Sirlibz
Cardano has added a wide range of value and utility to it’s blockchain by becoming a smart contract platform. The roll-out of Goguen, it has become a smart contract platform being able to add metadata-information about the data being processed-to transactions. The new development allows the cardano blockchain to be interoperable with partnerships, enterprises and commercial applications “that can be used for the complex operations that will define the era of decentralized finance (Defi).
What are MetaData and Why is it important
Metadata is simply “data about data”. So it basically gives more information about a transaction like describing the context, content and structure of records. Cardano already stores information permanently on the blockchain but without specific details of the transaction. The addition of metadata would allow for more data/information to be given out regarding a particular transaction on the funds, time of deal, product manufacturer or the supply conditions if an online purchase was made. All of these records are important to maintain along with the transaction of wealth.
This feature is important because it helps in certification and validation, this simply means that it allows for information to be stored online and just not the wealth transfer. It will come handy with any other aspect of life that deals with supply chains such as factories, customers, suppliers and delivery services.
IOHK (Input Output Hong Kong), the parent company of Cardano plans on utilizing this feature on the Atala products which are :Atala prism, Atala trace, and Atala scan solutions. Owners of businesses interested in using this in their system can also reach out to Cardano through [email protected] to find out how to incorporate metadata services in your processes.
