The Power of a Trusted Digital Ecosystem Using Enterprise Blockchain

Sky Republic believes enterprise blockchain – also called distributed ledger technologies (DLT) – and smart contracts could revolutionize the processing and automation of digital transactions – to the same extent that the Cloud and application programming interfaces (APIs) did to enable the Digital Business. However, as blockchain architectures evolve and mature, additional features and operational capabilities will be required for enterprise usage – capabilities found in offerings such as API management, B2B integration, Software-as-a-Service (SaaS), or digital business networks. This evolution will be required to make enterprise blockchain and smart contracts key enablers of the Programmable Economy, the primary consequence and benefit of which is automating the digital business within a trusted ecosystem.

The potential benefits from the deployment of distributed ledgers and smart contracts is no doubt compelling, though innovation continues to make these technologies suitable for the real-world. One example can be found in a decentralized ecosystem that provides contract parties with a trusted service that also automates the implementation of a contract’s subject matter, tracks party compliance, and governs the contract on their behalf to ensure any action or event will be legally enforceable.

It is through a Trusted Digital Ecosystem (TDE) where trust can be automated and established through identity verification of all contracting parties (with non-repudiable signatures), but also trust throughout the entire process – from contract creation to settlement – since the TDE can keep track of, and govern, all interactions between parties to provide assurance that contractual commitments and obligations are delivered as promised. Furthermore, by having an immutable record of the party interactions, any disputes that may arise can be resolved by relying on undeniable evidence of the transaction history.

It is with “trust automation” in mind that Sky Republic intends to use enterprise blockchain and smart contracts to provide a Trusted Digital Ecosystem for automating and securing business transactions.

Sky Republic believes enterprise blockchain – also called distributed ledger technologies (DLT) – and smart contracts could revolutionize the processing and automation of digital transactions – to the same extent that the Cloud and application programming interfaces (APIs) did to enable the Digital Business. However, as blockchain architectures evolve and mature, additional features and operational capabilities will be required for enterprise usage – capabilities found in offerings such as API management, B2B integration, Software-as-a-Service (SaaS), or digital business networks. This evolution will be required to make enterprise blockchain and smart contracts key enablers of the Programmable Economy, the primary consequence and benefit of which is automating the digital business within a trusted ecosystem.

The potential benefits from the deployment of distributed ledgers and smart contracts is no doubt compelling, though innovation continues to make these technologies suitable for the real-world. One example can be found in a decentralized ecosystem that provides contract parties with a trusted service that also automates the implementation of a contract’s subject matter, tracks party compliance, and governs the contract on their behalf to ensure any action or event will be legally enforceable.

It is through a Trusted Digital Ecosystem (TDE) where trust can be automated and established through identity verification of all contracting parties (with non-repudiable signatures), but also trust throughout the entire process – from contract creation to settlement – since the TDE can keep track of, and govern, all interactions between parties to provide assurance that contractual commitments and obligations are delivered as promised. Furthermore, by having an immutable record of the party interactions, any disputes that may arise can be resolved by relying on undeniable evidence of the transaction history.

It is with “trust automation” in mind that Sky Republic intends to use enterprise blockchain and smart contracts to provide a Trusted Digital Ecosystem for automating and securing business transactions.

Sky Republic believes trust automation can best be accomplished through the development of a Trusted Digital Ecosystem that has been engineered to function and serve as both a ‘system of engagement’ (a system by which parties can interact with one another in the context of creating, processing and settling a business contract), and a ‘system of record’ (a decentralized system that is used to retain a copy of the contract that is kept secure, confidential, and immutable). The TDE can provide a secure and permissioned environment for digital business that is also decentralized and transparent. It’s an excellent compromise between control and total cost of ownership (TCO).

To learn more about the power of a Trusted Digital Ecosystem using an enterprise blockchain.

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