Ledger: Top Blockchain Smartcontract Platforms And Their Differences From One Another - Articles

Top 5 SmartContract Ledger Development Platforms:

The five most popular smartcontract platforms, Ethereum, Hyperledger Fabric, Corda, Stellar, and Rootstock, are discussed in this section. Ethereum, Hyperledger Fabric, and RSK have Turing-complete smartcontracts; however, Corda and Stellar have Turing-incomplete smartcontracts. Ethereum and RSK are public smartcontract platforms (i.e., permissionless), meaning anyone can join the network at any time.

8 Key Distinctions Between The Major Blockchain Ledger Platforms:

Corda has permissioned type of ledger, and supports smartcontract function, meaning you can write and deploy smartcontracts in Corda Blockchain. Corda is an open-source blockchain platform for developers to create permissioned distributed solutions. Tezos is an open-source blockchain platform used worldwide to build decentralized blockchain networks.

 

Hyperledger Hub is a project developed by The Linux Foundation to openly develop centralised and decentralized blockchain platforms. Hyperledger Sawtooth is another scalable blockchain platform in the Hyperledger Hub, designed to develop distributed ledger applications and networks. Enterprises are using Hyperledger Sawtooth to create systems that are both scalable and reliable, as well as deploy blockchain solutions that are highly secure.

 

This platform provides users with a safe, scalable platform for supporting their confidential contracts and private transactions. Hyperledger users can build secret channels to specific members of a network, which allows the transaction data to be seen by only selected participants. Hyperledger Fabric also supports the Open SmartContract Model, which can support a variety of data models, such as Accounts and Unspent Transaction Output, or UTXO, models (see the sidebar).

 

Unlike Ethereum, which uses Virtual Machines (VMs) to execute smartcontracts (i.e., EVMs), Hyperledger Fabric smartcontracts utilize Docker containers to execute the code. EVM is compatible with other blockchains like Solana and Avalanche, which allows developers to migrate their smartcontracts across platforms. With well-written rules, well-defined development guidelines, and Ethereums native coding language called Solidity, it has proven comparatively simple to deploy smartcontracts and Dapps to the platform.

 

Ethereum is also better than any other smartcontract platform when it comes to developer numbers (200,000), making its developer community one of the most vibrant and responsive. The Ethereum network envisions using blockchain technology to not only support a decentralized payments network, but to also store computer code that could be used to fuel decentralized, tamper-proof, financial contracts and applications.

 

Ethereum is yet another blockchain use-case which supports bitcoin (BTC) and in theory, it is not supposed to actually compete with bitcoin. BTC and ETH are both digital currencies, but Ethers primary goal (ETH) is not to establish itself as an alternative monetary system, but rather to facilitate and monetize operations on the Ethereum networks smartcontracts and decentralized applications (dapps) platform. Tezos In development since 2014, Tezos is a more mature platform supporting decentralized applications, smartcontracts, and newer financial instruments like NFTs, which can be thought of as a modern variant on trading cards tied to a digital asset.

 

Cited Sources:

https://www.itransition.com/blog/smart-contract-platforms 

https://geekflare.com/blockchain-platforms-for-finance-applications/ 

https://pixelplex.io/blog/smart-contract-platforms/ 

https://cointelegraph.com/blockchain-for-beginners/smart-contract-development-platforms 

https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp 

https://www.cronj.com/blog/smart-contracts-platforms/ 

https://www.techtarget.com/searchcio/feature/Top-9-blockchain-platforms-to-consider 

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https://blog.logrocket.com/top-blockchain-development-frameworks/ 

 

Ledger: Advantages of Blockchain Smartcontract - Articles

Autonomy: The benefit of blockchain smartcontract is that they are decentralized in nature. They are direct dealings between parties and do not require the involvement of any third party in the process. This allows smartcontract to be transparent.

Accuracy: Smartcontracts are based on the requirement that all the terms and conditions are recorded explicitly.

Transparency: The Smartcontract build trust and transparency between two parties by using blockchain technology that it minimizes the dispute cases to zero. The possibility of a disagreement is avoided by the certainty and lack of between-the-lines terms in a smartcontract.

Record keeping: The blockchain stores all smartcontract transactions in chronological order and makes them accessible, along with the full audit trail. To provide complete secrecy, the parties involved can be safeguarded cryptographically.

Fraud-less: Identification and decrease of fraudulent activities. The blockchain stores smart contracts. It is extremely difficult to forcefully alter the blockchain since it requires a lot of compute. A smartcontract breach can also be discovered by network nodes, and in that case, the attempt is flagged as invalid and not recorded in the blockchain.

Fault-tolerance: Because no single person or organisation controls the digital assets, one-party dominance and situations in which one part pulls out do not occur. Additionally, because the platform is decentralised, the contract is still in place even if one node disconnects from the network.

Increased trust: Smartcontracts are automatically carried out and upheld. These agreements are also unchangeable, unbreakable, and incontrovertible since they are immutable.

