The future of decentralized contract is here – Singapore is road testing its first B2B contract registered to the Blockchain between two enterprises. While last week’s debut of smart contract between IBM and Bank of Tokyo-Mitsubishi UFJ is private in nature, this Blockchain MOU will be the first B2B contract publically available on the Blockchain for anyone to verify.
The unique advantage of having this MOU registered to the Blockchain, according to David Moskowitz from Attores, is that the signing becomes a historical event marked by a permanent timestamp on the Blockchain.
Source: Singapore Road Tests Future of B2B Blockchain Contracts
As a software consumer, your “due diligence” is fairly straightforward because an error correction process is built into the software license. When (and not if) something goes wrong, you have some hope that someone is trying to solve the problem.
But smart contracts are not ordinary software. A smart contract is supposed to automatically implement a real-life contract: an actual agreement between two (or more) parties. After the negotiating parties agree to the terms of a deal, those terms are converted into a smart contract – eg: given to a computer programmer to create smart contract code. So how do the parties know if the terms agreed upon were correctly programmed?
Source: Blockchain Smart Contracts Need a New Kind of Due Diligence – CoinDesk
While there are several Ethereum projects currently being created, The Pitts Family Circus is the first attempt at an Ethereum financed movie, which eventually will share the profit of the films production with investing Ethereum holders via Smart Contracts on the Ethereum Blockchain.
With only 666 limited shares available, the shares are 10 ETH each, but there is also the possibility to buy fractional parts of a full share. Token holders can invest in the crowd-sale via an Ethereum smart contract and they will receive a Ethereum based ROI for the next 20 years.
Source: First Ethereum-Financed Independent Film Uses Smart Contracts – Blockchain News
Digital Asset Holdings has announced it intends to open-source DAML, the smart contracting language it acquired from startup Elevence earlier this year.
Though no date has been set for the transition, the Blythe Masters-led blockchain startup credited its bid to “advance industry adoption” of the tech as the impetus for the move.
Source: Digital Asset to Open Source Smart Contract Language – CoinDesk
Smart contracts, which automate parts of payment agreements, are the key to using blockchain technology in complex financial transactions. However, there are still open questions and concerns about how smart contracts operate in the real world and whether they can be trusted.
Because smart contracts reduce complexity there are fewer reconciliation issues, which increases efficiency and reduces costs. But how do you see and understand the finer details of a smart contract when the terms of the contract are expressed in code?
Source: Blockchain s Automated Contracts Are Dangerously Hard to Verify | PaymentsSource
TAO Network, the smart contract DAO platform for creating and operating decentralised applications is currently offering an opportunity for the cryptocurrency community to invest in the ongoing crowdsale.
The TAO Network is built on a solid foundation with a range of enhancements that make its blockchain more versatile and robust. By using IntelliTx technology, TAO Network offers a content agnostic way of creating smart contracts on the platform, irrespective of the protocol. The user-friendly, privacy-centric platform already has one of the many use cases built in the form of ‘the TAO of Music’.
Source: TAO Network Announces the Crowdsale of its Cryptocurrency and the TAO of Music Project
While bitcoin has yet to be embraced by the public, investors and entrepreneurs are increasingly enthusiastic about the potential for blockchain technology. For the reasons given above, proponents say that blockchain, or distributed ledgers technology, should be used to record and store a wide variety of different transactions and decisions. Information such as mortgage certificates, health records, welfare benefits and even voting registration could be managed via a blockchain. The creation of accessible, secure data networks that run in near real time really does sound like a holy grail in the digital age.
Richard Mabey is the co-founder and CEO of Juro, which uses blockchain technology to underpin the creation and signing of legal contracts. The business provides a freemium (free for the basic features, with a charge for premium features) model for SMEs and a subscription for larger companies and has signed up over 500 clients since launching last year. “We are seeing real traction from businesses and it’s clear that this technology has moved from academia into the world of business,” Mabey says.
Source: Blockchain businesses embark on world-changing projects | Guardian Small Business Network | The Guardian