Smart Contracts – From Ethereum to Potential Banking Use Cases Whitepaper
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,....
Related News
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....
Homomorphic encryption and smart contracts can be a perfect combination of public and private blockchain features. Bitcoin and transparency go hand in hand. While we can’t say the same about centralized exchanges and trading platforms, the Bitcoin protocol is completely transparent and offers a certain degree of anonymity as well (pseudonymity). But as technology progresses, we now have entirely different use cases of blockchain technology on our hands. Bitcoin’s underlying blockchain technology has grown beyond being a public ledger keeping a record of all bitcoin transactions. The....
The China Central Bank has revealed many facets of its Central Bank Digital Currency in a newly released whitepaper, one of the plans in the whitepaper is that the PBOC will utilize smart contracts for digital currency. The digital version of the Chinese Yuan is also called e-CNY. By using smart contracts, the digital Yuan […]
Smart contracts can automate many different kinds of processes and operations, the most obvious being payment and actions conditional on payment. But the capabilities extend to many business and organizational activities. A white paper [PDF] by the Chamber of Digital Commerce with the support of the Smart Contracts Alliance presents 12 use cases of contracts for business and beyond. Nick Szabo in 1996 described a smart contract as “a set of promises, specified in digital form, including protocols within which the parties perform on these promises,” a definition that still describes the....
Smart contracts, a feature of "Bitcoin 2.0" technologies such as Ethereum, could soon operate on the Internet of Things (IoT), control objects in the physical world, and power a new decentralized version of the sharing economy, for example sharing services similar to Uber and Airbnb that operate in pure P2P mode without centralized management. Smart contracts represent a disruptive innovation with a huge potential. In 2001, legendary cryptographer Nick Szabo spoke of smart contracts that solved the problem of trust by being self-executing and having property embedded with information about....