Friends,
Blockchain, promises the ability to improve the
business processes that occur between companies and lowering the “cost of
trust.” This technology may offer significantly higher returns for each
investment dollar spent than most traditional internal investments.
Credit
Suisse has published a nice primer on this topic - download here and take a
look. A Smart Contract is simply a piece of
code which is stored in the Blockchain network (on each participant database).
It defines the conditions to which all parties using contract agrees. So if
required conditions are met certain actions are executed. As the smart contract
is stored on every computer in the network, they all must execute it and get to
the same result. This way users can be sure, that outcome is correct. These smart contracts are extremely
valuable across a wide variety of industries. They eliminate the need for (and
fees of) intermediaries and allow transactions to run extremely smoothly. As
the regulations and security behind these smart contracts grow stronger in
2018, their adoption will increase. Smart Contracts essentially remove the need for expensive
third party involvement to process a transaction. Speed, security and
especially OPEX reduction lie at the very core of Blockchain’s value proposition.
What is your assessment of Smart Contracts? Send us your thoughts. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)
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