GEN
LAB
BLOCKCHAIN & SMART CONTRACTS
The new frontier of security:
Blockchain
Application: Smart Contracts
The blockchain is a shared and immutable data structure. It is defined as a digital register whose entries are grouped in blocks, concatenated in chronological order, and whose integrity is guaranteed by the use of encryption. Although its size is destined to grow over time, it is immutable as, as a rule, once written, its content is no longer editable or eliminable, unless it invalidates the entire structure.
Cryptocurrency
The first example of a product using Blockchain technology is cryptocurrency. The latter uses peer-to-peer (p2p) technology on networks whose nodes are made up of user computers, potentially located all over the globe. On these computers, special programs are run that perform purse functions. There is currently no central authority that controls them. Transactions and release take place collectively on the network, therefore there is no "centralized" management. These unique properties cannot be explained by traditional payment systems.
The decentralized control of each cryptocurrency works through a generalized accounting technology, generally a blockchain, which acts as a database of public financial transactions.
Gen Lab allows you to take advantage of a cutting-edge tool such as cryptocurrencies and to launch services that can make the most of this technology, allowing you to obtain results and benefits that were not previously possible.
Smart contracts are literally smart contracts that are applied to the achievement, or not, of a set goal. So, like sending money, they must be validated through a blockchain network, so that they can be defined as valid and can be applied.
Smart contracts are often codes, part of a software, whose achievement requires validation. The code, considered as the information to be exchanged on the network, must be immutable, since if it were not, it would lose its legal validity.
One possible application is the management of an insurance contract for a car, within which it has clauses linked to the achievement of a certain number of kilometers or at a certain speed. The code corresponding to the clauses must not be modifiable, so the blockchain network is used to guarantee its immutability, and therefore to have confidence in the smart contract.
Gen Lab solutions
Blockchain projects are wide ranging and guarantee the security that technology is able to guarantee.
The application areas are numerous, from finance through the well-known payment mechanism (cryptocurrencies), Engineering, up to agrifood. The latter sector is particularly prepared for the use of the blockchain, as the concept of immutability of information could be applied to the production characteristics of a food or agricultural product, creating a sort of trust contract between the consumer and who is producing and distributing the good.
In any area you have to trust a certain information, you can apply the concept of blockchain and smart contracts.
Gen Lab offers you the possibility of being able to carry out a project using this new technology, helping you to understand it, providing you with all the support necessary for its realization.