism. Miners can register their nodes as Data-Node or Execution Nodes. Data Nodes would process all three transactions value transfer, smart contract, and data oracle transactions. Execution nodes will process only value transfer and smart contract execution. Miner rewards such as coins mined will be apportioned based on the type of node and proportion of transactions validated. This weighted proof of stake would entail the miner to validate value transfer transactions, smart contracts, and inbound/outbound data in the data oracle layer. The weights would be in proportion to the actual value transfer, smart contract workload, and data oracle requests. The miner would be compensated with the coins mined once he has validated all 2 / 3 types of transactions in the right proportion. The blockchain would have an array of smart contracts
- To let data oracles, receive, send, and store data in a single geographical boundary
- Define Rules for Smart contracts to securely mask data and validate data on demand