FAQs
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About WeLicense
WeLicense doesn’t have any cryptocurrency so it is not a speculative project. It is a permission blockchain where each of the members have mining power.
WeLicense uses blockchain technology to help Manufacturing companies protect Intellectual Property throughout the digital manufacturing lifecycle from design to production.
WeLicense is a permissioned blockchain solution where all the members accept the entry of a new member through a consensus system.
The critical value of blockchain vs another certification process is the decentralization of the network where anyone is the owner so all members accept how the platform evolves through consensus. The decentralization and transparency of the rules of the filesystem, file-sharing, bring data protection, compliance through a Smart Contract previously created for the owner of the IP and accepted by each party that interacts with that IP, and complete traceability of each file that appears on the ledger.
As permissioned blockchain the mining resources are provided by the members of the network, facing the cost of the infrastructure that could be in their own datacenter or cloud-based.
Yes, WeLicense has its own API to connect its services to other Software solutions such as CAD, CAE, CAM software also PLM or PDM platforms.
About Blockchain
Blockchain is the core technology behind bitcoin. At its heart is a distributed data store. Anyone who participates in this network has its own data store that stores all of the transactions that ever happened on the network (this is also known as the distributed ledger). Entries are stored within a cryptographic chain of blocks. At every stage, the network of participants must agree about the latest block of transactions. The agreement is reached through a process of majority consensus, eliminating duplicate entries, double spending, etc. This process and the cryptographic layering of the blocks makes the agreed blockchain irreversible and immutable. The ‘history’ of events within this technology cannot be modified by any one of the participants without majority consensus from the group.
A Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data.
Following the distributed model of the blockchain, smart contracts run on every node in this technology, and each contract’s data is stored in every node. This data can be queried at any time. Smart Contracts can also call other smart contracts, enforce permissions, run workflow logic, perform calculations, etc.
The smart contract code is executed within a transaction – so the data stored as a result of running the smart contract (i.e. the state) is part of the blockchain’s immutable ledger.
In its simplest form, a distributed ledger is a database held and updated independently by each participant (or node) in a large network. The distribution is unique: records are not communicated to various nodes by a central authority, but are instead independently constructed and held by every node.
That is, every single node on the network processes every transaction, coming to its own conclusions and then voting on those conclusions to make certain the majority agree with the conclusions.
Once there is this consensus, the distributed ledger has been updated, and all nodes maintain their own identical copy of the ledger. This architecture allows for a new dexterity as a system of record that goes beyond being a simple database.
Mining has used a proof of work for participants in the blockchain. Whenever a block of transactions is to be agreed, every participating node attempts to ‘mine’ the block (a mathematical algorithmic process that requires extensive CPU capacity). In public blockchains, successful mining is rewarded with a cryptocurrency token.
A permissioned blockchain is a closed ecosystem in which each participant is well defined. This type of blockchain is built to allow an organization or a consortium of organizations to efficiently exchange information and record transactions.
While permissionless blockchains gained rapid popularity in the business world, enterprises are now discovering the many advantages of using blockchains to augment business systems as well, especially to instill trust, transparency, and efficiency into B2B exchanges. A permissioned blockchain is run by the members of a consortium. Stakeholders “opt-in” to form a blockchain network.
Only pre-approved entities can run the nodes that validate transaction blocks and execute smart contracts on the blockchain. Permissioned blockchains make it easy to share trusted information in a secure context, and with the confidentiality that businesses need to operate effectively.
Permissionless blockchains allow anybody to create an address and begin interacting with the blockchain network. The internet is a good example of a permissionless system; where anyone can create a website of their choice. In a similar way, with a permissionless blockchain, any person, thing, or entity can interact with other members or parties by creating an address on the network. Each party can choose to run a node for the blockchain and participate in transaction verifications (via the mining mechanism), as well as create smart contracts on the network. This is the ethos of bitcoin and ethereum blockchain networks. These networks employ a crypto-economic model (driven by proof-of-work consensus mechanisms) that incentivizes people to run network nodes. All network participants are duly rewarded for their contributions through tokens.
An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks.
In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Ethereum.
Data stored on the blockchain is considered incorruptible since decentralized computing allows the data stored to be immutable and unalterable.
