Blockchain technology has the potential to have a major impact on how institutions process transactions and conduct business. Blockchain technology provides a secure transaction ledger database through a decentralized network. It has the potential to reduce operational costs and friction, create transaction records that are secure and immutable, enable transparent ledgers with nearly instant updates, and open up new opportunities for growth. This whitepaper introduces basic blockchain concepts that define a standard reference architecture that can be used in creating blockchain applications. What role can decision models play within business-oriented blockchains?
Most business-oriented blockchains include the ability to use smart contracts, sometimes called chaincode. A smart contract is an executable software module that is developed by the blockchain owners, installed into the blockchain itself and enforced when pre-defined rules are met. When a user sends a transaction to the blockchain, it can invoke a smart contract module which performs functions defined by the creator of that module. Smart contracts usually have the ability to read and write to a local data store which is separate from the blockchain itself and can be updated when transactions occur. The business logic contained in a smart contract creates or operates on business data that is contained in this persistent data store.
It seems executable decision models can be effectively used for smart contract implementations. If you are aware of the real-world integration of DMN-based decision models and blockchains, please share your experience.