Smart contracts: for streamlined modern businesses like SuperOne
Like any new technology, blockchain has steadily evolved from the nucleus of a simple idea formed back in the early 1990s to now, nearly 30 years later, a real solution for real business environments.
The slow evolution from just an idea to grow into a successful application usually takes time, and blockchain’s widespread incorporation into tech organizations and applications is only now starting to be seen. As more and more organizations and industries cultivate blockchain environments, one opportunity for innovation seems clear — smart contracts.
Smart contracts are immutable, which ensures that your information is not lost, changed, or stolen without proper permission. This security is especially useful for guaranteeing the authenticity of copyrighted products, job certificates, titles, deeds, and a myriad of other papers and credentials.
Today, the advantages of smart contracts are helping drive new innovations in supply chain logistics and automation. Because of this, smart contracts are being used across many different industries. They’re now a staple in identity management, banking, supply chain, healthcare, land title recording, law, and gaming. And that’s just the beginning.
One ultimate aim is to reduce human interaction with the lengthy bureaucracy of paperwork, freeing workers from dealing with routine administration, and enabling them to get on with their day jobs.
Let the smart contract take on the hard work. What’s more, they’re time efficient too — much more so than we are. Smart contracts run on software code and as a result, they can execute transactions in milliseconds. This speed can greatly reduce the number of hours that many businesses spend on the legal processes involved in drawing up traditional contracts.
If you’ve ever bought a house, you’ll know exactly what we mean. Smart Contracts running on a blockchain are beginning to find wide adoption in the finance and insurance sectors, as well as in the property market due to the promise of almost instantaneous transaction time, together with the increased security and transparency that the technology promises.
What’s more, because of the automatic execution of key contractual provisions, with no intermediaries required, there can also be significant cost savings to parties. Smart Contracts are currently being employed in the solar industry for insurers so that when bad weather creates a shortfall in energy generation, and therefore income, the company receives a compensation payment.
Another example is a system that makes automated compensation payments to telecommunications customers if their broadband remains down for a set period of time, or to airline customers if their flight is canceled. In other words, they can become a highly useful part of service agreements.
They can also be an integral part of payment systems. Take the crypto-driven mobile gaming platform SuperOne. SuperOne has developed algorithms that run its world-beating game for the benefit of its players — creating the most exciting trivia contest in history.
But it has also built an infrastructure behind these algorithms that uses smart contracts to automatically reward players as they win. SuperOne uses blockchain infrastructure from the Hyperledger consortium, the open-source collaborative effort to advance blockchain-based distributed ledgers. It uses Ripple Labs’ XRP cryptocurrency token within this system to make smart contract transactions across its gaming and affiliate networks — both for business partners and for players.
SuperOne has done this partly at least because Ripple is a member of the Hyperledger consortium itself. The result is that SuperOne has access to generally accepted and road-tested smart contract tools and interoperability with other blockchain ledger systems.
It also means that the company has future-proofed not only its own access to the new financial world that cryptocurrency exchanges and blockchain businesses are creating — but also that of the business partners and players it serves. SuperOne has successfully established an irrefutably sustainable business model.
Its team has entwined the power of the networking model with the latest in gaming design — and now with the speed, transparency, and efficiency of smart contracts. It is now presenting this benchmark to a massive network of members.
As is frequently the case with the adoption of new technology, one or two companies will pioneer the way, and when it’s proved to be a success, the whole market will follow suit in order to stay competitive.
Get involved with SuperOne and enjoy that initial success.