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The term blockchain of recent is becoming very popular and yet many people do not know what it means or what it represents or stand for. In its simplest term, blockchain is often described as digital ledger. And perhaps a very, very simple definition should just leave it at that. It is a ledger, a distributed, digital ledger.
The blockchain started in mid-2009, when Bitcoin was released. An anonymous person or group known as Satoshi Nakamoto introduced an electronic payment framework that depended on cryptography rather than trust and made it workable for any two willing parties to make an exchange or transaction that did not require any intermediaries.
Bitcoin enabled users to communicate utilizing digital currency, unbound by a central controlling body and without the requirement for a third party, along these lines limiting exchange or transaction charges and lessening handling time. In under 10 years, the technology supporting Bitcoin; the blockchain has turned out to be a standout amongst the most encouraging developments since the appearance of the Internet.
By allowing digital information to be distributed but not copied, blockchain technology has created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
• According to Don & Alex Tapscott, authors Blockchain Revolution (2016) “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
• Some of other uses of blockchain technology is the ethical business practices. Cryptocurrency can also be used to encourage ethical business practices. Because blockchain makes it possible to track every transaction with complete transparency, businesses with a record of human rights abuses.
• Another ethical application of cryptocurrency will be its ability to help battle electoral fraud.
• Many start-ups are now using cryptocurrencies in order to fund their ideas, services and products. Instead of using traditional VC funding, or using fund-raising websites such as IndieGoGo or Kick-starter, start-up leaders are looking to cryptocurrency as a way to raise money for what they need. Because it's easy to track and obtain money this way, it's revolutionizing the entire fund-raising process.
To further its course, smart contract was developed to handle the issue of the need for intermediaries during transactions. This means that with the smart contract in place, no third party is required as explained earlier. It also implies that if one party fails to adhere to the contract terms, for instance delivery a job at an agreed time, let say a party fails, the smart contract will not release payment to such defaulting parties until all conditions are met.
As good and promising as the blockchain technology together with the smart contract is, there are some underlying challenges that needs to be addressed as one of such challenges is that smart contract at the end of the day, may not be so simple for a novice to write, test and deploy code, this will lead to employing a third party/ an expert for the development thereby bringing an unnecessary third party at this stage.
Inefficient allocation of resources: software developers are few and the available numbers are not enough to go round where smart contracts may need to be developed.
Blockchain technology and smart contracts are still mostly misunderstood and difficult to adopt.
Conclusively, intra-, and especially inter-organizational business procedures, are facing a lot of setback from several basic problems that could potentially be resolved by combining the use of blockchain technology, as the execution environment for business processes, and smart contracts, as a replacement for intermediaries and naturally self-enactable application logic.
And many other challenges which can be found on the: https://fabrictoken.io/
Fabric Token therefore has the solution to the challenges with blockchain technology and smart contract in four major components.
- TokenGen: This is simple web application for smart contract generation.
This will enable users to create smart contracts for their token and fundraiser by experiencing a basic well-ordered process – choosing token and fundraiser functionality, rounding out points of interest, for example, token name and image, paying in FT, before at last getting the completely tested and secure smart contract code as detailed by the user.
The smart contracts produced by TokenGen will be completely editable on the account that users need to include custom functions. TokenGen likewise gives top to bottom documentation on all smart contract layouts, including a guide that accompanies the code, making it simple, if necessary, to alter something at a later point.
- DApp Workbench: The business application platform is for the incorporation of smart contracts and blockchain into Business Process Management (BPM). DApp Workbench will enable organisations to create smart contracts through business modelling The application includes a simplified interface such as drag-and-drop, which will make utilization of the BPMN 2.0 standard, empowering the import and reuse of diagrams made utilizing other BPMN-compatible tools.
- Fabric Store: This is a Decentralized Marketplace for Smart Contract Components. The Fabric Store will enable third-party developer to earn token and also build their status by supplementing TokenGen and DApp Workbench with their custom-fabricated programming segments. Entirely advanced in nature, it will give a lucrative chance to skilled software engineers, while helping the FT ecosystem or community expand and give significantly more potential outcomes to organizations and people.
- And lastly, the Fabric Token: This will serve as the payment utility within the FT ecosystem. It will be used as a utility to pay for products and services within the platform.
The great Steve job said that “Great things in business are never done by one person. They are done by a team of people”
Join the team for Fabric Token launch!
Launch date and time: February 15th, 2018 at 10:00:00 UTC.
FT launch or until maximum funds raised target is reached.
For more information kindly long on to: https://fabrictoken.io/media/Fabric-Token-Ecosystem-White-Paper-EN.pdf,
https://fabrictoken.io/
Authored by: https://bitcointalk.org/index.php?action=profile;u=1221175