Blockchain technology workflows
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However, there are very few good use cases actually being built and realised using blockchain technology. A blockchain smart blockchain technology workflows is a piece of code that defines the rules of a transaction. In the original Bitcoin blockchain, a transaction was defined as the transfer of cryptocurrency value from one account to another.
In asset based blockchains, a transaction may be defined as the transfer of an asset or part of an asset from one account to another. Smart Contracts allow you to extend that model. Rather than simply transferring cryptocurrency value or other assets, the blockchain allows users the blockchain technology workflows to create a contract, which may contain data, permissions and workflow logic which permits accounts on the blockchain to interact with such contract. There is a blockchain technology workflows consensus pun intended around the value of blockchain technology as a new type of database with unique properties.
A common perception is that if data stored in smart contracts is analogous to data stored in a database, then surely logic coded into smart contracts is equivalent to database stored procedures. In a standard database there is clear separation between the data, and the stored procedure code. With a blockchain smart contract, the data and code co-exist. Consequently, the code can control and restrict how the data is accessed and used. With blockchain, not only can no party change history, but no party can bi-pass the smart contract permissioning logic as they might with a database stored procedure.
So a smart contract enables restrictions to be placed around which account s can create or update the data. Each organisation sends the other blockchain technology workflows message when they need to share information. This works well in many scenarios, but it is not very reliable.
What if either blockchain technology workflows in the API connection goes out of sync - how could that be reconciled? A blockchain technology workflows intermediary cloud service. Each party interacts directly with a trusted intermediary, rather blockchain technology workflows directly with the counterpart.
Blockchain solves the above problems through the distributed ledger. So, with a distributed ledger, there is no danger of individual systems becoming desynchronised with the counterparty. Add smart contracts, and the blockchain becomes a platform for immutable cross-organisation workflow, as Casey Kuhlman, CEO of Eris Industries, recently described this:. Most companies blockchain technology workflows suppliers. Why not create an invoice reconciliation network on the blockchain?
If invoices and payments were tracked blockchain technology workflows a shared private blockchain, invoices could be automatically reconciled and their payments tracked.
A reliable, immutable, shared blockchain technology workflows of invoice activity could be recorded on the distributed ledger which would be automatically shared, propagated and agreed with the other parties to render the data immutable.
Therefore, if any party later attempted to challenge the status of an invoice, the distributed ledger would serve as an immutable reference to resolve any disputes. With Blockchain, there is no cloud API nor cloud synchronisation issues; No third party to reconcile the data or manage the workflow; No armies of accounts personnel.
There would blockchain technology workflows be other advantages. At the same time, fraudulent invoice payments i. So, the benefits of a blockchain-based invoice reconciliation solution are obvious.
Tallysticks was announced and presented on stage at the recent Blockchain New York conference. Unlike traditional cloud based services, the Blockchain smart contracts will not allow anyone other than the transacting parties to change any data.
This adds a significant trust layer, removing the need to trust third parties or blockchain technology workflows employees.
Most importantly, it is our working assumption that the immutable blockchain technology workflows of this shared data platform will stand up to scrutiny and potential legal challenges between parties better than traditional, more exposed, and editable historical ledgers and databases currently in use today. So all of the data in our invoice reconciliation application resides in smart contracts on the blockchain.
Lastly, for a chance to win a free iPad from Tallysticks, all you need to do is complete this short questionnaire: Everyone is looking for the perfect blockchain use case. Smart Contracts A blockchain smart contract is a piece of code that defines the rules of a transaction.
Smart Contracts are NOT Stored Procedures There is a growing consensus pun intended around the value of blockchain technology as a new type of database with unique properties. Shared write database of limited trust A common perception is that if data stored in smart blockchain technology workflows is analogous to data stored in a database, then surely logic coded into smart contracts is equivalent to database stored procedures.
Add smart contracts, and the blockchain becomes a platform for immutable cross-organisation workflow, as Casey Kuhlman, CEO of Eris Industries, recently described this: