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Wednesday, April 18, 2018

Developers Eye View of Smart Contracts

Its all about business rules.  So its about rule based process.  But why do it this way in particular rather than using rule bases and encrypted ledgers ?  Case is made here.  (Much more in full piece at the link)

Make your blockchain smart contracts smarter with business rules
By Stephane Mery and Daniel Selman  IBM

Blockchain already has a profound impact on multi-party business processes. Organizations that use blockchain count on trusted automatic transactions. It provides a framework of trust that you can use to securely automate processes that, until now, were often manual.

Traditionally, in business transactions, when two parties exchange value, they need to share a representation of the exchanged value and of the terms and conditions for the transaction. If they can't fully trust each other, each party maintains its own record of the exchange – a transaction ledger. They also keep their own copies of the rules and processes that govern the contract to exchange value.

Duplicating these records can lead to errors – and fraud. On top of this, the transaction processes are also duplicated, and performed manually and inefficiently. Disputes over discrepancies between the copies of the ledgers and contracts might need to be resolved in court, leading to significant costs, and ultimately delays to the transaction.

Blockchain uses cryptography along with distributed computing and storage technologies to solve the problems inherent in the traditional processes by providing trading parties with a means to share a trusted representation of their transactions and their assets.  ....  " 

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