Bitcoin in Business: Smart Contracts
Blockchain technology has the potential to drastically change the way business is done, mainly in accounting and contracts. Large businesses make contracts on a daily basis. Contract law is a wide field of study and essential to understanding how to run a successful business. What happens if the other party breaches a contract? Does a contract need to be in writing to be legally binding? These are things business owners and decision makers need to know. Smart assets are not widely used in modern business, but the benefits of integrating them greatly exceed the low cost of implementing....
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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 present one the most promising tech solutions for business, but there are still barriers that have to be addressed. The internet is buzzing over recent developments in decentralized finance, or DeFi — smart contracts are hotter than ever. You might think you missed the coronation ceremony, but smart contracts are actually used in only a small corner of the crypto world, albeit a corner worth billions of dollars. It’s a promising concept that has gone widely unused in the business world.Despite the headlines and in spite of crypto-cloistering, smart contracts are not....
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....
Stefan Thomas is one of the more talented and respected developers in the space. An old hat at this young technology, he has been making waves as the CTO of Ripple labs. In a recent effort he has set his sights on smart contracts technology. The designs and implementation he and his team have come up with are interesting, to say the least. In a white paper entitled Smart Oracles, we see described a novel, simple, and flexible approach to smart contracts. In such a system, rules can be written in any programming language, and contracts can interact with any service that accepts....
In what could potentially be one of the first deployment of smart contracts in the corporate sector, IBM comes together with Bank of Tokyo-Mitsubishi UFJ (BTMU) to examine the design, management and execution of contracts among business partners using Blockchain technologies. IBM and BTMU plan to automate business transactions using Blockchain tech developed on the open source Hyperledger project. With this and other projects, Singapore emerges as a world’s center for Blockchain development. Blockchain in business now a reality. The announcement regarding the deployment of smart contracts....