Singapore, SINGAPORE – Perhaps no technology is gaining as much news buzz right now as the blockchain. Popularized by the sudden rise in cryptocurrency values over the past 18 months, blockchain technology has taken the industry by storm.
Most notably, blockchain technology has obvious enterprise use cases. Many experts agree that it has the potential to disrupt everything from supply chain management to the technological underpinning of the financial system. As a result, prominent tech companies including Microsoft and IBM are heavily invested in the blockchain.
In many ways, the blockchain seems to have limitless possibilities. This sentiment is surely a rare combination of hype and competencies, but it’s playing out at the highest levels.
For instance, in a recent interview with The Wall Street Journal, Bridget van Kralingen, head of IBM’s blockchain initiative, was asked about her about the most exciting developments in the blockchain space. She quipped, “I could go on forever.”
Many features make the blockchain so appealing to enterprise initiatives like IBM. Few have garnered as much attention as smart contracts.
Even so, it’s apparent that the blockchain isn’t quite ready for widespread business adoption. Smart contracts are comprised of code that is readable by the blockchain, but it’s incomprehensible in a business setting.
That’s why the SciDex Protocol, a smart contract protocol developed by a team of experienced entrepreneurs, is poised to equip the blockchain’s continued proliferation.
SciDex Protocol: An Overview
Generating, displaying, and managing smart contracts can be incredibly difficult for businesses. Moreover, organizations are often required to have a legal contract when conducting business. Especially for complex transactions that include the rules and parameters written into the contract, a string of computer code is uniquely unhelpful.
That’s where the SciDex protocol comes into play.
The SciDex protocol translates written and smart contracts so that they are readable by both people and computers.
In addition to translating the contract’s content, the SciDex protocol includes a layer of complexity by adding trusted, secured, and proven oracles, which increases the contract’s capabilities.
The final product is a Ricardian Adaptive Smart Contract (RASC) that’s so named for a 1990s economist who contributed to the early development of digital property infrastructure.
These contracts are comprised of three essential components.
First, the digitally signed contract that’s readable by the people bound by its stipulations and the blockchain that facilitates it. These contracts are adaptable according to the rules of the agreement. Finally, the smart contract is produced.
Most importantly, the SciDex protocol is adaptable to a variety of different use cases.
For starters, it powers the SciDex Marketplace, a data exchange that utilizes the smart contracts derived from their protocol to create an ecosystem for transacting data. In this arrangement, a SciDex propelled smart contract facilitates the transfer of usable data with digital payments using the platforms native SDX token.
The Team Behind the Protocol
Although the SciDex team is split between China and Tel Aviv, they share a common origin.
Both Alex Bouaziz and Shuo Wang, two of the company’s founders, studied at MIT before exercising their entrepreneurial spirit by launching new companies. Before launching SciDex, Bouaziz founded Lifeslice, a video app that was recognized by Google as one of its platform’s best new apps. Moreover, Wang co-founded a company focused on smart health devices.
The two are joined by Ofer Simon and Constantin Overlack as the founding members of SciDex. Simon is a former Communications Systems Office in the IDF. He’s applied his skills to create several consumer, technology, and blockchain-related companies. Meanwhile, Constantin has cut his chops at companies like BMW.
In total, the team’s entrepreneurial grit and earned competencies place them in a prominent position to facilitate the blockchains emergence within the business community.
Indeed, the blockchain is poised to make a profound impression on the business community, and SciDex is enabling them to successfully use smart contracts to accelerate their business by maximizing effectiveness, transparency, and accountability.
SciDex makes smart contracts work for business, which means that the blockchain really can take industries by storm.