Problem: Writing smart contracts for the trade of goods and services and distributed finance by software developers is challenging and costly.
Our Solution – Smart Contracts as a Service (SCaaS)
- Business Analyst (BA) represents the business processes in the trade activity by a model using the Business Process Management Notation (BPMN) with their business logic represented using the Decision Management Notation (DMN). Both tools are based on graphical diagramming approach.
- BA uses our SCaaS tool (aka TABS tool in publications) to generate a smart contract and API from the BPMN and DMN models (see Notes) and deploys the smart contract on the target blockchain identified by the BA.
Benefits (see Exec-synopsis for more info)
- Reduced cost and time to develop smart contracts while providing support for
- Nested transactions to support multi-step collaborations
- Privacy – participants see only data they need
- Portability – smart contracts deployable on different blockchains
- Interoperability – methods of smart contracts can interoperate
- Sidechain processing – supported for cost reduction
- Smart Contract Lifecycle support for bugs fixes and new features
- Upgradability – support for amendments to fix bugs or add features
- Repair – when smart contract execution cannot be completed
- Compliance and reporting due to external and internal regulations…
Notes
- OMG – Object Management Group standards organization
- BPMN – Business Process Model and Notation
- DMN – Decision Model Notation
BPMN and DMN are OMG standards created to be readily understood by all business stakeholders, technical or non-technical, such as analysts, developers, and managers.
TABS (Transforming Automatically BPMN models to Smart Contracts) – precursor to the SCaaS tool.