Wednesday, 29 November 2017

Be frugal to Blockchain platforms go BigchainDB "a Decentralized distributed Database"

Before I commence this narrative, I would like to call out a disclaimer that am in no way promoting BigchainDB J, but am a huge fan of their “institution of thought”, their product, their Blockchain protocol and this whole new concept they are trying to mainstream soon that will bring Economic Prosperity via “Attribution Driven consensus, loyalty to Digitization”

Image courtesy: not me this time :), but https://www.bigchaindb.com/

Problem Statement
Often developers try to fit attribution and complex data structures on a 1 MB block which really disrupts the queue for an important transaction that's queued in the Blockchain. Overloading the Bitcoin Blockchain makes it a stronger case for the hardfork and strengthens the 2MB debate.
It gets overly complex when data and other attributes are loaded onto it when use-cases other than P2P payments are modeled on the Bitcoin network, it is “overkill”.

Thus it's very important to use the right platform for the right function. But how?
How can we make this simple to understand?

Just like how a traditional ERP system works, where there is a application layer and a database and now a cloud, a stack based approach for smart contract execution will help draw parallels the way we understand it today.

- Write the contract in its permissible platform Ex Ethereum, Hyperledger or R3 corda etc.
- Verify and query the attribution and transaction via a distributed decentralized database ex BigchainDB to trigger the smart contract for settlement 
- Pay via the native token of the smart contract platform or via the Bitcoin payment network

In short choking the platform that's meant for something else isn't best practice.

That is what I learnt from Bruce Pons interview Podcast with Frederick Munawa  on Blockchain global. reiterating this aspect several times.

see the podacast here: The World’s First Scalable Blockchain Database – with Bruce Pon http://blockchain.libsyn.com/006-the-worlds-first-scalable-blockchain-database-with-bruce-pon


Continuing on the choke aspect of the platforms.
Why not Ethereum for attribution?
Ethereum’s main purpose is to maintain all logic in a Turing complete way, smart contracts are not meant to hold assets, hold data or hold IP relevant attribution for master/transactional data that’s growing organically with transactions hitting the floor every second.
using...also when we are talking block processing times/block consensus in fewer minutes or seconds v/s 10 minutes. The designer should look at embracing the concept of a Decentralized Distributed Stack.


What is a Decentralized Distributed Stack?
Terms like IPDB, IPFS become very interesting when Bruce Pon(BigchainDB) breaks it down and explains how the whole decentralized distributed database will free up Blockchain and let them preserve the nativity of what's meant for that platform. Read BigchainDB whitepaper here https://www.bigchaindb.com/whitepaper/

The underlying database for BigchainDB is MongoDB and it works seamlessly platform agnostic and is scalable and secure. Quoting from BigchainDB Whitepaper about Permissioned nodes “The way that BigchainDB is designed, permissioning sits at a layer above the core of the design. However, we have already seen many questions about \private vs. public" versions of BigchainDB, privacy, and authentication. In our view, a rich permissioning framework is the technology foundation.”
The stack looks something like this
Ethereum: processing 
Bitcoin: for payment
BigchainDB: for attribute querying and file system and attribution maintenance (Ex digital asset, its attributes, its license)
File System: IPFS/IPDB (all embed into a decentralized distributed DB like the BigchainDB)

Decentralized distributed Database(Economy of prosperity)

Why is it so Important to License and Blockchain a Digital Asset?
When work is digitized on the internet it can lose attribution or claim, however its the quickest mode for marketing of the asset that moderates itself.
The attribution of the Digitized asset must never go away, perpetually, there has to be a way to reward the contributor (Napster issue), until the end of life of the asset.

Likewise Ethereum is for smart contracts and if you load data, attribution and other facets onto it, it loses its advantage towards the developer community that's trying to make that platform work for
Something niche.

Hence there has to be a Decentralized Stack and a Distributed Database that can hold all the attribution and make it available to the payment and the smart contact stack when executing a use case end to end.



