Hybrid Blockchain – What is it?

    What is Hybrid Blockchain?

    A hybrid blockchain is a unique sort of blockchain technology that combines elements of both public and private blockchains and strives to use the best of both.

    In a hybrid blockchain, transactions and records are kept secret, but they can be validated as necessary, for as by granting access through a smart contract. Although private information is stored within the network, it can still be verified.

    Even if a private entity owns this type of blockchain, it is unable to alter transactions. A hybrid blockchain enables businesses to set up a private, permission-based system alongside a public, permissionless system, allowing them to control who has access to specific data stored in the blockchain and what data is made public.

    A user who joins a hybrid blockchain network has full access to the network. Unless they participate in a transaction, the user’s identity is secured and protected from other users. The opposite party is then informed of their identification.

    Benefits of Hybrid Blockchain

    A hybrid blockchain ensures privacy while allowing third-party communication. Because this blockchain functions within a closed ecosystem, external hackers are unable to launch a 51 percent attack on the network.

    A hybrid blockchain network generates superior scalability than a public blockchain network, and transactions are cheap and rapid. Because the hybrid blockchain only requires a few nodes to verify transactions, they are inexpensive. The network’s most powerful nodes help with transaction verification, which can require a lot of nodes on the public blockchain. Transaction fees as low as 0.01$ per transaction are possible.

    The hybrid blockchain design differs from other blockchain architectures in that it is private while still providing integrity, security, and transparency. It can also be completely customized. Members of this blockchain can select the blockchain’s participants and decide which transactions should be made public. This ensures that a corporation can work effectively with its shareholders.

    Hybrid IoT

    The Internet of Things (IoT) has evolved into a decentralized system of cooperating smart items with the requirement of reaching distributed consensus, among other things, since its inception. Current IoT platform solutions, on the other hand, are centralized cloud-based computing infrastructures with a number of important drawbacks, including expensive cloud server maintenance costs, inability to support time-critical IoT applications, and security and trust difficulties, to name a few.

    Enabling blockchain technology in IoT can assist in the development of a distributed consensus-based IoT system that overcomes these drawbacks. Even though this is a perfect match, it is still a difficult task. In this work, we designed Hybrid-IoT, a hybrid blockchain architecture for the IoT, as the first step toward that goal.

    Subgroups of IoT devices, referred to as PoW sub-blockchains, constitute PoW blockchains in Hybrid-IoT. A BFT inter-connector architecture, such as Polkadot or Cosmos, is then used to connect the PoW sub-blockchains. The construction of PoW sub-blockchains is the topic of this study, which is governed by a set of recommendations based on a set of dimensions, metrics, and boundaries. We conduct a performance and security evaluation to demonstrate the validity of the technique.

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