By Michael DiPetrillo, Senior Director, Blockchain, VMware
Yesterday, on the main stage at VMworld 2018, VMware CTO Ray O’Farrell unveiled a new open source project: Project Concord.
Project Concord is a highly scalable energy-efficient engine for decentralized trust infrastructures, digital consensus and contract execution. The project features scalable byzantine fault tolerant (BFT) technology, which is a departure from the resource-intensive proof-of-work employed by most blockchains today. As one of the founding members of the Hyperledger Foundation, VMware actively participates in many blockchain open source projects such as Hyperledger Cello and Hyperledger Fabric. VMware has continually invested in, contributed to and created open source projects – and Project Concord, available now as an open source project, is part of VMware’s long-standing commitment to the open source community.
Distributed ledgers and blockchains promise to streamline asset transactions with applications in finance, healthcare, shipping and beyond. Yet current implementations often lack sufficient security and auditability, limited scalability, and impose significant IT resource costs. These challenges are significant barriers to blockchain adoption, even as blockchain becomes more widely recognized as a key component of digital transformation strategies as organizations shift to IoT, artificial intelligence, machine learning, cryptocurrency acceptance and other next-generation technologies to power business.
Project Concord: Introducing Increased Scalability and Network Throughput for Blockchains
Typical BFT systems require substantial communication between nodes and thus don’t scale well. Project Concord solves this problem by simplifying and streamlining communication between nodes, enabling greater scalability while increasing overall network throughput. A blockchain powered by Project Concord can produce a more resource efficient, secure, high-throughput environment.
Project Concord promises to help enterprises move from pilot to production by giving them the scalability and security they require and the freedom to enhance the blockchain technology as they see fit. Project Concord is the foundation for a distributed trust infrastructure. Byzantine fault tolerance enhances security and trust in a blockchain by assuming there are malicious nodes and being able to deal with them. To encourage extensive feedback and testing from customers, partners, and the community at large, Project Concord is available as an open source project. Open sourcing the software enables developers to contribute directly to the project to help drive increased product interoperability, security, and new functionality.
With a 20-year history of innovation in distributed management and security, VMware brings unique expertise and insights to distributed trust infrastructures, including blockchain. Project Concord started as an internal VMware research project, and we’re excited to see it become part of the growing blockchain open source community. We invite developers from around the world to join Project Concord to advance blockchain technologies and expand its adoption.
Want to learn more? Read the technical post here.