Disruptive technology leap


The blockchain technology and the smart contracts form an ecosystem that promises to completely change the way we work and interact with each other. Only thinking at the unprecedented level of security and very low costs delivered by blockchain and it’s enough to understand the huge amount of excitement around this new technology. On the other hand, the low code technology was a major disruption factor in the recent past and its growing steady.

But how can you put together these two technologies? What smart contracts and low code put together can create? That’s right, a total paradigm shift.

The problem right now is: how do we achieve blockchain’s great potential and ensure that it will become a must for everyone, rather than a nice-to-have for a narrow elite of early adopters. The answer lies in finding suitable and clever solutions to democratize the access to blockchain, and especially to smart contracts.

With crypto currencies it’s clear that virtually anyone can buy or sell “coins” on the digital platforms, but when it comes to democratizing smart contracts and low code, everything becomes much more difficult. Although there might be some similarities between different types of contracts, in reality every contract has its own particularities and should be developed separately. Smart contracts must be first of all unambiguous, immutable, with no arbitration and if we take a smart contract and simplify it to the lowest denominator we are left with a fully customized smart contract to one scenario, one situation, one particular business transaction.

In other words, if you want to use smart contracts you can hardly choose from a range of products displayed on a shelf. Instead, you have to customize or develop them internally, in order to ensure that they fit in the specific scenario you need. To do that, it would mean that the money you were previously spending on lawyers, you have to spend now on tech talents (specialized developers with huge paychecks). And besides, hand-coding is a laborious and error prone task and you may lose opportunities if too much time is spent on internally developing smart contracts. In fact, the human error is a very big problem with smart contracts. A tiny mistake in the code and the whole thing collapses. Read this tweet.

Jameson Lopp : Professional Cypherpunk

What if there is another solution?

A solution that avoids hand-coding and allows you to rapidly deploy any type of smart contract you might need, enabling your business to expand and your costs to go down. The solution is the low-code approach, which would allow basic developers and even business professionals to develop smart contracts, enabling you to deploy them rapidly and without breaking the bank. With a low-code solution, anyone can create sophisticated decentralized apps, and programmable smart contract extensions or virtually anything for that matter, without having to write code, thus simplifying and accelerating the app development process.

We believe that expert programmers, cryptographers and computer scientists should create the base, the blockchain system on top of which every other applications work, but when it comes to application development (such as basic or even more complicated smart contracts) you don’t need to invest in highly trained and expensive workforce.

Some of the factors limiting blockchain and decentralized app adoption are the amount of time it takes to develop the technologies, as well as the fact that blockchain developers are in short supply globally and tend to be an expensive resource. Very expensive, even.

This is why we created the Aurachain smart contract designer on top of our enterprise powerful and reliable low code platform. This error proof solution generates one unique program (smart contract) for each customer contract to be deployed in real-time on the blockchain, and most important, using a configurable interface. Just drag and drop skills and business knowledge should be enough in our new smart contract platform. Writing decentralized apps and smart contracts use to be hard, but now low-code makes it easy and super-fast. Just add to that the huge cost saving and let’s have a talk.

Oh, wait, there is more…

Using low-code, you can generate robust smart contracts based on selected legal terms and administrative options. Smart contracts are generated and deployed instantly in the blockchain or you can choose which part to write to the blockcahin and in which moment. This adds huge value to the Aurachain solution and further optimize the overall cost.

And now, the greatest advantage…

Maybe the greatest advantage of the blockchain is that it eliminates intermediaries and subsequently reduces the costs. And the Aurachain solution we propose fits like a glove over the blockchain. A low-code platform can be configured to automatically swap between blockchains based upon a speed of transaction or cost of transaction preference. It acts as a transaction broker, unlocking apps from being bound to specific blockchains and allowing market based pricing to occur. Thus, low-code delivers significant competitive advantage to companies embracing the technology.

As blockchain is a relatively new technology, the application landscape is still challenging and few services have emerged that is sufficiently user friendly to attract a mainstream audience and make a real impact. But this is something that will change  with low-code and the easiness of use that comes with it.