Wise Blockchain Technology

The current blockchain technology system has a large influence on trade transactions in the world. This transaction certainly produces a transaction data that is usually stored and managed by conventional banks in the real world. The emergence of digital transactions in this era changed the system that had been embraced during the transaction process. If trade is carried out virtually by utilizing internet facilities and advanced technology services, then where is this transaction data carried? For each transaction data carried out through a digital system, it will be stored in a cash book which is of course digital as well, but by utilizing distributed cash book technology or Distribution Ledger Technologies (DLT). DLT technology is generally currently used by blockchain-based platforms to store every transaction data that has ever occurred on that platform. The blockchain technology is decentralized where each data will only be stored centrally on one platform.

The blockchain technology system was first introduced by the Bitcoin platform. In the beginning the data system applied cryptography which was generally used at that time in the data structure and consensus algorithm to implement a less reliable distribution system. This was then resolved through the solutions provided by the blockchain system and the Bitcoin digital currency algorithm. Over time, the blockchain system is not only fixed on the word cryptocurrency (digital currency) again, but its application has been developed on smart contracts (smart contracts) and the concept of IoT (Internet of Things). In the period when this new application was developed, this was largely based on new innovations in data structures and consensus protocols. The aim is to solve problems related to application and scalability.

Platform Wise created a technology called Wise Network to take advantage of all of these innovations to build a blockchain itself. In addition, this platform also designed a solution called the Wise ‘Public Blockchain Mesh (WPBMN). WPBMN is designed with the aim of connecting each device with IoT technology and providing a means to support M2M technology. there are a number of things that will be designed by the WPBMN to achieve these objectives, including real decentralized scalability, task separation, portable, user-friendly, connected, flexible, compatible blockchain and design prepositions.

Seeing the phenomenon of using the blockchain system which is increasing from time to time, the possibility of system damage can occur. The server can experience errors at any time due to the increase in the number of users. This was a concern for the Wise platform to anticipate this inevitability. Through WPBMN, Wise designed a technology that can hold large numbers of users access and continue to be developed to fit the IoT scope. With the increasing complexity of IoT technology, various systems must be involved to support each of the different IoT devices and ensure that the interactions that are only accessed by new users can take place smoothly. Subsystems and sub-chains are needed to improve network privacy, control and reliability.

If a blockchain has to handle all devices, this can lead to reducing the blockchain scalability and making heavy chains. Besides that, it can also reduce the efficiency of the blockchain system performance. For this reason the Wise platform provides the best solution by creating a number of special blockchain to be able to share tasks so that it can reduce the workload of a blockchain that can reduce its efficiency. Each blockchain will work according to each usage and can operate with self-managed property.

The many types of IoT devices that are connected in the blockchain network make WPBMN must be able to be used in IoT devices such as CPUs, sensors, and are able to adapt to new hardware. Transactions that occur on the blockchain must be linked and optimized according to the type of device by empowering the device through reducing memory and power to participate in consensus. In addition, it can allow more suitable devices to act as full nodes that ensure account connectivity continues.

The current blockchain technology still needs to be developed and publicized. The WPBMN needs to have a simple design, the parties that help develop it, and are easy to use especially for new users. Blochchain technology and smart contracts in WPBMN must be able to be created easily with any programming language. The process of exchanging from one digital currency to another digital currency must take place smoothly from chain to chain.

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