De-coding a Distributed Decentralized database (I’m a huge fan of BigchainDB, so my narrative is wrt. BigchainDB)
Understanding the stack differentiation of the music industry use-case using BigchainDB for trust in attribution
Peter Harris at resonate and a host of other music industry Blockchain revolutionists are trying to model the whole concept of trust, empathy and remunerating every artist via a well-designed smart contract of a music digital asset with a blockchain concept. Stream to Own, is resonates Blockchain protocol that is deemed to use BigchainDB for asset attribution and smart contact trigger.
See the podcast with Peter Harris on Frederick’s show here Blockchain Music Co-op Challenges Spotify – featuring Peter Harris http://blockchain.libsyn.com/004-blockchain-music-co-op-challenges-spotify-featuring-peter-harris

What are some of the nuances of the Decentralized distributed database (BigchainDB)...

·       Native Support for Multiassets: With no native currency on BigchainDB, any asset, token or currency can be issued.
·       Petabytes Capacity Coming soon: Store arbitrary asset and transaction metadata right in BigchainDB, not elsewhere.
·       Public or Private: Roll out your own public or private networks for specific industry use cases.
·       Federation Consensus Model: Decentralized control via a federation of voting nodes makes for a super-peer P2P network.
·       Customizable: Design your own private network with custom assets, transactions, permissions and transparency.
·       Rich Permissioning: Set permissions at transaction level to ensure a clear separation of duties and enforce selective access.
·       Open Source: Open sourced to the community so that everyone can use it and build their own applications on top of it.
·       Query: Leverage efficient big data query capabilities out of the box.
·       Linear Scaling Coming soon: The more nodes added, the higher the throughput and the higher the storage capacity.

Necessity is the mother of all invention 
Consensus: the constraint of limited data you can store on the block led to the fact that there has to be a different system that can hold attribution, transactional data, hence a IPDB. 

How trusted the data should be ?
Claim for IP has to be on the decentralized database...period :)

What is IPFS
It stores your data in multiple locations and cannot be stored without the access code.
No access to data but computers will replicate it to another computer that is on.

Interplanetary Database
Global network of participants that secure the network and provide consensus (similar to minters on the Bitcoin Blockchain)

Scalable DB handling millions of transactions has to have limited Humber of nodes
In simple terms how does the BigchainDB work end to end?
·        Interplanetary linked data : IPLD
·        Ethereum contract will have an address IPFS files will have a unique identifier
·        Ethereum address identifies it Pulls it into smart contract and executes it
Bruce also gives a very critical example on the podcast on how one heavy transaction can impede another critical transaction

Bruce trying to sell memes & 50k users want to buy memes for 2c a piece 
His flimsy low $ low yield potential transaction should not block a transaction that is meant to go thru Bitcoin peer to peer (ex a 19 min dollar payment for sheet metal on the Bitcoin Blockchain that someone is trying to pay a seller in another country)

 Conclusion:
“Stop building Use cases on Bitcoin Blockchain”
·        Get files to IPFS
·        Get data to BlockchainDB (IPDB)
·        Trigger the smart contract from Ethereum or any other complex smart contract platform.
·        “Get Paid” instantly via Bitcoin…

….wait not “instantly” that’s 10 minutes
J


Wednesday, 22 November 2017

I want my Smart Contract payment in FIAT, not Crypto -> is it possible?


You have a nice robust smart contract written for a specific use case on the Ethereum Platform, you crank the smart contract using (gas)Ether (native token) & now pay using native token for that platform (Ether), wait can't I get paid in Dollars?

Smart Contracts can only transact in their native token on-chain.
But you cannot pay the end user of the contract in FIAT currency, that has to be either off-chain, unless, the bank is on the chain in some form.
Moreover if the user wants instant payout of the settlement in FIAT vs holding on an exchange for a long term in crypto or simply store in their own cold storage or any wallet of choice....there has to be a third party mechanism to hep settle crypto to FIAT in the process somewhere

Image courtesy NullByte -Wonderhowto from their post "Cryptocurrency for the hackers"


This is a very common question for someone understanding the contract to settle process for Blockchain smart contracts 

So here are some of the options to solution this use-case.

Can Smart contracts can make payments in normal FIAT currency ?

I often read Blockchain or smart contract examples denominated in fiat currencies, for example “Can a smart contract can pay out my insurance claim of $5500 directly to my bank account?
The way the architecture of Smart Contracts work, they can only make payments in Cryptocurrencies (BTC, ETH, etc), and other balances stored on blockchains, they are generally called coins or tokens. Bitcoin’s Smart Contracts can make BTC payments. Ethereum smart contracts can make ETH payments, or move around coin/token balances which are recorded on Ethereum.

