WiMi Hologram Cloud Inc (WIMI)

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WIMI (NASDAQ: WIMI) develops a common architecture for a blockchain-based business process management system (BPMS).

Source
https://cj.sina.com.cn/articles/view/1704103183/65928d0f020036d1b?from=finance

May 23, 2023

With the continuous development and application of blockchain technology, the blockchain-based business process management system (BPMS) has gradually become an important part of the digital transformation of enterprises, and more and more enterprises have begun to adopt blockchain in their business process environment chain technology to improve the efficiency and security of its business processes. Blockchain-based business process management systems (BPMS) have become an integral part of this trend.

However, due to the complex requirements for data security and privacy in practice, no single blockchain can capture all use cases. The coexistence of blockchains optimized for various risk tolerances and confidentiality in a multi-chain environment poses serious architectural challenges for blockchain-based business process management systems (BPMS). In order to solve these problems, WIMI (NASDAQ: WIMI) has developed a general architecture for blockchain-based business process management system (BPMS) to support orchestrated multi-chain BPMS.

1. An overview of the general architecture of WIMI's blockchain-based business process management system (BPMS).
Blockchain-based business process management system (BPMS) refers to the management and orchestration of internal or cross-enterprise business processes through blockchain technology, thereby improving the efficiency and security of business processes.
Generally, a blockchain-based BPMS includes the following components:
- On-Chain Protocol,
- Off-Chain Protocol,
- Smart Contract and
- Business Process Orchestration.

However, due to the various complex requirements and constraints of different business processes and environments, no single blockchain can meet all needs. Therefore, WIMI Hologram has developed a general architecture to support orchestrated multi-chain BPMS, which can adapt to different business processes and environments while ensuring data security and privacy protection.

2. The architecture design of WIMI holographic multi-chain environment.
In a multi-chain environment, we need a flexible architecture to support different business processes and environments. To this end, we propose a multi-chain architecture based on process orchestration, which consists of three main components: a business process management system (BPMS) orchestration engine, a blockchain integration layer, and a smart contract layer.

1. Business process management system (BPMS) orchestration engine
The business process management system (BPMS) orchestration engine is the core component of the multi-chain BPMS, which is responsible for mapping business processes to blockchains and integrating different blockchains into the same business process. In the implementation, we use a model based on graph theory to describe business processes to support complex business processes and interactions between processes.

The BPMS orchestration engine provides the following functions:
Visually design and edit business processes:
Support users to use a graphical interface to design and edit business processes, including defining process nodes, transition conditions, and business rules.

Blockchain integration management:
support the integration of different types of blockchains, and provide related interfaces and tools to directly call the functions of blockchains in business processes.

Interaction coordination:
Support interaction and coordination between different business processes to achieve cross-chain transactions and cooperation.

2. Blockchain integration layer
The blockchain integration layer is a bridge connecting the BPMS orchestration engine and the underlying blockchain, which provides interfaces and tools for interacting with different blockchains. In the implementation, we use standardized interface protocols, such as RESTful API, WebSocket, etc., to ensure the scalability and compatibility of the integration.

The blockchain integration layer provides the following functions:
Blockchain node management:
support connection, configuration and management of different blockchain nodes, including public chains, alliance chains and private chains.

Blockchain interaction interface:
Provide interfaces and tools for interacting with different blockchains, so that the functions of the blockchain can be directly called in the business process, such as querying transaction records, creating transactions, etc.

Blockchain data synchronization:
Supports the synchronization of data on the blockchain to the business process management system to achieve more efficient business processes and data analysis.

3. Smart contract layer
The smart contract layer is the core component of the underlying blockchain, which is responsible for executing and managing contract codes, and provides interfaces and tools for interacting with the blockchain. In the implementation, we use smart contract languages, such as Solidity, Vyper, etc., to realize the writing and deployment of smart contracts.

The smart contract layer provides the following functions:
Contract writing and deployment:
Supports writing and deploying contracts using smart contract languages ??to automate business processes.

Contract execution and management:
responsible for executing and managing smart contracts, and providing interfaces and tools for interacting with the blockchain.

Contract upgrade and expansion:
Support contract upgrade and expansion to adapt to different business needs and environmental changes.

The multi-chain architecture of WIMI (NASDAQ: WIMI) process orchestration can flexibly support different business processes and environments, realize cross-chain transactions and cooperation, and provide standardized interfaces and tools to ensure integrated scalability and compatibility. The orchestration engine is the core of the system and is responsible for managing the entire business process. It can interact with the multi-chain blockchain network through smart contracts and ensure the smooth progress of cross-chain transactions on all chains. The orchestration engine also provides advanced features such as automated process monitoring, error handling, and event notification. It can also integrate with external systems, such as CRM and ERP, to collaborate with a business' existing systems.

3. Advantages of WIMI's blockchain-based business process management system (BPMS) general architecture:
Flexibility:
Since our architecture is based on a multi-chain blockchain network, it can be flexibly configured according to different business needs, such as adjusting block size, confirmation time and number of nodes.

Scalability:
Our architecture can be scaled horizontally to hundreds of nodes, thus supporting larger business scale and higher throughput.

Privacy protection:
Each blockchain can have its own access control and authentication mechanism, as well as private smart contracts, thus providing better privacy protection.

Security:
Transactions between multiple blockchains can be mutually verified, reducing the possibility of attacks.

Transparency:
Every transaction can be verified on multiple chains, providing better transparency.

In this architecture, a multi-chain blockchain network is used, which can provide better scalability because each blockchain can be optimized according to its needs, such as adjusting block size and confirmation time. Second, it can provide better privacy protection, since each blockchain can have its own access control and authentication mechanisms, as well as private smart contracts. It can provide greater security because transactions between multiple blockchains can be mutually verified, reducing the possibility of attacks.

WIMI's (NASDAQ: WIMI) blockchain-based business process management system (BPMS) general architecture can be applied to various industries. For example, modern supply chain management requires a high degree of coordination and cooperation among various players, involving multiple organizations and complex transaction processes. Traditional supply chain management often lacks transparency and data sharing, which can lead to delays, increased costs and trust issues. A blockchain-based BPMS can provide a traceable, immutable, and distributed shared ledger, which can help organizations better manage supply chains, reduce delays and costs, and build trust.

At the same time, through the use of smart contracts, many supply chain processes can be automated, improving efficiency and reducing errors. Another industry pain point is financial services. Blockchain technology can provide a safer, more transparent and more efficient transaction platform, which can help banks and financial institutions reduce operating costs, increase transaction speed and reduce fraud. Through the blockchain-based BPMS, data security and privacy can be ensured, and various financial transactions such as payment, transfer, settlement and asset management can be executed through smart contracts. In conclusion, blockchain-based BPMS can be applied in a variety of different industries and fields, improving data security, transparency and efficiency, and helping organizations better manage complex business processes.