vDLT: A Service-Oriented Blockchain System with Virtualization and Decoupled Management/Control and Execution

A wide range of services and applications can be improved and/or solved by using distributed ledger technology (DLT). These services and applications have widely varying quality of service (QoS) requirements. However, most existing DLT systems do not distinguish different QoS requirements, resulting in significant performance issues such as poor scalability and high cost. In this work, we present vDLT -- a service-oriented blockchain system with virtualization and decoupled management/control and execution. In vDLT, services and applications are classified into different classes according to their QoS requirements, including confirmation latency, throughput, cost, security, privacy, etc. This is a paradigm shift from the existing "blockchain-oriented" DLT systems to next generation "service-oriented" DLT systems. Different QoS requirements are fulfilled by advanced schemes inspired by the development of the traditional Internet, including classification, queuing, virtualization, resource allocation and orchestration, and hierarchical architecture. In addition, management/control and execution of smart contracts are decoupled to support QoS provisioning, improve decentralization, and facilitate evolution in vDLT. With virtualization, different virtual DLT systems with widely varying characteristics can be dynamically created and operated to accommodate different services and applications.