Our vision for multi-chain Smart Contracts which we’re referring to as Treaty Contracts.
One of the principles of Overledger is to foster innovation by creating true multi-chain applications.
A problem we identified early on has been the limitation of smart contracts to be recognised on multiple blockchains. If a smart contract is executed on Ethereum, why can’t the Hyperledger blockchain see that the contract is in place or has executed? Also why can’t the smart contract include code executed on other blockchains as part of its steps?
To understand more about this space we looked at how traditional contracts are structured. We looked at the principles of law in the UK, EU and internationally to understand how local laws are recognised when dealing in cross-border transactions. The principles in contracts usually contain a clause that refers back to a local legal system or court. In more international matters, countries sign up to conventions or treaties such as the Berne Convention of 1886 for the protection of literary and artistic works.
We want to enable entities to export their transactions that occur on one blockchain to be recognised and executed on other blockchains. The underlying operating system of Overledger will allow the transferability, recognition and execution of smart contracts from one blockchain to another.
There also has been some progress made in TC307, the Blockchain ISO Standard in a specific working group for Smart Contracts. The work has been to provide a reference architecture-like structure to smart contracts, to allow for commonality and standardisation of components needed that form a contract. The Standard isn’t however looking at cross chain portability as yet.
To turn our vision into reality, today we’re announcing that we’ve joined the Accord Project to provide our input and expertise to the international working groups dedicated to establish standardisation, but more importantly provide the mechanism for portability of smart contracts using Overledger.
We are providing the framework to recognise, execute and move smart contracts and operate across multiple ledgers. We’re planning to enable Treaty Contracts functionality in an upcoming Overledger release in Q4 2018.
We’re excited about the possibilities of what Overledger can do and look forward to see the future holds.