Smart contracts cannot make payments denominated in FIAT currencies (GBP, SGD, USD, etc), because digital fiat currencies, in general, reside in banks and financial institutions and are central sources that hold our accounts, what is the reason?.....simply because and bank accounts are currently recorded on private ledgers – not distributed ledgers.



A Centralized Solution for Smart Contract Payment

We can replicate smart contract “automated payments” by allowing it to programatically trigger a key(payment request) on a distributed ledger, which is then detected by a separate system (centralized.

This manifest will have all the attribution necessary to create a bank payment message or SWIFT message, which is then fed to a software or some feed churner or a portal, which will deconstruct the manifest & then determine whether it is a valid payment or not, which then creates a ledger posting either a debit/credit in the relevant bank ledger. Thought it sounds like a familiar approach, it still isn't a great solution.

This is an Off-Chain solution where we are prototyping an end-point conversion or 



A De-Centralized Solution for Smart Contract Payment

Smart contracts will only be able to make FIAT currency payments when some representation or avatar of fiat is put on the blockchain or distributed ledger, by an entity with the legal ability to do this, whether it’s a commercial bank or central bank or a payment or a Clearing house. Most banks these days are trying to get their representation of fiat currency on distributed ledger.

The banks are considered the problem, they are the central authority that's the reason for the birth of de-centralized Peer to Peer, the bank can play a very significant role in a different way on the decentralized ledger on the Blockchain if there is a willingless to be customer need & blockchain philosophy driven = TRUST


Frederick Munawa and a lot of other Blockchain analysts also say, "there is nothing wrong with the Off-Chain payment arrangement. Suitability would need to be based on the use-case in question. " 



cant agree more

Monday, 20 November 2017

Why is your #Digital footprint important?

Did you know that there was a keyboard that could understand what you want to type reading your brain signals and moving your fingers automatically for gestural optimization !
Well there isn't and if there was something in the making just like I made this one up, it would be left to creative imagination!
In simple terms ....if there's no buzz about you, a digital avatar that speaks about your co-ordinates and your talent , you are as placid as that product which had a great feature with a bad sales pitch or zero marketing

Digital reputation example



#Social is free, and earning karma on social builds your digital footprint.
its your report card of karma crawling the web.

Gone are the days when you needed someone else to sell you , you control that now , you curate your content and your avatar online when you farm out there to build your digital presence and carve a digital footprint for yourself , you are your own #DiY
I will not give you a whole lotta dope here , but just a couple raw techniques to get you started and with that , you can scale your learning as you go!

Google Alerts
Subscribe to google alerts to catch news on the area that you want to be connected with in realtime , idea is to catch some fish here but don't throw it into the procrastination folder, quick glance follow up on eye catchers and discard the noise 
 Twitter

Though the brand itself is struggling to make its shareholders happy, the platform has changed the way we communicate by keeping it short

140 characters has changed the expression to make it simple, rant free and targetted.
Log into Twitter and create a Handle for yourself, follow a few hashtags and people or trends that are of interest and filter the noise effectively to reach redirects 

 LinkedIn


If you are out in the market for a job and don't have a LinkedIn profile there are high chances you'll fail to even show up to pre-screen process. This specific channel is a digital projection of your enterprise avatar, how will I learn about you if you are in stealth mode not having a official digital presence that showcases your skill, your coordinates and current and past skills, recommendations and endorsements.

I got my current job using LinkedIn and thousands are, go create a LinkedIn profile today if you don't have one.
You don't have to be all polished in your approach to embracing new , the RAW approach of learn one, do one , teach one is always the best protocol to learning
My LinkedIn story of building a community using LinkedIn groups as the collaboration vehicle is depicted below 


My thoughts on SegWit2x Hardfork & what’s the deal for Bitcoin?


I’m sure like me, most of you were trying to read, hear and curate answers surrounding the below questions, in this post we will learn what’s out there for SegWit2x and the hardfork for bitcoin


Is a hard fork inevitable for Bitcoin?
Is a hard fork necessary and potentially the best solution to Bitcoin’s block size debate?
Is the hard fork a big deal?
What’s the New York agreement surrounding SegWit2x? 
Will central planning of block size work?








I was trying to understand the whole SegWit2x, Hardfork what’s the confusion, what’s the politics and after a lot of reading and being thrown off from one news read to the other, I finally segregated the issue in my head :-)….The Upcoming Hardfork "SegWit2x" will split Bitcoin into two coins. Unlike previous forks, this fork is highly contentious, and both of the new coins want to be called "Bitcoin".

