The firm Ripple Labs will design a platform based on an Intelligent Contract, which has been approved by the United States authorities. The patent granted to the aforementioned company would allow it to collect data from around the world, explained the CoinDesk portal.
Patent number 10,789,068 received from the United States government, allows the company to execute a Oracle based on a smart contract. With these, it could allow the firm to obtain data from the most diverse branches.
There are examples of this type of oracles based on the technology of smart contracts. Some of them are applied in companies to execute investment and debt relationships, automatically.
Likewise, they allow to verify the quantity of merchandise transferred in a shipment. In this way, they seek to obtain full assurance that the terms of an agreement are met. Once the oracle confirms the shipment data, the smart contract proceeds to execute the exchange operation.
Why does Ripple base application on a Smart Contract?
Although it was already highlighted that the objective of Ripple, to decide to design the application based on a Smart Contract, is the collection of data.
At the same time, is based on the importance that these applications currently have, based on the reliability of Blockchain technology.
It should be taken into consideration that smart contracts or smart contracts, have become popular on the Ethereum network. However, they can be designed from an infinity of platforms that use Blockchain, as in this case, that of Ripple.
In fact, there are major companies that are exploring all options for their own ecosystems. Some of them, such as EOS or Tron.
These two named, have gone further, even exploiting the world of decentralized finance or DeFi.
In relation to the latter, Tron CEO Justin Sun has offered details of his plan to rival Ethereum. It consists of the creation of a whole DeFi ecosystem, with mirror applications of Ethereum.
Some background on Ripple
The idea of a smart contract-based app, like the one to be designed, is nothing new at Ripple. In this sense, the former CTO of this firm, Stephan Thomas, already has some background in this regard.
Thomas now has his own company, Coil, which is dedicated to designing smart contracts of this nature for Ripple. Consequently, this former manager designed a project in 2014, which had a beta version, but the following year, it was discontinued.
Now, he is in charge of carrying out the preparation of this application for the company Ripple Labs.
The Oracle Protocol
Later in 2018, when he left Ripple, Thomas set about reviving the open source application project, based on a smart contract.
The name of it, for 2018, was Codius and its nature hardly varied in relation to the objectives of the aforementioned Ripple project.
Another important aspect to highlight is that the application Codius designed by Thomas, it works by means of a interledger open source. It allows multiple tasks such as payment execution and other functions related to smart contracts.
The update, as mentioned above, stowage in adding tools (oracles) for data collection. They would allow Ripple, with the help of this smart contract, to have access to millions of data from everywhere.
It should be taken into consideration that an interledger is an open protocol, which is used to connect accounting records of any nature.
Send reliable information
The oracle that Ripple will design consists of sending reliable information to the smart contract, explains the firm. In the presentation of your document, you confirm that the application will control and guarantee that the contract is carried out according to the established terms.
“Once the software has been analyzed by a corresponding platform, its results are determined. If they match the preset threshold”, The smart contract is executed.
Although the company has not yet commented on this development, you can be sure that it will soon start operating, given the patent they have received.
Data to take into consideration
- The United States Patent and Trademark Office (USPTO) granted Ripple license number 10,789,068 to design this oracle based on a smart contract.
- The name is registered as System and Method for Verifying the Software Instruction Sequence.
- The oracle is in development by Stefan Thomas, former CTO of Ripple.
- The main objective of the application is to collect data anywhere in the world to send reliable information to the smart contract before being executed.