Use Case - Smart Contracts | IoT ONE Digital Transformation Advisors

Use Cases Smart Contracts

	Smart Contracts

Smart Contracts

Overview	A Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of an agreement. Smart Contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Proponents of Smart Contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim of Smart Contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented Smart Contract service models. A Smart Contract not only describes the rules and penalties related to an agreement in the same way that a traditional contract does, but it can also automatically enforce those responsibilities. Read More
Contents

Overview

A Smart Contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of an agreement. Smart Contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Proponents of Smart Contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim of Smart Contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented Smart Contract service models. A Smart Contract not only describes the rules and penalties related to an agreement in the same way that a traditional contract does, but it can also automatically enforce those responsibilities.

TAKEBISHI – FACTORY AUTOMATION - From Kyoto to the World

Takebishi, the Kyoto-based total solutions provider, distributor and evangelist for Mitsubishi Electric Corp. factory automation technology, is readying its flagship industrial communication middleware DeviceXPlorer® OPC Server for the smart factories and connected industry of the 2020s with a major new version upgrade. With its business growing both in its native Japan and around the world and unauthorized use an increasing concern, the invaluable intellectual assets invested in the system call for a licensing solution that is as smart and sophisticated as it is reliable and easy to use.

Efficiency: Smart Contracts automate and streamline contract execution, reducing the need for intermediaries and manual intervention. This results in faster transaction processing, lower operational costs, and improved efficiency in business processes. Transparency and Trust: Smart Contracts are executed on blockchain platforms, providing transparency and immutability of contract terms and transactions. This enhances trust between parties, reduces disputes, and ensures compliance with predefined rules and conditions. Log in to view content

Efficiency: Smart Contracts automate and streamline contract execution, reducing the need for intermediaries and manual intervention. This results in faster transaction processing, lower operational costs, and improved efficiency in business processes.

Transparency and Trust: Smart Contracts are executed on blockchain platforms, providing transparency and immutability of contract terms and transactions. This enhances trust between parties, reduces disputes, and ensures compliance with predefined rules and conditions.

Businesses: Businesses benefit from Smart Contracts by reducing administrative overhead, minimizing counterparty risk, and accelerating transaction settlement. They view Smart Contracts as a tool to enhance business agility, improve customer experience, and foster innovation in contract-based operations. Developers: Developers play a crucial role in designing, implementing, and auditing Smart Contracts. They perceive Smart Contracts as an opportunity to innovate and create decentralized applications (DApps) that automate complex business processes and unlock new revenue streams. Log in to view content

Businesses: Businesses benefit from Smart Contracts by reducing administrative overhead, minimizing counterparty risk, and accelerating transaction settlement. They view Smart Contracts as a tool to enhance business agility, improve customer experience, and foster innovation in contract-based operations.

Developers: Developers play a crucial role in designing, implementing, and auditing Smart Contracts. They perceive Smart Contracts as an opportunity to innovate and create decentralized applications (DApps) that automate complex business processes and unlock new revenue streams.

Blockchain Technology: Smart Contracts are executed on blockchain platforms, leveraging decentralized consensus mechanisms to validate and execute contract logic. Blockchain provides a secure, transparent, and immutable environment for contract execution. Decentralized Oracles: Decentralized Oracles provide Smart Contracts with access to external data sources, enabling them to react to real-world events and conditions. Oracles ensure the integrity and reliability of external data used by Smart Contracts. Log in to view content

Blockchain Technology: Smart Contracts are executed on blockchain platforms, leveraging decentralized consensus mechanisms to validate and execute contract logic. Blockchain provides a secure, transparent, and immutable environment for contract execution.

Decentralized Oracles: Decentralized Oracles provide Smart Contracts with access to external data sources, enabling them to react to real-world events and conditions. Oracles ensure the integrity and reliability of external data used by Smart Contracts.

Input Data: Smart Contracts rely on input data to trigger predefined actions or conditions. This input data can come from various sources, including IoT devices, external systems, or user interactions. Immutable Record-keeping: Smart Contracts store transactional data on blockchain ledgers, providing an immutable record of contract execution and transaction history. This ensures transparency, auditability, and tamper-proof record-keeping. Log in to view content

Input Data: Smart Contracts rely on input data to trigger predefined actions or conditions. This input data can come from various sources, including IoT devices, external systems, or user interactions.

Immutable Record-keeping: Smart Contracts store transactional data on blockchain ledgers, providing an immutable record of contract execution and transaction history. This ensures transparency, auditability, and tamper-proof record-keeping.

Blockchain Platform Selection: Businesses choose the appropriate blockchain platform for deploying Smart Contracts based on factors such as scalability, security, consensus mechanism, and developer ecosystem. Contract Development and Testing: Smart Contracts are developed using programming languages such as Solidity (for Ethereum) or Chaincode (for Hyperledger Fabric). They undergo rigorous testing to ensure correctness, security, and compliance with business requirements. Log in to view content

Blockchain Platform Selection: Businesses choose the appropriate blockchain platform for deploying Smart Contracts based on factors such as scalability, security, consensus mechanism, and developer ecosystem.

Contract Development and Testing: Smart Contracts are developed using programming languages such as Solidity (for Ethereum) or Chaincode (for Hyperledger Fabric). They undergo rigorous testing to ensure correctness, security, and compliance with business requirements.

Download PDF Version

Overview

Smart Contracts

Case Studies

Business Viewpoint

Stakeholder Viewpoint

Technology Viewpoint

Data Viewpoint

Deployment Challenges