ISO20022 Data Set APIs¶
Abstraction layer – Abstraction, as a computer science concept, is an approach to preserving information that is relevant in a given context and forgetting information that is irrelevant in that context. It is a process of ignoring temporal details or attributes in the study of systems to focus attention on details of greater importance. For the limited context in this paper, an oracle network that sits between all blockchains and legacy systems to pass data between the two seamlessly and securely is being referred to as an abstraction layer.
ERP Connectors¶
Since smart contracts run on the blockchain, they allow tamperproof (barring 51% attack) and automated execution of the parameters once data is received – Represent deterministic automation of a business process involving multiple parties/ users; neither party can default on its obligations and get away with it or tamper with the process once the smart contract is executed.