Understanding The Significance Of Smart Contracts
Smart contracts are an essential building block within the cryptocurrency ecosystem and are the core of many decentralized applications (dApps). These programs run when predetermined conditions are met to help automate workflows, execute agreements, and carry out other essential tasks that can be governed with “if/when…then…” statements. Programmed by developers, smart contracts are trustless, autonomous, decentralized, operate transparently, and are unable to be reversed or modified. These attributes make smart contracts a useful tool in reducing or even eliminating the need for....
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The Chamber of Digital Commerce, a trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology, has announced the launch of the Smart Contracts Alliance (SCA), an industry initiative to promote the real-world application of smart contracts, educate and enhance the understanding and adoption of smart contracts, provide a forum to develop industry standards and help shape a pro-growth policy framework. “This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the....
The Nobel Memorial Prize in Economic Sciences 2016 will go to professors Oliver Hart and Bengt Holmström, for their transformative work on contract theory. In doing so, the Royal Swedish Academy of Sciences recognizes how important contracts are in helping modern society function. The Power of Contract Theory. The laureates’ work has been fundamental to....
The Chamber of Digital commerce has launched an initiative to form an industry-leading Smart Contract Alliance (SCA). The announcement was made today, and its goal is to promote real-world applications for this novel technology. The Chamber of Digital commerce, a trade association comprised of industry leading companies representing the digital assets and blockchain sector, unveiled a new initiative called Smart Contract Alliance (SCA). The project aims to promote real world applications of this new “vital technology”, as the press release says: Smart contracts have the potential to....
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,....
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....