Updated: Feb 6, 2022
A recent article from 5GZorro – ‘Smart Contracts for Ubiquitous Computing/Connectivity’ discusses the enabling of decentralised trust for multi-party interactions and SLA management in trading of computing resources across edge and core parts of the network.
As the use of Smart Contracts becomes more commonplace as a quick and efficient alternative to traditional contracts, it allows the telecoms sector to exploit financial and non-financial benefits and offers more flexibility for users. Deploying Distributed Ledger Technologies (DLT) solutions, including smart contracts, enables automation within businesses, transparency, increases trust, protects transactional information and allows the establishment of commercial relationships with unknown third-parties.
5GZORRO is creating Smart Contract oracles and libraries to facilitate multiparty resource discovery and allocation processes throughout the 5GZORRO platform. Through a decentralised catalogue, providers and consumers will be able to access:
5GZORRO Resources: multiple assets comprising the communications’ infrastructure (computing, storage and networking capabilities including Virtual Network Functions)
5GZORRO Services: communication services offered to end-user customers.
As well as enabling decentralized trust for multi-party interactions and SLA management, the implementation of DLT-anchored smart contracts in 5GZORRO will also allow oracles to be put into practice. They find and verify real-world occurrences and submit this information to a distributed ledger to be used by the smart contracts. Oracles provide external data and trigger smart contract executions when predefined conditions are met.
5GZORRO leverages the tokenization of assets concept, allowing two or more 5GZORRO stakeholders to be able to form and operate a new technical/commercial relationship via a Smart Contract for 3rd-party resource leasing with SLA associated with the operation. This level of automation, coupled with the decentralized trust interactions, will result in a seamless and ubiquitous computing and connectivity service and experience to the end-users.
Find out more on this here: https://www.5gzorro.eu/5gzorro-use-case-1-smart-contracts-for-ubiquitous-computing-connectivity/? https://www.5gzorro.eu/utm_source=google%2C%20newsletter&utm_medium=email&utm_campaign=Newsletter%20Summer%202020