Are Smart Contracts The Future Of Blockchain?
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....
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Hackers are soon going to be the new lawyers as the adoption of smart contracts increase in the near future. The advent of Blockchain 2.0 and Blockchain 3.0 has given rise to new ways of automation using Bitcoin’s underlying technology. There are special cryptocurrency platforms like Ethereum, Rootstock, Counterparty, Lisk and more that allows people to create smart contracts on the blockchain. These smart contracts enable automation by allowing developers to set trigger conditions. These trigger conditions are certain prerequisites, when met, will execute the function programmed on the....
Business accelerators all over the world are always looking for the next big thing in technology and finance. It only makes sense to see these accelerators keeping an eye out for companies exploring blockchain technology. Or in the case of BNP Paribas, they are looking at one startup in particular – called CommonAccord – which aims to bring automated....
Smart contracts are a key underpinning of blockchain technology, yet they are still misunderstood in many ways. In the fullness of their deployment, they will be no less revolutionary than the invention of the HTML markup language that allowed information to be openly published and linked on the Web. Smart contracts promise to program our world on the head of blockchains, and potentially replace many functions currently executed by expensive or slow intermediaries. Historically, the concept was first introduced by Nick Szabo in 1994. Smart contracts then had a long gestation period of....
Susanne Tarkowski Tempelhof, Founder and CEO of Bitnation, explains to Cointelegraph how smart contracts can lower costs of your business. Cointelegraph: What are Smart Contracts about? Susanne Tarkowski: Smart contracts are applications ‘living on’ the Blockchain, and therefore can’t be censored. Simple, immutable and autonomous applications, basically. As Primavera de Filippi eloquently phrased it during her talk at OuiShare Paris 2016 “Smart Contracts are neither smart nor contracts...”. But ironically, smart contracts are however ideally suited to be… well… contracts! In essence, your....
Lost in our 'pie-in-the-sky' projections on the future of blockchains is the most important concern anyone should have on the technology: What are the opportunity costs? Nowhere is that more pronounced in the current debates then in the case of the "smart contract". While I believe that smart contracts will provide a number of efficiencies in our blockchain future, there's one category of smart contracts that I'm most skeptical of – that of the recently popular "Turing complete" smart contract. All smart contract platforms in use today fall into roughly two broad....