Blockumulus: A Scalable Framework for Smart Contracts on the Cloud
Blockchain with proof-of-work (POW) consensus effectively prevents data tampering by anyone with less than half of the total computational power of the network. The unique properties of blockchain soon attracted researchers and engineers to use the technology for a plethora of decentralized applications, commencing the era of smart contracts and a public blockchain. Public blockchains have spurred the growing popularity of decentralized transactions and smart contracts, especially on the financial market. However, public blockchains have significant limitations on the transaction throughput, storage availability, and compute capacity.
DESCRIPTION OF TECHNOLOGY
This technology provides a novel approach for achieving scalable decentralization to an already scalable cloud by using an Ethereum smart contract. Blockumulus is a framework that builds a decentralized environment for executing smart contracts upon a cloud consortium— a set of cloud nodes called cells, synchronized by the overlay consensus. The overlay consensus is empowered by a smart contract deployed on a third-party public blockchain, with independent auditors running software for an automated verification of Blockumulus workflow.
- Greater transaction throughput
- Increased storage capacity
- Increased computing capacity
- Financial services
- Legal processes
- Credit enforcement
LICENSING RIGHTS AVAILABLE
Full licensing rights available
Dr. Qiben Yan
For Information, Contact:
Michigan State University