Towards Blockchain-enabled Open Architectures for Scalable Digital Asset\n Platforms

Abstract

Today there is considerable interest in deploying blockchains and\ndecentralized ledger technology as a means to address the deficiencies of\ncurrent financial and digital asset infrastructures. The focal point of\nattention in many projects on digital asset and cryptocurrency is centered\naround blockchain systems and smart contracts. Many projects seek to make the\nblockchain as the centerpiece of the new decentralized world of finance.\nHowever, several roadblocks and challenges currently face this predominant\nblockchain-centric view. In this paper we argue that the proper and correct\nperspective on decentralized economy should be one that is asset-centric, where\nthe goal should be the consistent lifecycle management of assets in the\nreal-world with their digital representation on the blockchain. We introduce\nthe notion of the digital twin to capture the relationship between a real-world\nasset and its on-chain representation. A digital twin container is utilized to\npermit off-chain state persistence and on-chain state traceability, where the\ncontainer can be deployed on the blockchain as well as on traditional\napplication servers. The digital twin container becomes the bridge between\nlegacy infrastructures and the newly emergent blockchain infrastructures,\npermitting legacy systems to interoperate consistently with blockchain systems.\nWe believe this asset-centric view to be the correct evolutionary direction for\nthe nascent field of blockchains and decentralized ledger technology.\n