Below is a brief excerpt from the Ultrain White Paper. To read more, visit https://ultrain.info/downloads/Ultrain%20Whitepaper_v1.1.9.pdf
1.1 Core Vision of Ultrain
The advent of the information revolution is driving businesses to expand borders and streamline processes. We are witnessing the unfolding of a brand new business society, where all things are increasingly visible, interconnected and exchanged, we call this a “programmable business society.” In this society, the commercial logic of trillions of business transactions that take place daily will migrate from traditional to smart business contracts, which are automatically executed and realized through the control and delegation of resources in the Internet of Things (IoT) by blockchain. Decision-making during the automatic execution process will increasingly be driven by decentralized artificial intelligence (AI) that operates on the blockchain. This will take over most of the computational and decision-making tasks, enabling highly efficient and reliable automated processing.
This business approach will be widely used across various fields, such as public utilities, transportation, manufacturing, medical care, agriculture and finance, to significantly reduce the cost of business operations. The greatest advantages are zero trust costs, automation and intelligence.
In this business ecosystem, the organization structure will be more flexible, agile, autonomous and self-disciplined. People come together, motivated by a common goal; the organizational goals and incentive mechanism are open, transparent, consensus-driven and automatic, participants voluntarily and autonomously contribute abilities and resources to promote the realization of goals, hence lowering corporate governance and operating costs.
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Building a Programmable Business Society
Furthermore, the business rules and logic driving inter-company transactions can become more dynamic and smarter with the use of artificial intelligence; the development of blockchain technology will result in a fairer and more reasonable distribution of commercial interests in a transparent manner. The use of smart contracts will significantly lower the need for trust capital, allowing transactions to be completed with zero trust costs.
This business ecosystem comprises several business elements. Overall, it consists of three parts:
- The technology layer, consisting of integrated infrastructure services based on public blockchain, AI, and IoT.
- The horizontal services layer, aggregating organizations which provide various decentralized business services, including banks, insurance, loans, etc.
- The vertical application layer, containing numerous decentralized application services that serve many users and can be implemented in multiple industries, including scientific research and development, manufacturing (such as machinery and textile), logistics, retail, finance, culture and entertainment (education, literature, intellectual property and gaming), pharmaceutical biochemistry, food, real estate, agriculture, animal husbandry, fishing, services (catering and travel), etc.
The progress of this business society is achieved through technological advancement, with blockchain, AI as well as IoT technologies as its backbone. While blockchain has the capacity to transform the production relationship, AI will impact productivity, while IoT will reform the means of production. Through the integrated application of blockchain, AI and IoT technologies, this business ecosystem enjoys several advantages over the traditional business environment: lower operating costs, higher operating efficiency and more transparent distribution of commercial benefits. This can greatly enhance social production efficiency, generate more value for the real economy and create a better society.
The vision of Ultrain is to advance the realization of a programmable business society.
Means of production