Smart Contract
Contract refers to the new concept of ‘Master Contracts’ that connects the off-chain (real world) and the on-chain (blockchain) world. It is possible to be run by data feeds not only from the on-chain data but also the?-10?-?data feeds from the real world.
The data feed refers to off-chain data obtained outside the blockchain. It refers to data closely related to the real economy, such as exchange rates and GDP…
(Difference between Simple Contract and Smart Contract)
Technical of Private Blockchain-Hyperledger
The existing blockchain system shares the contents of the ledgers that occur when the transaction is made by “opening” to all the blocks.
This approach suits the idea of decentralization, but it is disadvantageous in that it is not suitable for inter-company transactions and financial transactions where confidentiality is important.
In addition, since all transactions are equally disclosed among all the nodes, the public blockchain is also criticized for giving up privacy in exchange for enhancing the reliability of transactions.
Hyperledger Network
To complement this, Hyperledger has a built-in membership service, which stores the user’s information in a blockchain. The blockchain on Hyperledger is operated as a private blockchain and cannot be accessed by others other than proven users (financial institutions, governments, credit information agencies, etc.).
Although the ledger management isn’t disclosed to everyone through this, this makes it possible to protect the privacy of users under the strict regulations of proven institutions, while at the same time greatly lowering the use of blockchain technology to manipulate the contents of various transactions.
