Smart Contracts, Intelligent Investing
One of the bigger contests to keep an eye on in the cryptocurrency market is without a doubt the smart contract race. With the ability to effectively decentralize, automate, and replace multiple trillion dollar industries it represents a sizable target for entrepreneurs and developers of all shapes and sizes to place their crosshairs. While the developers over at Blackcoin (specifically David Zimbeck) have technically already won this race (and I’ll get to that point in a minute) the race very much seems to be continuing with a number of major players still yet to put a working application....
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As the developer of a popular blockchain platform, I sometimes gets asked whether Ethereum-like smart contracts are on the MultiChain roadmap. The answer I always give is always: 'No, or at least not yet'. But in the hype-filled world of blockchains, smart contracts are all the rage, so why ever not? Well, the problem is, while we now know of three strong use cases for permissioned bitcoin-style blockchains (provenance, company recordkeeping and lightweight finance), we've yet to find the equivalent for Ethereum smart contracts. It's not that people don't understand what they want smart....
Interests in smart contracts have grown lately especially with the formation of The DAO – Decentralized Autonomous Organization which is based on Ethereum. What Are Smart Contracts? They are computer applications in which contracts are written into computer code and perform or execute automatically. These applications are expected to run as programmed without any possibility of downtime, censorship, fraud or third party interference. These trusted and permanent records shared across parties through a tamper-proof network have the potential to reduce costs, increase automation, and remove....
With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
Blockchain technology supports cryptocurrencies but can also be used for supply chain tracking, identity management systems, healthcare and more. Can smart contracts exist without blockchain?Blockchain technology is necessary for smart contracts to function because it enables automated agreements to be conducted and carried out without the involvement of a third party. Similar to smart contracts, database systems can have self-executing components such as triggers and stored procedures. Still, they cannot enforce immutability because anyone with administrator rights can undo any....
Will blockchains that various financial institutions are investing in nowadays create “smart contracts” that perform financial services without the inefficiency or risk of intervention created by an intermediary counterparty agent? Smart contract technology, like bitcoin, can circumvent regulatory infrastructures, which could reduce costs for financial transactions. An important feature of a smart contract is the ability to reduce risk through non-discriminatory execution. The lack of a central counterparty agent can enable such contracts to service markets with greater efficiency. Chris....