Eris: Using Blockchain Technology to Create Smart Contracts

Eris Industries, which was founded last year, aims to use blockchain technology to create a shared software database. According to the company, data management conducted using the public ledger can be applied to virtually any business process.

“The biggest misconception is that we want to build stuff for banks. We’re about providing developer tools for anyone and everyone to do whatever they want without our knowledge or consent,” clarified Eris COO Preston Byrne. “We’re an open-source company.”

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Smart Contracts Using Blockchain Technology

The concept behind this was produced in an effort to decentralize the country’s leading trade organization, the Bitcoin Foundation, but eventually moved to a different focus. Byrne says that this shift took place when the company started exploring smart contracts, which are agreements between parties that can be recorded on blockchain.

“We had to differentiate ourselves, but to be honest with you, the public blockchain is an essential component of the private blockchain infrastructure,” Byrne stated. “Bitcoin is the world’s best, most resilient data source.”

Other projects in the related field are the Ethereum Project, which just made a release for developers. Eris Industries also wants to make use of blockchain technology in framing the context of internet architecture.

“If you look at bitcoin as a cash system, it disintermediates the IP of a financial institution. We’re trying to make it possible to disintermediate servers on other types of computer networks where you need that consistency,” Byrne explained.

As such, a smart contract would appear like a traditional loan but it would also come with a dynamic registry of changes stored away from the blockchain so it could be altered. “With a blockchain, the problem is you can’t go back and erase something and block something out. The only way you can do that is making sure that the blockchain has a directory in it and if you refer to it at any time,” Byrne added.


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