Abstract
This paper discusses the potential impact of ontology and model-driven architecture on decentralized ledger technology. It argues that an ontology-aware model-driven architecture approach could facilitate interoperability between blockchains and help build more resilient economic networks. More precisely, this paper advances the idea of an implementation of the resource-event-agent (REA) ontology in the MERODE model-driven design environment as an approach to develop blockchains for open value networks. In addition, this paper lists four
potential application domains of such a REA-MERODE blockchain. First, it discusses how this approach could benefit the sharing economy. Second, it considers the potential impact on collaboratives of independent workers. Third, it examines the potential benefits of this approach to wood traceability, and fourth and finally, the potential benefits to vaccine traceability.
