498690090 by Unknown

Author:Unknown
Language: eng
Format: epub

Incentive Execution

Smart contracts are event-driven programs that cannot execute autonomously. The functions defined in a Smart Contract need to be triggered either by an external transaction or another Smart Contract to execute.

Problem: Users of a Smart Contract have no direct benefit from calling the accessorial functions. When using a Public Blockchain, executing these functions cause extra monetary cost, leading up to an expensive process.

Solution: Providing rewards to the caller of the contract function for invoking the execution can guarantee the completeness of regular services through accessorial functions, the downside being the unguaranteed execution of accessory functions.

To conclude, Blockchain can be viewed holistically as a fundamental building block of large-scale decentralized software systems. Patterns that show how to make good use of the Blockchain in the design of systems and applications are imperative for the effective use of Blockchain to this end.

As Blockchain acts as a Trusted Third Party to record the transaction history between two parties, it becomes imperative for members to have secured and private access to their records without recourse to the other dominant party’s (example Bank, Market place, etc.) or the creator of records. The Court of Justice of the European Union has mandated the Blockchain administrators to ensure the same in one of its judgments in January 2017. Hence, this needs to be ensured and a replicated encrypted database for Disaster Recovery and accessible to the clients. This is an opportunity for third party-regulated Data Vault providers.

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