Flexible and Scalable Smart Contracts Powered by Dragonchain
As blockchain technology continues to edge its way into our existing organizations and businesses, it has become apparent that applications of this technology go far beyond just that of digital money. More and more people are beginning to understand that there's a bit more to blockchain than just being a speculative investment.
Smart contracts were first proposed in 1994 by Nick Szabo, who wanted to extend the functionality of electronic transaction methods. With blockchain, these contracts are changing how business gets done and they're increasing accuracy and efficiency while creating a more transparent environment.
Currently, smart contracts are used for more technical objectives such as currency or asset transfer and decision-making in technical systems. Although businesses are just beginning to realize the benefits of smart contracts, there are still some obstacles to overcome if we want to see widespread use in the real world, beyond the cryptocurrency space. Building blockchain applications since 2014, Dragonchain removes those obstacles so businesses can realize their full potential with smart contracts, today.
Smart Contracts
Smart contracts are digital contracts outlining agreed-upon terms that are deployed to a blockchain. With the use of immutable blockchain technology, these programmable terms can eliminate the need for third parties by facilitating credible transactions in a traceable and permanent manner.
As with most smart contracts, Dragonchain's smart contracts address trust and transparency between interested parties. They can also automate any process a business needs, reducing unnecessary costs, time expenditures, and inefficiencies. Key benefits to using smart contracts can include definitive interpretation, transparency, and security.
Obstacles
As great as smart contracts are, they're only beneficial if they can be implemented. Of the other smart contract platforms used today, most are isolated to specific blockchains, require specialized code languages, are not interoperable with business systems, have volatile expensive transaction costs, and are simply not scalable.
None of these platforms were built with real-world business or legal uses in mind.
Mass Enterprise adoption of smart contracts is and will continue to be hindered by these limitations. However, there are key distinctions integrated at the core of Dragonchain's architecture that offer solutions to these obstacles. These solutions give Dragonchain a significant advantage over other platforms and makes all the difference for Enterprise smart contract deployment.
The Dragonchain Smart Contract Advantage
Written in Any Code Language.
A smart contract is only good if it can be written. If the goal is to implement a solution to reduce costs and remove intermediaries then the smart contract needs to be flexible enough to be used by anyone. Written in any code language, such as Java, Go, Python, and others, Dragonchain's smart contracts allow businesses to use their existing IT staff. This ability is immensely valuable because those already familiar with the business's workflow can write a completely customizable smart contract, quickly, without any specialized training.
There also exist Domain Specific Languages (DSL) such as Ergo to codify legal contracts into executable code. Any such language can be fully leveraged on Dragonchain to write smart contracts for real-world applications.
Independently Scalable.
Every smart contract is deployed in a Docker container making it independently scalable. Docker containers allow for separation of concerns, faster deployment, higher reliability, and lead to faster response times. This has a significant advantage for flexible integrations and can offer minimal disruptions with new applications. The smart contracts can contain agreed-upon terms for new updates and upgrades just like real-world written contracts.
Privacy, Quantum Protection, and Measured Proof
With Dragonchain, smart contracts deployed to the Level 1 business blockchain are private unless explicitly permissioned otherwise. Sensitive data remains under the business's complete control, protected by quantum-safe polymorphic encryption integrated at the core of the architecture. Verification of the smart contract execution proof is then decentralized to Bitcoin and Ethereum, leveraging approximately $4 billion (USD) per year of measurable security behind every transaction. This immutable proof will show the state of data at a specific moment in time, to promote trust and security in business processes.
Smart Contract Automation
Other networks are inert and need an external entity to call a smart contract to execute a process. Dragonchain smart contracts can act as self-oracles by publishing and watching for information from any source for complete automation.
Time-based smart contracts are programmed to execute at a specific time or specific intervals.
Watcher smart contracts execute based upon events or state changes on other blockchains or traditional systems.
Blockchain Interoperability with Interchain
Dragonchain's patented interoperability technology, Interchain, allows a business to leverage capabilities on other blockchains or traditional systems. This ability allows Dragonchain smart contracts to interact with any other system, regardless of the platform.
Along with typical smart contract capabilities such as asset transfer, Dragonchain smart contracts allow a business to build real-world applications by leveraging existing business systems as well as other blockchains.
For instance, Dragonchain makes it possible to provide limited access to data based upon NFTs held by a physical sensor or IoT device on a ship in a supply chain process. While a shipping container is on the cargo ship, a smart contract can give a sensor attached to the container access to read and write data for that container. When the container moves on to the next leg in the supply chain, for instance, the truck, the cargo ship no longer has access to record data related to that specific container. This brings transparency and traceability to the supply chain.
Smart Contract Orchestration Systems
Our patented Smart Contract Orchestration system brings together blockchain transactions and smart contracts within a business process flow. Modeled after the architecture of the Internet, businesses can now add a smart contract to ledgered steps in a workflow process for added flexibility and efficiency. A business can add, update, or delete any step in a workflow process without a complete rewrite of the smart contract saving time, money, and developer resources.
Each of these features is powerful in its own right, but together, there is no better smart contract platform.
Where can we use Dragonchain Smart Contracts?
Any agreement between parties or any business process automation can be modeled into smart contracts. The applications for smart contracts are wide-ranging since they can apply to virtually any set of conditional situations or process definitions. Here are just a few:
Supply Chain: Release invoices and payments based on tracking of the manufacturing, movement, and processing of physical goods making the whole process more cost-effective, easier to audit, and mitigating risk.
Healthcare: Interoperable IoT devices can trigger a smart contract execution to reorder hospital supplies when inventory levels drop below par.
Retail: Automatic calculation of loyalty points.
Climate Initiatives: Program the transfer of unused carbon credits to partners without the need for a marketplace.
Voting: Automatically disallow the same voter from casting their vote more than once. Direct a data set from a voter to auditors without exposing PII.
Financial Services: Automate payments and money transfers when specified criteria are met.
Dragonchain smart contracts allow businesses to leverage automation to cut costs and save time as well as provide transparency and security to any business process. Dragonchain offers guidance and support in the development of smart contracts from a team with 10+ years of experience in blockchain and smart contract development and design.
Our patented interoperability and orchestration systems are your advantage. Contact us to implement your smart contract today.