The politics and the rhetoric’s get more and more interesting when you hear both sides, I think a mash-up is a great solution to the problem, but with the hardfork and running 2 decentralized chains, will never make the real Satoshi unhappy!



Let’s forget SegWit2x for a second and think about days in the life marketing decision making to sustain a product or a brand, just imagine if there were 2 ways to doing something.


First way is the Rhetoric way & believes in the invention, the core idea & follows its basic birth principles and not chasing the market aspect or the network aspect or the monetary/profitability aspect, trying hard to churn the first principles and still be competitive and unique. (Bitcoin Core)

Second way is to relax and bend the rules to stay profitable and keep yourself up in the game with event and network effect based disruption, reason to go second way is for survival at times, but often considered the easy way. A way that believes in the whole market aspect of “sunk cost” (Bitcoin Unlimited)
Applying this to the 2 parties that are at conflict with a hardfork, reasons are simple

Let’s understand these 2 parties and their thoughts


(SET1) SEGWIT- NOT2X not supporting the hardfork (Supported by Blockstream and Bitcoin core and incumbents)

These folks want SegWit : the (Witness) Digital signatures to be removed from the Block to help more transactional throughput to the block, freeing up block size will allow for more transactions. However, they are against the hardfork and truly believe in keeping the core chain as-is.

Folks not inclined to the hard fork fear the following: 
Approx. 100GB is the current Bitcoin network which already is too heavy to download on a node, Block size is 1MB & if the blocks become bigger, it will take a more expensive infrastructure/computers to run a full node.
This will affect hash rate amidst other technical complications speculated, These guys prefer to bite the dust but not resort to the hard fork, as they feel every problem will come with a hard fork option and it will become a cadence of disrupting first principles. They don’t want another Bitcoin Gold, or another Bitcoin Cash which are initial hypes but not paradigm shifting decisions to move bitcoin forward.


(SET 2) INCREASE BLOCKSIZE- SegWit2X supporting the hardfork
  • Activate Segregated Witness at an 80% threshold, signaling at bit 4 
  • Activate a 2 MB hard fork within six months




What is the New York agreement?
Adopt SegWit and then double the block size [Segwit2X].
58 Companies signed it 


Folks inclined to the hard fork fear the following: (In Roger Ver’s own words) 

  1. 1MB is too small and cannot compete with the other coins out there. 
  2. Fees has increased now and its making it difficult to stick with the core aspect of low /no-cost, efficiency and speed aspect advantages of bitcoin. When these KPI's are impacted, the cascading effect will cripple the network effect and first mover advantage for bitcoin. 
  3. Central planner concept goes against the philosophy of De-centralized consensus based decision making. 
  4. User experience has been suffering lately. 
  5. In a FIAT currency model, it’s difficult to move from Dollars to Euros to some other currency; however it’s very easy to move from one Crypto currency to the other making it very critical for bitcoin to stay competitive and scalable with the other Altcoins and crypto currencies out there. 
  6. Fees will keep going higher as people are competing for place on the block. 
....further

More central planning is going on for SegWit to decide ideal block size that should not be the case, the market should drive the block size even if it means bigger block size and even a hard fork, if both sides don't get into a consensus for one protocol for the Bitcoin Blockchain. Central Planners also double back their intentions that high fees is OK, longer consensus time is OK, existing transactions per Block is acceptable, owing to the secure and consensus driven mechanisms offered.


Bitcoin Cash hard forked the bitcoin Blockchain earlier this year…. Ethereum has hard forked in the past and there have always been 2 sets of people that wanted different ways to keep the platform competitive.

There is so much more on the technical side of this, would suggest reading on the following topics surrounding the hard fork. Lightening network, BIP 148, Replay Protection, transaction malleability

  • What will happen/what to note if the hard fork happens? 
  • Will it affect the hash rate? 
  • Will it make the Bitcoin Blockchain vulnerable? 
  • Need to ensure "Replay Protection": Don’t move your BTC for a month, have control of your private keys, take the BTC off a exchange into the Wallet, put your coin on the appropriate chain? 
  • People will choose from the options even if there are 2 chains, 2 coins. More options, more to choose from.


