Invented by Vishal S. Batra, Praveen Jayachandran, Shachi Sharma, Abhishek Singh, International Business Machines Corp
The Market For Converting Processes to Multiple Blockchain Smart Contracts
The market for Converting processes to multiple blockchain smart contracts is rapidly growing in various industries, particularly financial services, supply chain management, transportation and government. These sectors are adopting this technology in order to enhance their processes and reduce operational expenses.
Existing approaches for executing business processes on a blockchain platform involve compiling each process model captured in a BPMN model into an array of smart contracts that manage the creation and modification of process instances.
Scalable systems are those that can increase their capacity without disrupting functionality or performance issues. Scalability is critical for any system designed to serve an increasing number of people, particularly in today’s fast-paced business world where businesses must quickly adjust to market changes and alter their models to stay competitive.
Smart contracts can be scaled in various ways, such as adding new functions or adding different data sets to the system. Doing so increases the amount of information stored and retrieved, improving processing speed and efficiency.
The initial step in scaling software is designing it correctly. This includes implementing an efficient scaling strategy and setting up a scalability rule. Furthermore, having an effective CI/CD pipeline reduces development costs while making maintenance and upgrading the software simpler.
This helps speed up the scaling process and allows companies to utilize resources more efficiently. Having a scalable and elastic system is essential for any company looking to enhance its operations.
In a peer-to-peer (P2P) system, the scalability of the network is determined by how well its protocol can adapt to changes in size and traffic volumes. Early P2P systems like Gnutella had scaling issues because each query overloaded resources on the network, overrunning available bandwidth and increasing latency and error rates.
Modern peer-to-peer systems such as BitTorrent and Steemit can scale without any network congestion due to their distributed architecture. Furthermore, these platforms have the capacity to scale upward when more peers join in, or downward when end users or apps decrease in number – helping the platform reach a breakeven point faster.
Scalability in a system can be achieved through several means, such as adding more servers, employing advanced peer-to-peer techniques and partitioning the load across multiple servers. This strategy works best for large systems that must scale up or down rapidly; additionally, it’s beneficial when creating applications processing large amounts of data or needing high availability.
The market for Converting processes into multiple blockchain smart contracts is growing due to an increasing need for transparency, security, and efficiency in the marketplace. Companies are turning their manual operations into smart contracts in order to automate manual tasks, save time and money, as well as improve customer service levels.
Blockchain-based smart contracts offer the primary advantage of transparency, enabling parties to engage with one another in an open and accountable manner. For instance, they can be utilized for recording shipments or payment approvals and this openness helps parties avoid disputes and eliminates the need for intermediaries to confirm and verify transactions.
Transparency is an ethical value that permeates all aspects of business and society. Transparency emphasizes openness, communication, and accountability. Integrating transparency as a core value into your organization is an excellent way to foster trust among employees and create a healthy working atmosphere.
Many companies are transitioning their supply chains into smart contracts to enhance transparency. These contracts record shipments and payment authorizations, eliminate the need for middlemen, and save time and money by automating workflows.
Manufacturers can utilize smart contracts to monitor their equipment and products during production. These agreements keep tabs on the condition of equipment, quality assurance standards for goods produced, as well as producing records in real-time that can be trusted by all parties involved.
Smart contracts can also be utilized to track material sources and trace supplies from suppliers to manufacturers, resulting in more precise pricing with reduced risks of fraudulence.
Some companies use smart contracts and Internet of Things (IoT) sensors to track supplies entering a manufacturing facility and automate payment for those items. The resulting transparency can help manufacturers streamline their supply chains and enhance customer service.
These contracts can also be utilized to automate trade settlements and document ownership changes. This makes the process more secure, as it’s verified in real-time, saving both time and money.
Converting processes to smart contracts can be costly, but there are ways to reduce the initial expense. For instance, companies may want to begin with those processes which they believe have the most potential for automation; this will help minimize long-term costs associated with setting up a blockchain system.
Converting processes to multiple blockchain smart contracts can help companies streamline their internal business operations and automate tasks. The advantages are immense, such as real-time shipping/payment verification, dispute resolution without the need for intermediaries, and faster shipments/payments approval.
Smart contracts are secure due to their distribution on the blockchain and protection by cryptography. They eliminate single points of failure and vulnerability to hacks, making them ideal for building successful financial, insurance, banking, real estate, supply chains, healthcare services and gaming services.
