Thursday, August 23, 2018

12 Smart Things About Smart Contracts

Nick Szabo is a legal scholar, computer scientist, and cryptography expert that coined the term Smart Contracts which means "a computerized transaction protocol that executes the terms of a contract"

These are just some of the good things when Smart Contracts were introduced:

  1. Digital Identity - it can let individuals own and control their digital identities.
  2. Records - it can automate recording renewals as well as releases without compromising private data.
  3. Securities - it can simplify financial technology matters such as dividend payments, stock splits, and liability management issues. 
  4. Trade Finance - it can facilitate transfers of streamlined international goods with higher asset liquidity.
  5. Derivatives - it can enforce a standard transactional set of rules regarding derivatives which are securities with an asset-dependent price.
  6. Financial Data Recording - it can serve as an enterprise-grade accounting ledger for accurate recording of financial data for transparency purposes. 
  7. Mortgages - it can automate the process of getting a mortgage. 
  8. Land Title Recording - it can facilitate transfers of property with less fraud and disputes. 
  9. Supply Chain - it can provide greater visibility on each level of a supply chain in coordination with an Internet of Things (IoT) devices that track assets and products from factories until the point-of-sale (POS) target. 
  10. Auto Insurance - it can automate insurance claims in the auto industry including verification and payment.
  11. Clinical Trials - it can be a mechanism in the field of medical research and clinical trials by improving data sharing between institutions since it involves sensitive agreements for the privacy of data for participants.
  12. Cancer Research - it can largely help in facilitating the data power in the field of cancer research while maintaining a privacy of data for patients.


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