Chinese Consortium FISCO BCOS Looks to Challenge Hyperledger Fabric and R3 Corda
A number of Chinese companies from the financial industry recently formed an Association known as the Financial Blockchain Shenzhen Consortium (FISCO). According to a press release published on October 18, 2018, FISCO is intent on building an open-source blockchain platform called the FISCO BCOS which unlike consortiums like Hyperledger Fabric, or R3 Corda, will operate without a token and be open to the public.
FISCO to Build an Open Consortium Chain
FISCO consists of many key financial and technology-based companies including WeBank (a digital bank initiated by Tencent), Tencent, Huawei, Shenzhen Securities Communication, and many others. The Chinese consortium has quickly grown to become one of the largest associations in China with over 100 members.
FISCO BCOS plans to build an Open Consortium Chain, a concept that WeBank first introduced. Unlike traditional blockchains, the open consortium chain is not a single blockchain but a type of blockchain application system. It will be made up of a handful of blockchain applications designed to serve the mainstream public. BCOS will make its international debut from November 12 to 14, 2018, at Singapore’s fintech festival.
FISCO is proud to note that since FISCO BCOS’ launch, there have been many emerging use cases ranging from a number of industries like finance, copyright, arbitration, and recruitment. While there have been many private member initiatives, when BCOS became open-sourced, many public members also launched new applications in supply chain, finance, tourism, and in gaming.
Meeting the Demands of the Financial Sector
FISCO BCOS is currently the first blockchain platform designed to meet China’s existing regulations and demands from the financial sector. The open consortium chain can overcome certain limitations and shortcomings when it comes to blockchain technology such as low concurrency, and long delays because FISCO has optimized the platform’s architecture and design.
The idea is to enable a single chain to handle thousands of transactions per second with split-second confirmation. Furthermore, it will be designed in a way so that developers can quickly build on top of servers to satisfy specific requirements. The Consortium will also ensure that any access problems and high-frequency account limitations will be resolved by combining multichain architecture and cross-chain interactions.
In regards to security, FISCO BCOS will also ensure that there are access node controls, key management and CA management help available for maximum security in critical areas such as hosting, storing, networking, and application. User privacy will also be protected by mechanisms including zero-knowledge proofs, homomorphic encryption, group signatures, and ring signatures.
FISCO BCOS will also ensure regulatory support by providing authorities and auditors access to real-time data through observatory nodes. They will develop multiple development interfaces for developers to provide additional convenience when writing and transferring smart contracts.