Security is an intricate subject that must be carefully considered. For instance, a smart contract cannot be trusted to operate properly unless certain criteria are met; hence, third-party approval must be obtained before implementation.
A cybersecurity review panel or business that specializes in smart contract vetting can provide this service. They evaluate the structure and logic of a smart contract to make sure there are no holes that would allow malicious individuals to exploit them later.
Furthermore, it’s essential to determine whether the smart contract is a legal agreement under United States law. If so, then its terms must be interpreted according to the laws of the jurisdiction where it was executed.
Smart contracts are an integral component of DeFi, or decentralized finance. They’re revolutionizing how intermediaries collaborate with their counterparties during securitization transactions and can simplify many steps involved in this process.
But the technology and data infrastructure needed to convert processes into smart contracts can be expensive, which may be a deterrent for companies that aren’t quite ready to invest in an entirely new system.
However, over time the costs associated with converting processes into smart contracts will decrease. Companies that adopt smart contracts can save money and time that would have otherwise been spent on intermediaries. This is especially advantageous for manufacturers who typically need to monitor supplies and equipment as well as verify quality control and audits.
The market for Converting processes to multiple blockchain smart contracts is rapidly developing, offering clear advantages. These applications can simplify transactions, cut costs, and align business interests. With such vast potential, this approach may see widespread adoption in the near future.
Blockchain implementations are already taking shape in various forms, such as Singapore Airlines’ Kris+ lifestyle app which uses a digital wallet to securely convert miles into cryptocurrency that can be exchanged with merchant partners. This program helps travelers maximize their frequent flier rewards by making it simpler to transfer points between partners.
Another example is Chainlink, which makes it simpler to transfer secure data from off-chain resources (like oracles) onto smart contracts on the blockchain. These trusted third parties retrieve off-chain information and then push it onto the blockchain at predetermined intervals.
Oracles are essential to many smart contract applications, ensuring the parameters of the contract are fulfilled independently from any stakeholders. Unfortunately, using oracles presents its own set of challenges to development teams; sometimes they might not always provide accurate data, provide inaccurate information, or cease operations – leading to delays and creating a potential “point of failure” which must be addressed before mainstream adoption of smart contracts can take off.
This issue is especially pertinent to smart contracts that rely on off-chain resources or require access to sensitive or proprietary information. While these oracles have been thoroughly tested, they may not always deliver the required data for a smart contract to function correctly – an issue which must be addressed before such contracts become widely used.
Blockchain offers the benefit of increased transparency, allowing participants to monitor all aspects of a transaction. This is particularly helpful in complex import and export deals that often involve multiple stages and parties. A smart contract can trigger events that help monitor the entire process, such as verifying goods have been delivered in satisfactory condition and payments have been released to the right parties.
The International Business Machines Corp invention works as followsAn example operation might include one or several of identifying a workflow specify including a number entities and state element, selecting two or three entities to be a subset among the entities, where they share one or multiple of the state components of the workflow specification amongst the state elements and creating a smart contract identifying the first one or more state element.
Background for Converting processes to multiple blockchain smart contracts.
A blockchain can be used to store any type information. A blockchain is mainly used to store financial transactions but can also be used to store assets such as products, packages and status. A decentralized scheme transfers authority, trust, and allows its nodes to continuously record and sequentially log their transactions on a public “block”, creating a unique “chain”. A blockchain is also known. Cryptography is used via hash codes to authenticate a transaction source. It also removes any central intermediary. Blockchain is a distributed database that keeps a continually growing list of records in blockchain blocks. These records are protected from tampering or revision because they have immutable properties. Each block has a timestamp as well as a link to the previous block. Blockchains can be used to store, track, transfer, verify and verify any information. A blockchain is a distributed system. Before adding any transaction to the ledger, all peer must reach consensus.
Enterprise workflows are a complex, end-to-end workflow that is specific to a industry. These include a process state and permission/access controls to modify the process state and to execute the process to advance the workflow. A workflow that involves multiple entities is not possible to manage or control. Complex industrial processes involve multiple entities. For instance, a process in the manufacturing industry includes multiple suppliers and transport logistics companies, assembly/manufacturing companies, assembly unit industries, distribution channel partners, etc. This could include importers, exporters, freight forwarders and supporting institutions. It also includes logistics companies, ports customs, government authorities, as well as logistic companies. Although processes can capture the entire process from beginning to end, not all parties have to interact with each other. Parties only transact with a small number of other parties in complex processes. They are dependent on each other in large complex processes. Parties’ rights and obligations are limited to a small number of people they transact with at any given time. Therefore, all parties are not subject to a single legal contract. There is still room for separation within these workflows.