Cost-efficiency: The use of smartcontracts reduces expenses by doing away with the necessity for middlemen (brokers, attorneys, notaries, witnesses, etc.). reduces paperwork as well, saving money and producing less waste.

Ledger: Working of Blockchain Smartcontract - Article

A Blockchain Smartcontract is just a digital contract that has blockchain security code. It contains certain instructions and permissions defined in code that need to happen in a specific order in order to for the smart contract's terms to be accepted. 

In the contract, deadlines may be included due to time restrictions. Every smart contract has a blockchain address. The contract may be interacted with by using its address provided the contract has been broadcasted on the network.

Idea behind smart contracts:

Logic of the Blockchain Smartcontract is pretty simple. They are executed on a basis of simple programming logic, IF-THEN condition.

Example: 

• IF you send object A, THEN the sum (of money, in cryptocurrency) will be transferred to you.

• IF you transfer a certain amount of digital assets (cryptocurrency, for example, ether, bitcoin), THEN the A object will be transferred to you.

• IF I finish the work, THEN the digital assets mentioned in the contract will be transferred to me.

Note: The WHEN constraint can be added to include the time factor in the smart contracts. It can be seen that these smart contracts help set conditions that have to be fulfilled for the terms of the contract agreement to be executed. There is no limit on how much IF or THEN you can include in your intelligent contract. [0]

Operation of a blockchain smartcontract: 

Predefined Contract: Multiple parties identify the cooperative opportunity and desired outcomes and agreements could include business processes, asset swaps, etc.

Events: 

Set conditions: Smart contracts could be initiated by parties themselves or when certain conditions are met like financial market indices, events like GPS locations, etc.

Code business logic: A computer program is written that will be executed automatically when the conditional parameters are met.

Encryption and blockchain technology: Encryption provides secure authentication and transfer of messages between parties relating to smart contracts.

Execution and Settlement: In blockchain iteration, whenever consensus is reached between the parties regarding authentication and verification then the code is executed and the outcomes are memorialized for compliance and verification.

Blockchain updates: After smart contracts are executed, all the nodes on the network update their digital ledger to reflect the new state. Once the record is posted and verified on the blockchain network, it cannot be modified, it is in append mode only.

Cited Source:

 [0] - https://www.geeksforgeeks.org/smart-contracts-in-blockchain/

Ledger: Features of Blockchain Smartcontract - Article

 

Distributed Ledger Smartcontracts:

These are very simple programs with conditions in it, stored on blockchain to run till the condition is met. This digital program used to automate the execution of an agreement between the parties allowing them to perform successful transactions without any involvement of central authority / agency. 

While I was checking through the Internet on the Features of Smartcontract, I have come across below list of points and they are unique in a way based on my understanding when compared with smartcontracts controlled central governing authority / agency.

Below are the few of the Features of Ledger Smartcontracts:

Immutable: Once deployed smart contract cannot be changed, it can only be removed as long as the functionality is implemented previously.

Distributed: Everyone on the network is guaranteed to have a copy of all the conditions of the smart contract and they cannot be changed by one of the parties. A smart contract is replicated and distributed by all the nodes connected to the network.

Transparent: Smart contracts are always stored on a public distributed ledger called blockchain due to which the code is visible to everyone, whether or not they are participants in the smart contract.

Secure: Smart contracts can only perform functions for which they are designed only when the required conditions are met. The final outcome will not vary, no matter who executes the smart contract.

Some of the other Characteristics of ledger smartcontract:

Autonomy: There is no third party involved. The contract is made by you and shared between the parties. No intermediaries are involved which minimizes bullying and grants full authority to the dealing parties. Also, the smart contract is maintained and executed by all the nodes on the network, thus removing all the controlling power from any one party’s hand.

Customizable: Smart contracts have the ability for modification or we can say customization before being launched to do what the user wants it to do. 

Trustless: These are not required by third parties to verify the integrity of the process or to check whether the required conditions are met.

Self-verifying: These are self-verifying due to automated possibilities.

Self-enforcing: These are self-enforcing when the conditions and rules are met at all stages.

These features alone are not making Smartcontracts unique in the blockchain technology, Features along with Capabilities are main backbone for the distributed smartcontracts. I have posted an article on Capabilities for more information - "Ledger: Capabilities of Blockchain Smartcontract - Article " 

Source: 

[0] https://www.geeksforgeeks.org/smart-contracts-in-blockchain/

Ledger: What is Blockchain Smartcontract - Article

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss.

How the information in the Distributed Ledger smartcontracts are stored?

Distributed Ledger Technology stores the information in a secure and accurate using advanced cryptography technology. All the information stored in this can be accessed using "keys" and cryptographic signatures. Once the information is stored, it becomes an immutable database and is governed by the rules of the network.

What exactly we store on the blockchain...!

Ledger technology in blockchain is used to store information about the transactions, share the transaction data across network, Synchronize the data across distributed network allowing multiple participants involved in blockchain and keeping the up to-date. For more information on the features of smartcontract, I have posted an article " Ledger: Features of Blockchain Smartcontract - Article " 

Source: 

[0] https://www.ibm.com/in-en/topics/smart-contracts