Autonomous Consensus Protocols Deliver the High TPS the Automotive Industry Needs
The concept of Blockchain Consensus Protocol is receiving significant attention in the media, business, and technical literature, but consensus agreements have a much broader context and are not solely limited to transaction throughputs. There are several protocols to choose from, and many companies have achieved notable success following the consensus mechanisms offered by the underlying blockchain platform. Others, however, have found it challenging to interoperate across a diverse mix of consensus algorithms, DLTs, and public exchanges to support commerce activities.
The following articles provide a good basis for understanding consensus protocols.
For the automotive industry, throughputs of 10 TPS and 15 TPS fall short of industry requirements; imagine trying to push daily demand from 15 million vehicles to OEM dealers and parts stakeholders.
Blockchain Consensus Protocol engineering often requires a redesign of blockchain workflows, smart contracts, and consensus agreements to interoperate with enterprise business processes. There are several important premises:
• Consensus protocol must focus on processes not just on smart contract functions.
• Constraints such as acceptance of payment before a vehicle purchase agreement can be executed or prior to shipments must be modeled with the consensus protocol that can adequately support the business requirements of the transaction chain. Some protocols require payments at each step of a blockchain transaction.
• Changes may be required to streamline information flows with on-premise and cloud enterprise systems.
• It is important to simplify the blockchain processes to achieve the speed, operational efficiency, and goals with smart contracts. If a task or step adds no value or imposes unnecessary costs, it must be eliminated.
• Blockchain Consensus Protocol often spans functional boundaries and it is important to develop and implement solutions that can promote consensus interoperability with IT systems in order to deliver desired outcomes for your enterprise.
The SHIFTMobility Automotive Blockchain provides such characteristics and high transaction rates to support trading and commerce activities of the Automotive Industry. Contact email@example.com for more information.
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