One example embodiment could include one or more: identifying a workflow specify that includes a plurality entities and a plurality state elements; selecting two or three entities to be a subset among the plurality entities; the subset of entities sharing one or several of the state elements among the plurality state elements; and creating a smart contract that identifies the one or multiple state elements.
Another example embodiment could include an apparatus that has a processor capable of performing one or more: identify a workflow specification consisting of a plurality o entities and a plurality o state elements; select two or three entities to be a subset among the plurality if entities are identified as entities. Create a first smart contract identifying one or more state element.
Another example embodiment could provide a non-transitory computer-readable storage medium that stores instructions. This allows a processor to identify a workflow specification consisting of a plurality entities and a plurality state elements. The subset of entities is then selected from the plurality and assigned one or several state elements. A first smart contract is created identifying the state elements.
It will be apparent that the components of the instant invention, as shown in the figures, can be placed in many different ways. The following description of the embodiments, including at least one, of a method and apparatus, non-transitory computing readable medium, and system, as illustrated in the attached figures is not intended limit the scope or claim, but it is representative of select embodiments.
The instant features and structures or characteristics described in this specification can be combined in any way that suits the purposes of one or more embodiments. The usage of phrases like “example embodiments”, “some embodiments”, or similar language throughout this specification indicates that an embodiment could include a specific feature, structure, or characteristic related to the embodiment. The phrases “example embodiments”, “in some embodiments?”, “in other embodiments?”, or any other similar language throughout this specification don’t necessarily refer to the same group. Furthermore, the features, structures, and characteristics described in this specification may be combined in any way that suits the needs of one or more embodiments.
In addition, the term’message’ may be used in the description of embodiments. While the term?message? may have been used to describe embodiments, the application can be applied to any type of network data such as packet, frame, or datagram. The term “message” can also be used. The term “message” can also refer to packet, frame, or datagram. While certain types of signals and messages may be shown in certain embodiments, they are not limited by a particular type of message and the application does not limit itself to that type of signaling.
The instant application in one embodiment relates to managing smart contracts in a blockchain, and in another embodiment relates to identifying characteristics/attributes of a workflow process to create multiple blockchain smart contracts.
Example embodiments allow for the evaluation of complex multi-party workflow processes that cannot be executed/implemented through one smart contract on a Blockchain. This workflow process is identified and analyzed in order to automatically create multiple smart contracts on the Blockchain. A given workflow process specification may have sub-parts that can be identified and consolidated to form sub-parts. The changing set of transacting party may be identified as a sub-workflow, or sub-contract boundary for these parties.
A blockchain, as it is called herein, is a distributed system that consists of multiple nodes that communicate each other. The blockchain runs chaincode programs (e.g. smart contracts), etc. The blockchain holds state and ledger information and executes transactions. The chaincode is used to invoke transactions. Transactions must usually be ‘endorsed? Only endorsed transactions can be made and may have an impact on the state and integrity of the blockchain system. One or more system chaincodes may be used to manage parameters and functions.
Nodes” are communication entities in the blockchain system. A?node is a logical function. A?node? is a logical function that allows multiple nodes of different types to run on the same physical server. Nodes are organized in trust domains, and they can be associated with logical entities that have different control over them. Nodes may include different types such as a client or submitting-client node which submits a transaction-invocation to an endorser (e.g., peer), and broadcasts transaction-proposals to an ordering service (e.g., ordering node). A peer node, which receives client transactions and commits them, maintains the state and copies of the ledger and is another type of node. Although it is not required, peer nodes can play the role of endorsers. The ordering-service-node or orderer is a node running the communication service for all nodes and which implements a delivery guarantee, such as atomic or total order broadcast to each of the peer nodes in the system when committing transactions and modifying the world state.
The ledger contains a sequenced, tamper resistant record of all state changes that have occurred on the blockchain. Chaincode invocations, i.e. transactions, are what cause state transitions. They can be submitted by participants (e.g. client nodes and ordering nodes as well as endorser nodes and peer nodes). Transactions can result in an accumulation of asset key-value pairs, which are then committed to the ledger. These include creates, updates and deletes. A blockchain, also known as a chain, is a digital record that stores an immutable sequenced record in blocks. A state database is also part of the ledger, which keeps track of the current state. One ledger is usually maintained per channel. Each peer node keeps a copy for each channel they are a part of.
