A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of an agreement. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented smart contract service models. A smart contract not only describes the rules and penalties related to an agreement in the same way that a traditional contract does, but it can also automatically enforce those responsibilities.
Takebishi, the Kyoto-based total solutions provider, distributor and evangelist for Mitsubishi Electric Corp. factory automation technology, is readying its flagship industrial communication middleware DeviceXPlorer® OPC Server for the smart factories and connected industry of the 2020s with a major new version upgrade. With its business growing both in its native Japan and around the world and unauthorized use an increasing concern, the invaluable intellectual assets invested in the system call for a licensing solution that is as smart and sophisticated as it is reliable and easy to use.