Ripple receives patent for new smart contract design based on Oracle

Payment company Ripple has received a patent for a design that can execute smart contracts based on data collected from the outside world.

Earlier this week, Ripple Labs received a patent (Number 10,789,068) for a smart contract that can use oracles to connect the distributed platform to various types of real world data.

The patent was filed in January 2018, an example of a use case provided is the use of a smart contract to automatically process option contracts when pre-agreed conditions are met.

Another example in the oil industry is providing data on the density of a particular crude oil shipment to help a smart contract determine if a transaction has been carried out.

Smart contracts are mostly run on Ethereum, but other major blockchains are trying to add new functionality to split the market share.

Earlier this year, the BitMEX derivatives exchange granted a Korean developer a $ 50,000 grant to develop a smart Bitcoin contract. Last week they just added a $ 300,000 grant to him.

One of the two authors of the patent, former Ripple CTO Stefan Thomas, previously revived a defunct project called Codius – a project that worked to bring smart contracts to Ripple – in a new startup called Coil.

Thach Sanh

According to Coindesk

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