Blockchain for Dummies (2nd Edition) by Tiana Laurence

Author:Tiana Laurence [Laurence, Tiana]
Language: eng
Format: epub
ISBN: 9781119555131
Google: LDaQDwAAQBAJ
Goodreads: 42234907
Publisher: For Dummies
Published: 2019-04-02T23:00:00+00:00

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Congratulations! You’ve now documented the movement of your cow from one location to another on a platform that a third party can use to verify the location and identity of that animal.

Working with Smart Contracts on Hyperledger

A smart contract is computer code that is written inside a blockchain protocol. Smart contracts are created to facilitate, verify, or enforce the prenegotiated terms between two or more parties. The blockchain protocol takes the place of enforcement of contracts. Smart contracts, in effect, allow two or more parties to work together without trust or the need to have authoritative judgment or settlement if things go wrong. At least that’s how they work in theory. Many different platforms enable smart contracts. On Hyperledger, they’re called chaincode.

Chaincode is conveniently written in Go, node.js, and Java and runs in a secured Docker container. Unlike other smart contract platforms that must expose your contract to a public network to enforce them, chaincode is isolated from the endorsing peer process of public blockchains. This allows you to keep your business logic private.

Another feature that distinguishes chaincode from many other platforms is that each chaincode contract is isolated. Other organizations using Hyperledger can’t access your chaincode directly unless permissioned. This feature may reduce attack vectors on your contracts by keeps third parties from accessing them.

A smart auction is a type of smart contract. Its function is to transfer ownership of an item after predetermined parameters of the agreement are met. In this demo, you’re going to create an auction for cars. You’ll list assets for sale, set a reserve price, and test what happens when assets have met or exceeded their price at the end of the auction.

Because you’re going to be using Hyperledger Composer, you don’t need coding experience to complete this demo. You also don’t need to download any special software. A Chrome browser and a good Internet connection will be enough.

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