The chain is a transaction log that is organized as hash-linked blocks. Each block contains N transactions, where N is equal or greater than 1. The block header contains a hash and the header of the previous block. This allows transactions to be cryptographically linked together and sequenced. It is therefore impossible to alter the ledger data without breaking any of the hash links. The hash of the most recent block represents each transaction on the chain, making it possible for peer nodes to be in a consistent and trusted status. The chain can be stored on either local or attached storage to support the append-only nature the blockchain workload.
The current state in the immutable ledger is the most recent value for all keys included in the chain transaction log. It is sometimes called a “world state” because it represents the most recent key values that are known to the channel. Chaincode invocations execute transactions against current state data. The state database may contain the most recent values of the keys to make chaincode interactions more efficient. The state database can be an indexed view of the chain’s transaction log. It can be regenerated from any chain at any moment. Peer node startup may trigger the automatic recovery (or generation if necessary) of the state database. This happens before transactions are accepted.
FIG. 1A shows a logic diagram showing the workflow process and supply chain 100 according to examples. Referring to FIG. FIG. 1A shows how the workflow 110 creates a loop of entities that transact during a product sales/trade workflow. An exporter 112, for example, may request ground transportation 114. This requires a warehouse of 116, which operates alongside a port number 118. A shipping line 122 delivers cargo. An importer 132 may also use a port 124, which can be combined with a warehouse 126, ground transportation 128. Asset owners or asset backers 134/136 can rely on an asset negotiator138 to manage the assets securities and other transactions related to the products in the workflow. Export customs 142 or import customs144 may also be parties. These may need papers to comply with government regulations. FIG. Any of the entities in FIG. 1A could require data or information from other entities at any time. Many of the entities might not need information, and could be considered irrelevant by one or more transacting parties. Information shared could be sensitive, public, and/or somewhere else, such as private but not public.
Subsets of the larger workflow are defined to include one or several entities, one, or more events (e.g., purchase delivery, sale, departure or stocking), and one or more state elements (i.e. sales, purchase, delivery or sale, departure or stocking). These subsets can then be used to create a smart contract. FIG. FIG. 1A shows that the blockchain could include a processing platform such as a virtual computer that can identify and process workflow data and determine if certain criteria have been met in order to create a smart contract. A template and/or smart contract construct may be used to create a smart contract. Smart contracts can be created one by one 146 and may contain any number?N. number of smart contracts 148. The smart contracts can be stored on the blockchain 130 and referred to during the workflow process.
Possible smart contract may be formed, for example, between an exporter and importer of goods. It is based on a contract and a purchase order. An example of this would be an importer and an asset owner, which could include an account, a loan or a negotiation of an item. Asset owners might also trade instruments and may require certain documents to offer, accept, negotiate, etc. Another potential smart contract may be created based on transport entities and customs authorities, or other parties to the workflow. The same smart contract template could be used for repeated actions during the workflow process.
In the workflow, certain state element, access control, and workflow instances might be identified as part. This may require a separate contract to preserve party anonymity/security procedures, among other considerations. Another approach is to identify parts of the workflow where state elements change and to identify parts of the workflow where access control rules are changing. For each sub-process, multiple smart contracts can be generated. This may include the state elements and access control rules for each smart contract. Next, a declarative specification for the sub-process could be created. Smart contract code may also be generated. These smart contract codes may be template-based and only provide configurations to an existing contract template. One smart contract event or subscription framework can create a share status among the various smart contracts. This will enforce the process workflow.
The example process encodes state status?status?” The workflow process manages the state and establishes the interfaces between smart contracts. A smart contract could be configured to publish a?private? or?protected? status. and/or ?public? event(s). Only the event-generating smart contract can subscribe to private events. Public events can be subscribed to by other smart contracts with (one or more common parties). Protected events can also be subscribed to by any smart contract on this network. Smart contract programs can subscribe to events generated on the blockchain by smart contracts. This allows event-subscription-based collaboration and orchestration between smart contracts. It also allows inter-smart contracts workflow execution. End-to-end workflows can be created as a collection of interacting smart contract with the appropriate access controls.
In one example trade, a private event could occur when documents are submitted and approved by an importer’s assets manager. This event can trigger automatic funds transfer. A bill of lading can be a protected event in a freight-forwarder-shipping-line contract. This will trigger the submission of customs declarations and other documents in the freight-forwarder-customs smart agreement. A port contract may release public information about a ship’s schedule to all interested parties.Click here to view the patent on Google Patents.