Further interesting reading


Frederick Munawa Blockchain.global , my mentor in the Blockchain space, interviewed Roger Ver on the same topic on www.blockchain.global ”Why Bitcoin Should Hard Fork With Roger Ver" an amazing podcast http://blockchain.global/blockchain-innovation/ about how important it is for bitcoin to hard fork to be #1 and retain its network effect and first mover advantage. The most awesome Quote from Roger Ver is that "it’s great to be technically inclined, but without getting the economics right, the business cannot scale and stay competitive"

The SegWit2x Hardfork did not happen finally , read the Techcrunch article and follow the news https://techcrunch.com/2017/11/08/segwit2x-backers-cancel-plans-for-bitcoin-hard-fork/

Also read the Coindesk article on the Hardfork 

Conclusion

I believe based on all this analysis that the Hardfork is definitely required sooner or later to keep bitcoin competitive in the open marketplace of Cryptocurrencies.

Saturday, 18 November 2017

Next 10 years will be the war of the marketplaces, why?

With eBay stepping into the enterprise space with Ariba and Amazon acquiring Wholefoods , the 2 stories tangentially different in nature have a similar pattern of sentiment.
"One for the consumer grade and the other for a enterprise".....it's quite evident that marketplaces are trying to get into the shopping carts without boundaries. Be it consumer grade or enterprise , they are making the experience in both areas seamless.
SAPAriba spot buy powered by eBay and a host of other suppliers rendering SKUs via eBay are targeting the enterprise tail spend.
This chain of thought is very powerful from channeling a meaningless high touch PDF attached shopping cart request to a channelized self service based proposition keeping procurement decentralized. FTE reduction or FTE realignment will be the KPI that procurement task force managers will be after.

In Short it's a centralized approach to decentralized procurement

Imagine if you were able to replicate in the enterprise what you did on Amazon or eBay or Best buy etc, it's now a reality.

 Why war of the marketplaces?


The answer is hidden in the word itself it's "market share" the biggest KPI for a brand that everyone is after.

If you remember the paradigm shift in the cell phone business was disrupted by the iPhone. Apple literally ate into the market share of Nokia, Samsung, other button phone segments with the iPhone disruption, since then it's been a war between the logos to have a parallel or more feature based innovation transcript.
Marketplaces will be in constant war to outplay each other with technology, innovation and consumer facing and consumer centric design. 
That is why you hear about terms like Data science , machine learning and AI amalgamating its footprint into every space including the enterprise use case.
The future will be about choices and the customer will always lean towards



the most easy, cost efficient , reliable , fast, customer focused marketplace & to deliver that MARKETPLACES WILL BE IN CONSTANT WAR to CATER TO THEIR NEEDS.

Marketplaces will rule the shopping cart of the enterprise with SpotBuy

As I mentioned in my earlier blogpost that the next few years will be war of marketplaces
Today's post I would like to go a notch deeper into the specifics.



First of all let's define what's SpotBuy
  1. SpotBuy is a way to instantly order goods or services that are not part of a company's catalog, it's an unplanned purchase. In a real life example if you were headed camping and you forgot to luggage in your tent, you had to pullover to a nearby Walmart to SpotBuy it at the shelf label price without having much room for analyzing a planned scenario ahead of time before your event.
  2. In the enterprise ....Often you'd see someone rushing to procurement Ops desk saying it's an emergency purchase attaches a PDF or brings in a printout and wants the order to route ASAP, mostly I've seen marketing running into such issues since the promotional catalog might be missing a SKU for the occasion.
Mitigate protocol is a P-Card

.....Most companies use P-Card for this scenario, however P-Card has its own positive and negative nuances. Control on spend is lost , visibility into accounting is GL driven and Reconciliation can be a nightmare if the P-Card provider doesn't support Level 2,3 enrichment.

Now that you understand what SpotBuy is, you'd realize that decentralization of the channel happens to give birth to connecting a content rich , reliable marketplace to be connected to the company's procurement system to help cater to Ad-hoc or outside the enterprise catalog scenarios.
A typical Level 1 Punchout can also be deemed as a SpotBuy , the only differentiator is that it's a catalog and not a marketplace of sellers.
The best part is that over a quarterly horizon these can be analyzed & where repetitive can be added into the company's standard catalog which is negotiated vendor pricing.


