ConTracks: GuildOne’s Smart Contract Engine

With ConTracks, quickly create, revise and adapt smart contracts to securely automate complex multiparty transactions for the Energy, Mining, Resources, Precious Metals and Entertainment industries.

What is a smart contract?

A smart contract is a computer program that encodes the transactional terms of an agreement to trigger automatically on fulfillment of the specified terms. Smart contracts allow the automation of credible transactions minus intermediary intervention, to ultimately increase organizational efficiencies and minimize costly disputes caused by manual input errors.

Smart contracts are integral to blockchain-driven transactions. ConTracks is the Smart Contract engine powering Energy Block Exchange (EBX).

Energy Block Exchange (EBX)

Smart contracts are central to the functionality of Energy Block Exchange (EBX), GuildOne’s blockchain business network for energy transactions. Parties connected on EBX can transact quickly, securely and transparently using ConTracks. EBX was developed on R3’s Corda blockchain platform for financial transactions.

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Why Corda?

R3’s Corda captures the benefits of public blockchain systems yet with a critical difference: unlike traditional blockchain platforms, Corda eliminates information leakage by only sharing transaction data with the companies that require it. Rather than crowd-sourcing, notary nodes verify trusted transactions. This ensures the confidentiality, privacy and security of trades for regulated financial institutions and business partnerships alike.

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ConTracks: The Smart Contract Engine

ConTracks provides a framework to construct smart contracts on EBX or similar business networks, ensuring counterparty interoperability and compatibility. It enables digital assets and other shared facts to flow easily and securely between counterparties. This creates the potential for enterprises to conduct transactions between business units quickly and securely, with a strong audit trail, creating significant organizational efficiencies.

Corda Network

A network of parties, referred to as ‘nodes’, transacting on the Corda platform. It allows digital assets and data to flow easily and securely between parties.

ConTracks

GuildOne’s smart contract engine allows parties on a Corda network to quickly and easily enter into smart contracts and execute automated transactions.

Business Networks

GuildOne’s business networks, such as EBX, connect industry parties together to use ConTracks to quickly facilitate the execution of transactions on the Corda network.

Scalable

ConTracks allows for the generation of large volumes of smart contracts quickly and efficiently.

Efficient

ConTracks allows users to quickly and easily generate new smart contracts or adapt existing ones.

Interoperable

ConTracks facilitates transactions between nodes across different business networks.

Flexible

ConTracks can generate smart contracts for multiple use cases in any industry vertical.

ConTracks White Paper

This white paper will examine how ConTracks works, the role of contract facts and formulae in ConTracks implementation, and how its features can be used to scale ConTracks to support a number of complex, multiparty transactions in a variety of industries.

Download ConTracks Position Paper