Bianjie, the core development team of IRISnet, today announced it has open-sourced its enterprise blockchain product IRITA (Inter-Realm Industry Trust Alliance).
Powered by Tendermint, Cosmos SDK and IRIS Service (a.k.a. iService), IRITA is the first consortium blockchain product in the Cosmos ecosystem that is ready to go to production.
Combining the advanced Cosmos technology stack with years of experience in providing industry solutions, Bianjie has delivered a slew of exciting features in IRITA, including: flexible digital asset modeling, practical on/off-chain interoperability, privacy-preserving data access authorization, pluggable cryptographic algorithms, this comes with the efficient consensus engine and advanced cross-chain capability that come with Cosmos.
IRITA can be used to build next-generation distributed business applications for various scenarios, such as supply chain financing, digital asset exchange, healthcare data exchange, etc.
IRITA is available in Lite and Professional versions. The open-source version is IRITA Lite, which can get developers started quickly in building PoC application systems.
The Professional version includes more advanced features such as privacy-protecting data sharing with fine-grain authorization, a specialized server that enables edge computing, enterprise-level identity management, and related hardware security support.
6 Core Features
Compared with other permissioned blockchain products such as Hyperledger Fabric, IRITA has many advantages besides the common features such as identity management, storage management, etc. The following are 6 core features of IRITA when addressing enterprise computing requirements:
1) High-Performance Consensus: The Tendermint consensus engine is the first Internet-scale BFT consensus protocol. Tendermint powers more than 40% of the PoS blockchains, which provides a high-performance, consistent, and secure Byzantine consensus engine. Tendermint is very suitable for scaling heterogeneous systems, including public blockchains and permissioned / consortium chains which focus on performance.
2) Cutting edge interchain technology: Cosmos Inter-Blockchain Communication Protocol (IBC) is one of the most anticipated cross-chain technology standards. IBC supports interoperability among heterogeneous chains and was initially designed by Bianjie’s strategic partner Tendermint team. The Bianjie team also contributed a key module in the Interchain Standards (ICS) governing the standardization of IBC known as the ICS20 cross-chain transfer module. IRITA is extending IBC’s implementation to iService so the data and computation can be consumed throughout the internet of blockchains.
3）Privacy computing enabled data sharing: Several layers of privacy control is enabled in IRITA. The data owners can conveniently manage the data by accessing it on-chain, and data can only be accessed through authorization by the owner.
4）iService: iService provides a developer-friendly interface to support the entire lifecycle of off-chain services from definition, binding (registration of service provider), and invocation to governance. iService is powerful in integrating traditional business applications with blockchain solutions.
5) Digital asset modeling and exchange: It supports flexible modeling of the high dimensional structure of digital asset data. IRITA is very suitable for implementing decentralized exchanges (DEX). IRITA supports NFT (non-fungible token) backed tokenization of various scenarios such as supply chain finance, intellectual property, healthcare documents exchange, and record-keeping, etc.
6) Big data support: IRITA’s built-in storage layer supports cloud storage and distributed storage, and supports efficient on-chain data life-cycle query through the combination of analytics oriented datamart together with chained data.
IRITA use-cases accommodate various business scenarios, especially for digital assets registration, verification, and exchange.
For example, IRITA can be used for supply chain financing to help small and medium-sized businesses for a loan application with its digital assets. Users can digitalize real assets to NFTs on-chain and trade them freely with others through DEX. And by using iService, it’s quite efficient and practical for traditional IT systems including ERPs of the supply chain companies to be connected seamlessly to this digitalized assets market.
Further, IRITA can also be used in the healthcare industry. Service providers can exchange privacy-preserving healthcare data for analyzing. These use cases can also be found and extracted from the past business cases of Bianjie including the Ningxia provincial healthcare platform and Fosun healthcloud.link, etc. to forge a better application of IRITA.