Smart contracts and how they’ll shape the future
Although they’re not exactly new on the scene, smart contracts are expected to have a genuine impact on how business and even law are conducted over the next couple of years.
The concept of the “smart contract” was coined by American computer scientist, lawyer, and cryptographer Nick Szabo back in 1994 and the tech industry is getting even more excited about the potential this software actually has. This is because the smart contracts of today have an added dimension — blockchain.
At a very basic level, blockchain is a form of digital ledger technology and is stored across a network of computers. Data is stored in blocks and is then linked together. Sounds simple? Incorporating blockchain into a smart contract involves coding the contract into data blocks. Then, if a transaction or any other type of event has an impact on the contract, it is automatically recorded by blockchain so that any outcomes can happen automatically without any human interference.
Smart contracts could save businesses a significant amount of time and money and may radically change the way that they interact with one another in the supply chain, as well as with their consumers. This is because it’s more probable that human interaction will slowly decrease, freeing workers up from dealing with routine administration and red tape, thus enabling them to get on with their day jobs as the smart contract takes on the hard work.
In the future, many industries will likely be transformed by the use of smart contracts on a global scale. Examples include identity management, banking, supply chain, healthcare, land title recording, and gaming. However, it’s the transparency and efficiency of smart contracts which make them so technologically powerful. And, it’s transparency that businesses must offer in order to flourish and thrive themselves.
Crypto-driven mobile gaming platform SuperOne is powered by a networking concept redefined thanks to the blockchain transparency that smart contracts and their allied gaming algorithms bring to the table.
There was once a stigma surrounding networking models due to historically exploited systems. However, SuperOne’s exhilarating and profitable experience wipes this slate clean, quelling old qualms with its 100% transparent blockchain and smart contract-based network. SuperOne has successfully established an irrefutably sustainable business model and an incredibly sized network.
It has studied the powerful networking model and is presenting the transparent future benchwork in conceptual networking. While smart contract technology is still being developed, the real value of them is clear. The business world is very competitive and having contracts that cost less but provide more is not a tough decision for companies to make.
Some believe it’s not a matter of “if” they will get adopted, but a matter of “when.” As is frequently the case with the adoption of new technologies, one or two companies will likely go all in and enjoy some success — then the whole market will follow suit in order to stay competitive.
Get involved with SuperOne and enjoy the initial success