Blockchain technology provides a decentralized database, or “digital ledger”, of secure transaction exchanges that everyone on the network can see. This network is not controlled by a central authority and is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.
By design, blockchains are inherently resistant to modification of its data. A blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. By design, blockchain records cannot be changed or altered, eliminating risks of fraud or tampering.
Smart contracts are built on top of blockchain technology. A smart contract is a contract that can be fully executed automatically and without human enforcement. A simple example would be the delivery of goods being received by a buyer and payment automatically being released to the seller.
Smart contracts make it possible to specify the particular conditions under which a device will interact with other entities. These conditions can include price, the time period during which access is allowed, a per-use charge for defined functionality, attribution for data provided, and other important contractual terms.
Integrating the Data Intelligence into smart contracts would utilize sensors and other hardware connected to devices. Data and information collected can be communicated between devices and smart contracts can be carried out in a secure, autonomous and efficient manner.
Persuaded to return to the shoemaker's shop, young Edward struggled on till three years of his wretched apprenticeship had passed over.