by Future Blockchain
Part 4: Smart Contract of Things and applications
In Part 3 of the series I explained what the RuffChain control and Lightning chain differential mechanisms are. We also reviewed the different types of nodes on the blockchain.
The most important thing when talking about a blockchain startup is how the team plans to materialize their ideas and bring them to the level of a real-life use. With Ruff it is all about successfully blending IoT and Blockchain into a working product.
Ruffchain smart contract implementation in the real world is enabled through two processes, running in parallel:
The interaction between the decentralized apps (dApps) and the IoT devices via the Ruff OS.
The communication between the dApss and the Ruff blockchain
This will allow the access to smart devices and their functionalities to be fully configured on the Ruffchain. Entrepreneurs or companies can benefit from Ruff and monitor, develop and modify their production systems, manufacturing and power equipment, for instance.
All the smart contract transactions on the blockchain will be settled using the Ruff token. The currency will be the benchmark for incentives, spending, and trading within the Ruff public chain ecosystem. We will take a more detailed look at the Ruff token next week.
Application scenarios
According to Ruff whitepaper, common dAps scenarios could be financial leasing, asset securitization, asset pledging, supply chain finance, property registration, and real estate transactions, and so on:
• Property right transfer and rental - The control node will facilitate the exchange of rights to use an IoT device through a smart contract. The user, who owns or rents the device will request control rights and will pay for tokens in exchange.
• Open data transactions – Will allow users, developers, devices and all blockchain participants to exchange data and achieve traceability, quality tracking, capacity forecasting, and distribution functions.
• Asset management and securitization – Entrepreneurs, companies, and enterprises can use the Ruffchain to manage their assets - production machines, power generators, manufacturing devices, retail equipment and so on and the generated revenue can be securitized into circulation. Leasing companies and investment funds can achieve asset securitization by transferring real-life assets to the virtual blockchain world. Insurance companies can set up the issuance of financial leasing trust plan and transfer many other processes to the blockchain. Leasing companies can setup their own business working on the Ruffchain where trust and security are guaranteed by the distributed ledger technology.
Data management and consistency is one of the best use cases for blockchain technology in general. Transparency and consistency can be achieved through the distributed ledger, so small and medium-sized enterprises (SMEs) can build credit mechanisms using the Ruff blockchain. Currently, the smaller entities are struggling to gain access to credit and support from financial suppliers mainly because it is difficult to quantify and centrally verify their credit data.
The Ruffchain can change that by offering real-time operation monitoring for enterprises, which can guarantee a report on production status and efficiency. Ruff collects the information from physical devices using an intelligent gateway before it is added to the blockchain, then verifies for any inconsistencies between device protocols, using the Ruff OS. Upstream and downstream contracts can be verified as the intermediate layer is no longer obscured or delayed by contract verification. Additionally, the multi-party reconciliation is more efficient and convenient using a consistent ledger.
Next time we will check the RUFF token, its attributes, supply, price and more.
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Official Blog: https://ruffchain.com/blog/
Future Blockchain
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