Every transaction between a buyer and a seller is recorded by both parties in their respective systems based on their respective interpretations of the master service agreement between them. However, any mistakes in recording transaction data or interpreting the agreement by one or other of the transacting parties can, and often does, lead to manual intervention to query the counterparty or to create a dispute to be resolved.
Using mutually trusted software—smart contracts—embedded in a mutually trusted and independent blockchain, and passing data in real time from both parties to that software, can eliminate the vast majority of disputes, queries, and manual intervention.
Creating such mutually trusted software through consensus-building between many members of the telecom industry is a task ideally suited to the capabilities of MEF. Using standardization processes developed and honed over many years that resulted in standards for Carrier Ethernet, Internet Access, open standard APIs, and more, MEF is creating a set of open standard LSO Smart Contracts for use across the telecoms industry.
MEF is the first standards body to introduce open standard smart contracts into the telecom industry together with open standard APIs for business automation between participants in supply chains, as well as a trusted operating environment to use those smart contracts.
LSO Smart Contracts save buyers and sellers participating in digital supply chains the effort of agreeing on a pairwise basis the use of shared trusted code running on blockchain. Just as open standard LSO APIs eliminate the need to develop and maintain N*N versions of APIs, LSO Smart Contracts eliminate the need to agree and use N*N versions of Solidity or other smart contract code.
Joining discussions with subject-matter experts provides the insight you need to use smart contracts for your digital supply chains. As a MEF member, you can access the latest Smart Contract development work in the MEF Wolf Town Accelerator Hub on the MEF Members’ Wiki.
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