Smart Contracts
How do EIM & smartLCM blockchain fit together?
Enterprise Information Management is the holistic management of all information in the company regardless of location, user, author, generating system, application, format, device and time.
EIM is communication! Under the claim of the dynamically and flexibly changing organizational structures in the company, EIM is clear and up-to-date communication in order to introduce, design and request tasks in company processes.
In-house and decentralized decision-making levels require direct access to the company's global information, while disclosing any risks. The TQG businessApp cloud platform is a tool that automates both the processes of contract creation, contract conclusion, contract management and sub-areas of risk management.
On the basis of a blockchain, smartLCM blockchain offers the possibility to exchange information securely and reliably with internal and external contractual partners. Revision security and transaction security represent a standardized and reliable basis for documents and data based on the smartLCM blockchain. With the smartLCM blockchain you ensure the highest compliance and audit standards.
smartDocuments in the TQG businessApp cloud platform
The distinction between a private and a public blockchain is defined in a blog by IBM as follows: "The sole distinction between public and private blockchain is related to who is allowed to participate in the network, execute the consensus protocol and maintain the shared ledger. A public blockchain network is completely open and anyone can join and participate in the network .... A private blockchain network requires an invitation and must be validated by either the network starter or by a set of rules put in place by the network starter. Businesses who set up a private blockchain, will generally set up a permissioned network. This places restrictions on who is allowed to participate in the network, and only in certain transactions. "
In a first stage, we can store a private blockchain in the TQG businessApp cloud platform and hash the documents in the sense of a digital signature and then save them in the blockchain. This would also make it possible to involve external contractual partners in the contract negotiations if they also have access to the private blockchain.
A private blockchain based on Ethereum is particularly interesting. This can be used to integrate a private chain, which can also be made public immediately.
LCM Smart Contracts
smartLCM Smart Contracts enable the mapping of contractual logic through executable program code. These are programmed contracts that are executed automatically and therefore transparently for all contract partners within the framework of the blockchain. For this purpose, it is checked at certain points in time whether corresponding conditions have arisen and corresponding transactions are thus carried out.
smartLCM Smart Contracts enable contracts to be implemented transparently and directly for all contract partners.
As a result, the program of the smartLCM Smart Contract is effective for all contractual partners when certain defined conditions occur, without the need for additional manual interaction.
In this way, smartLCM Smart Contracts between the contracting parties can be implemented independently of an intermediary and, thanks to the blockchain mechanism, offer security against manipulation by third parties.
The use of smartLCM Smart Contracts also offers an opportunity through automation to significantly reduce transaction costs and accelerate settlement speed. In the next step in the digital transformation, business processes can be simplified and media breaks avoided.
If digitized values (tokens / digital assets) are also exchanged as part of the transaction, this can even be done fully automatically without interaction with accounting or banks.
