The blockchain defines business processes "upfront" or in advance. It is a total different way we used to work nowadays (ex-post). Most legal and financial control happens afterwards nowadays. A Judge rules or an accountant takes a probe afterwards. Using blockchain means that you build a roller coaster "upfront" A system that cannot derail. Extremely fast and secure. No Judges needed on a marble ball path.
From a technical perspective (de-)centralization is certainly important, but it happens more under the hood. Real big news for companies start implementing blockchain is this fundamental other way of working. OLE provides you with the tools to build lightning fast "a priori" mean business processes. OLE "digital contract evolution", makes the corporate design party complete
Legal draftsman can neither write nor read Solidity, the code used for programming the popular Ethereum blockchain. Programming languages are immature and change each few months. How to handle? Programming languages use "inheritance" and "nesting". Have you ever head of an object oriented lawbook? How to read Solidity, where the contract name and date are mostly invisible due to "inheritance"? OLE is a layer on top of the code, lawyers can read. This is OLE, please try to read ...
Your company can avoid the nod down in the graph and hit the 3.6 Trillion global supply chain.This is our primary process the global supplychain. OLE enables to get that market. Economic law tells that whoever is first, stays first.
OLE is also great for Hedge funds and derivates. A huge market, that is on top(!) of 3.6 Trillion Gartner market, containing our global assets. OLE builds Blockchain based Hedge funds faster. Upfront "a priori" blockchain based funds are superior to old style "ex post" funds.
Using OLE is strategic in the markets above.
OLE also lets you be more technology independent, reducing risk. Increasing implementation speed. Fast transactions need different more precise blockchains. For normal government use speed is not a big issue. Who cares if an educational certificate is done in milliseconds ? OLE serves all back end blockchain tastes.Look also at this Computerworld report: Solidity is hard to work with, unmature!
Blockchain-powered computer programs promise to revolutionize the digital economy, but new research suggests they’re far from secure. MIT research shows how severe the problem really is. OLE is independent of the blockchain you choose.
Computer programs that run on blockchains are shaking up the financial system. But much of the hype around what are called smart contracts is just that. It’s a brand-new field. Technologists are just beginning to figure out how to design them so they can be relied on not to lose people’s money, and—as a new survey of Ethereum smart contracts illustrates—security researchers are only now coming to terms with what a smart-contract vulnerability even looks like.
Keynote: Herman Balsters of Blockchain Kennis Stichting
Host: IT's Privacy, Het Kwadraat, Lübeckweg 2
The Blockchain Knowledge Foundation launches the natural blockchain language, called OLE (Objects, Logic, and English) at the Hackathon. Our OLE compiler can generate Solidity code for the Ethereum blockchain. The OLE cloud editor generates Solidity code from OLE. Managers, legal- and financial professionals can read and write smart contracts in a manner close to their own professional practice. Herman will be a Jedi during the Hackathon.
OLE natural blockchain language prevents errors. Programmers are used to write code & test it afterwards. Does it sound familiar? The problem with testing is that you can find one error or even a few, but you can never be sure you found all all of them. OLE checks your output code upfront, and forces programmers to work structured, assuring quality . Blockchain is great, but garbage in is garbage out is valid more than ever. To program blockchain nowadays. programmers need to work more secure. You see this testing mindset also elsewhere. The Intel / Heart-bleed scandal shows that software is too critical to our society to guess code. You need a proof mechanism. We cannot have the situation that "someone has forgotten something", like in this case, a missing security layer. When you program a blockchain wrong, you get a terrible repetitive error, like Heart-bleed. Blockchain errors are even worse, real contract are lost. Wrong contracts are placed on the blockchain, and once on the bloc...
The Dutch are just great at combining math and business. Dutch Théodore Limperg even invented modern bookkeeping. Before that, the Dutch invented the first global multinational with shareholders, the VOC, dating back to 1600, owning a fleet of 20.000 ships. Bookkeeping was necessary to control the VOC back then: just like a blockchain, "bookkeeping" is unmissable in our global digital world today. Our digital Kafka solved!