Why will marketplaces aim at the enterprise shopping cart

Reasons are many, let's understand a few index movers

  • Spend coming off an enterprise increases sales via the marketplace channel.
  • Marketplace sellers that are already OFAC and AML checked will operate at high standards of quality thus making it a win win for the marketplace , the customer and the marketplace seller.
  • If procurement gets mature with the end user managed process this brings "SpotBuy" first to see if the market price trends better than what customers are already paying, further bringing a level set in the entire equation wrt competition.
  • With the universal charge document to give a level 3 to make a invoice less transaction a PO Flip flavor improves procurement transactional governance.
All in all "the more marketplaces enabled" we'd be seeing healthy competition in the supply base and more options for the end-user
It's pretty implicit why marketplaces will want to be the SKU of choice in the enterprises Shoppng Cart....

Friday, 17 November 2017

de-Constructing Blockchain Smart Contracts from the eyes of a (non Coder)

Dealing with the realm of enterprise contracts, the first mistake that someone like me did researching on Blockchain Smart Contracts was to try and decipher it to the way it's currently constructed.
It took a lot of reading
....white papers, blogs, podcasts and webinars by the gurus to drive the Smart Contract philosophy of the Blockchain world, calling out one academic asset was specifically a Ethereum white paper.
Smart contract by definition is simply a software program modeled to execute contract terms and payoffs automatically when the conditions of the contract are met hub to spoke.
the more Geeky definition of Smart Contract is "Programmable contract capable of automatically enforcing itself upon the occurrence of pre-defined conditions"

Smart Contract Use-case
Let's understand that with an example of a Use Case
Current contractual Model most times:
Let's say you wrote a song for the biggest rockband Metallica and the record company and the band manager cut a one time check for a million dollars to you stating that the album went gold and your song contributed significantly on the revenue pie, it ended there , even if the album made significantly high record sales or is continuing to have recurring digital download revenue, you never get a recurring portion or share of that revenue. You don't have visibility into that food-chain.
Things can change in the Blockchain world with a Smart Contract in the same usecase described above to a Economy of prosperity.

How?
- You Wrote that song
- Metallica played that song in their album
- the Album had 10 songs
- your song is the reason people want to download that album as the lyrics are intriguing and catchy


- there are several contributors on the Smart Album Contract The Song writer, band, record company, music director , recording studio, digital music marketplace, band website management company


INFOGRAPHIC COURTESY: ME AND MY SHARPIES :-)




There could be several but I'll stop here
- Everyone's contribution and percentage of revenue sharing is modeled to a percentage auto contract payoff condition on the Smart Contract
- Let's say today the band made 3 million via record sales, 2 Million on the album launch tour, every one gets a part of that revenue sharing that's deemed legit on the smart contract condition.
- let's say 5 years have passed and there are still digital downloads happening etc you still get a share small or big until the asset of out there or the smart contract is terminated due to charity foundations or philanthropy houses taking complete revenue that point on or some hypothetical situation like that.
- Bitcoin, Ether or anyother crypto can be the source of artist compensation that will translate to FIAT currency monetizing for you to trade the crypto asset to use the money or leave it on an exchange to grow.
Smart contracts can only transact in their native token on-chain. 
Off-chain, other systems can be developed to convert that native token/cryptocurrency into fiat if required. 
There is nothing wrong with that arrangement. Suitability would need to be based on the use-case in question. 



Future state
Hope I was able to translate a simple Smart Contract use case for the music industry, now that you have a fair idea , when you go online and search smart contract use-cases, you will be thrilled to see several use cases that are in the making and some Smart Contracts that are already LIVE and executing as we speak in the P2P payments spree, insurance and other easy to apply and no or low touch contract payoff models.

Due to its smart nature and autonomy Smart Contracts will be the future of Contracts when the enterprise realizes that it's easier for the code to make the fine sense of judgement based on the contractual rule set meeting acceptance criteria



Downside of Smart Contracts
The sanity and vulnerability of Smart Contracts rely on the developer and also the code reviewer, we have heard about several issues with Ethereum where the flaw in the Smart Contracts

Block size Decentralized Database approach and Smart Contract trigger
For a known fact that the block size is critical, loading Bitcoin (Payment System), Ethereum(Smart Contract Platform) with data and attribution isnt clean design.
developers should look at IPFS and IPFD like protocol to help attribute all thats required to trigger a smart contract querying from a Decentralized Database like BigchainDB.
The attribution from the Decentralized DB can help trigger the Smart Contract in Ethereum
The future is going to be autonomous technical & exciting !