Smart Oracles: Building Business Logic With Smart Contracts
Smart contracts with Codius
The Codius implementation of smart oracles is designed to provide developers with a robust and familiar platform to build smart contracts and hit the ground running. Because Codius uses Google’s Native Client to sandbox untrusted code, developers can write contracts in any programming language.
Codius and smart oracles in general open up new possibilities for developers, entrepreneurs, and enterprising legal and financial professionals. Agreements that previously required lengthy legal contracts can be translated into code and run automatically by smart oracles.
Smart contracts hold the potential to empower people to build a fairer, more affordable and more efficient legal system and smart oracles are one of the simplest ways to realize that dream.
Potential use cases:
Bridges between value networks. Distributed networks like Bitcoin and Ripple maintain separate ledgers or blockchains that track accounts and balances. Traditional financial systems have their own ledgers as well. Contracts built on smart oracles can create automatic and fully trustworthy bridges between disparate systems. Such a bridge could accept payments in one system and immediately issue a balance or initiate a payment in another.
Escrow. Smart contracts can easily be set up as escrow accounts that monitor an exchange between two people.
Cryptocurrency wallet controls. Currently Bitcoin and Ripple have no good mechanism for enabling pull payments, where the seller can initiate a payment on behalf of the buyer in the way that credit and debit cards do. Wallets controlled by contracts could include many different types of complex controls, from daily withdrawal limits to granting and revoking access for specific entities. This would enable subscription and conditional payments, and granular controls over wallet access without disclosing the private key.
Auctions for digital assets. A smart contract can trivially carry out the rules for an auction if it is given ownership over a digital asset or title.
Derivatives. Contracts that monitor the performance of digital or non-digital assets can also be used as futures, forwards, swaps, options.
Debt and equity. Other securities based on payments and rights that are carried out according to predefined rules can also be written as smart contracts.
Smart property. The classic example of smart property is a car that knows who its owner is based on a transferable but non-forgeable digital token. Contracts can be set up to govern the transfer of ownership and accompanying rules.
Voting. In the future smart contracts can be used to enforce democratic, bureaucratic, and other types of control structures over assets or even organizations.
Since the system is so extensible, the functionality will continue to expand as the ecosystem develops. Want to get involved? Join the community! Visit
www.codius.org.
source:
https://ripple.com/blog/smart-oracle...art-contracts/