Hong Kong-based ContractNet is a new technology company aiming to create a systemized framework for sharing the Internet of Things (IoT) data, and a platform for developing distributed apps & smart contracts.
The company, which is also registered in the US, is positioning itself at the intersection of these exciting technologies – blockchain, IoT and smart contracts.
The rapid advance of blockchain technology and IoT is predicted to become a multi-billion dollar industry. It will transform industries, business models, systems and processes.
In essence, a blockchain is a public ledger. It is like a narrow, deep spreadsheet that registers transactions and makes them visible to the public. Once data is written, it is immutable, which means it cannot be modified.
ContractNet said is poised to become an integral part of this new world.
The technology company is in the process of developing the technology to overcome current obstacles to the widespread adoption of smart contracts in the IoT environment.
A smart contract is not autonomous, intelligent software. It is simply a piece of code that is stored on a blockchain that automatically implements the terms of an agreement between partners. It is triggered by transactions on the blockchain, and it reads and writes data in that blockchain’s database. The code can be in Pascal, Python, PHP, Java, Fortran, C++, Go, Solidity and a multitude of other languages. It can be compared to stored procedures written in an extension of SQL. It is deterministic, in that the same input will always produce the same output.
ContractNet promises to develop stable and robust platforms, to address issues of security, authentication and standardization, to include ideas from others in the form of Dapps, to integrate these new systems into legacy systems and to demonstrate benefits to investors, developers and industrialists alike.
ContractNet said in its white paper that the platform has been designed and optimized specifically for IoT solutions, where IoT device owners can share their data streams in a secure, incentivized manner, and application developers use this data to develop the next generation of apps and contracts.
External devices (called data providers or “Oracles”) will interface directly with the ContractNet network, providing time-series data from the physical world, to the walled garden that is a smart contract (or distributed app) within a blockchain, in a safe, secure manner.
The platform uses a base currency (CNET) to act as a store of value, and also as the unit of exchange for payment, computation and storage.
The Internet of Things is a giant network of everyday devices connecting with other devices, servers or platforms on the Internet. This includes everything from mobile phones to washing machines, coffee makers to wearable devices for health and fitness, machine components like jet engines of an airplane to drills on an oilrig.
The projection from the analyst firm Gartner is that by 2020 there will be over 26 billion connected devices – others are talking about 100 billion.
ContractNet’s philosophy and reason for existence is to be the global interchange of IoT data, and the platform for some of the most exciting applications on the decentralized web.
“This unlocked batholith of data will create some of the most useful forecasts, visualizations and decisions that will better humanity and drive innovation forward,” said ContractNet.
It provides entrepreneurs with a platform to host their businesses, using our proprietary blockchain, smart contract and IoT technology.