Topic: How Smart Contracts can change the world of business (Read 535 times)

in light of my understanding, brilliant contracts is the better criteria why financial specialists and clients will put more trust into altcoins that having keen contracts like Ethereum's ERC20 stages since it offers 100% straightforward exchange with a specific end goal to remunerate completely clear straightforwardness review.
That is the reason shrewd contracts is the best decision to help cryptographic money with the goal that we won't imagine that the crypto is being controlled by somebody or a few associations.
Answer to arbitrator

I thoroughly concur with the article in for all intents and purposes all cases speculators additionally brokers appears overlook what drive the cost of the token the innovation. They couldn't care less on the off chance that they are building up the item they simply need to see the cost develop. We should begin considering the item and change the outlook of when moon.

Smart contracts in my opinion is a very successful invention that will breathe new life into many industries

The blockchain has its drawbacks, but it's faster, more reliable and safer than traditional systems, and therefore the business is increasingly using this technology for its needs.Smart contracts allow  to exchange money, property, shares or other assets without resorting to the services of intermediaries. In addition, smart contracts n automatically ensure the fulfillment of all the contract terms. Advantages of smartcontracts are obvious!

More and more states in North America legitimate blockchain and smart-contracts. It further rapid development of modern economy. Business relationships are becoming more strong and trusting.

First, the blockchain is a consensus-based system. When obtaining related data from external services, the data acquisition process is repeated and independently performed by each node because each node has independent execution capabilities. But because this data comes from outside the blockchain, there is no guarantee that every node will receive the same answer. When the answers obtained by the nodes from the data source are different, the so-called consensus is broken and the entire blockchain may collapse.

Second, smart contracts can be used to perform chain payments, but they are very weak in dealing with risks and rewards. At first, it was proposed that the use of smart contracts to implement so-called "smart bond" payments is technically feasible. However, from a financial point of view, can a security bond be called a bond? If the investment returns remain unchanged, the investment risk is almost zero. Which issuer is willing to issue bonds?

Third, smart contracts are based on blockchains, which are as transparent as blockchains because the data associated with each smart contract is stored on the same blockchain database and can be easily accessed by anyone. Information, so it is not realistic to use smart contracts to hide confidential data.

It is obviously impossible for smart contracts to solve all kinds of problems of the moment, and people's expectation of being too high may impede its development on the right path. What we need to do is to dig out as many areas as it can apply, such as exploring the legitimacy of smart contracts. Smart contract technology is still independent of the law, which not only makes many possible application solutions impossible to implement, but also makes it easy for high-tech criminals to find.

Nice article and thanks for sharing.

As stated in the above comments I agree that the one thing holding it back is legality, once something in a smart contract holds up to the same scrutiny as a normal contract then we will see more and more people adopting it.

I welcome, smart contracts are one of the most viable advantages of Blockchain technology as they ensure compliance with the terms of the contract, which will greatly help the business sector and will attract a lot of investments in this sector

When all legal issues are resolved and the business can use this technology without any problems then the use of blockchain will become ubiquitous. At the moment I can notice this is a rather complicated process.

I think that the use of blockchain in business and in enterprises would bring big profits to business owners! I think that people still do not realize that blockchain can bring a lot of positive changes to our world. Each new technology has to go a long way in recognizing and starting to apply.

I agree. Application of blockchain technology to businesses promotes transparency between the company and the customers. Ease of verification and cut of costs are the best features of using smart contracts. Paper contracts can be easily falsified and destroyed, unlike smart contracts that are computer-aided and protected from alterations of any kind. It is great that more and more companies adopt to this new technology, this will not only level up their database systems, but it will also increase their relationship with consumers.

Smartcontract will change the way the contract works in the future, I believe and sure into that! Smart contracts will change the way we relate in the internet economy!

The technology is there, but we are still far, far away from businesses taking it up right now. I think right now the price and the legality of the system are the two main issues.

With smart contracts, transactions occur the moment contract terms are fulfilled. At the time of writing, it can still potentially take months for an asset to be moved from one point to another after a contract is signed. Like sitting on a runway waiting for the go-ahead for a takeoff. Smart contracts are stored on a blockchain that is duplicated into a series of copies stored across a network of separate machines. In other words, it’s immutable. And smart contracts tighten the laces of existing processes and allow for more autonomy.

I think we are close to adoption, but it will take one huge company to adopt and show the benefits. I am waiting to see whether that will be a bank, a search engine or another company.

I think that we are far away from mass adoption, but the tech is very exciting!

I think we are far away from mass adoption even if the technology makes sense.

Great article as well! Clapped for it and started following.

Its great we finally got a tool for smart-contract creation, launching and deployment and don't have to write a code with our own hands, just can hire guys from MyWish who will do all that sort of things for a small reward. And a year ago that was impossible

This is true the article shows the importance and future use of the blockchain technology and smart contracts in a target market. Nost of the people are just looking in the prices of bitcoin and other altcoins which is the cause of the negativity in the crypto industry. They are for geting the acutal use of such paltforms to the point that they are telling it is a scam. They should learn that their are other market that will benefit from it and by investing to that project they are contributing to an easier solution that the peoject addresses.

I think slowly we will see them creeping into business, but until a big one takes it this growth will be very limited. Right now it is still new technology and could be seen as an expensive risk to companies.

Smart contracts are very good for business. But not a tokens...

Agree. A lot of businesses don't understand yet the importance of Smart Contract. It is very useful in our today's generation especially we are now in the Internet world and almost all of the businesses are now shifting to an automated system. With Smart contract, the system is programmed so that we no longer need a third-party to verify a certain transaction.

Really interesting article, thanks for sharing!

I think we are still quite far away from mass adoption, but it is going in the right direction!

Great article and thanks for sharing!

I think it is the right direction, but will take a while before we see adoption. It is a lot more complex than just saying "we will use smart contracts". Although I am sure if you are a smart contract builder you are very excited about this year!

I think this will change a lot, but I do not see it happening anytime soon.

People and businesses are too happy with the current setup and because the media has bashed crypto, people are weary to have tokens rather than hard fiat currency.

I think we are sadly still quite far away. Mass adaptation is years away.

based on my understanding, smart contracts is the better criteria why investors and users will put more trust into altcoins that having smart contracts like Ethereum's ERC20 platforms because it offers 100% transparent transaction in order to compensate crystal clear transparency audit.
That's why smart contracts is the best choice to support cryptocurrency so that we will not think that the crypto is being manipulated by someone or some organizations.

Yes, yes, and yes.  The article is great, but not inclusive of all applications of Smart Contracts.  The way blockchain and smart contracts work will change the way all data is managed eventually.  Think about that for a second.  Any record keeping system could easily utilize blockchain and smart contracts to keep track of records, data, calls, notes, transactions, files, history, etc.  It's truly remarkable.

Smart contracts are an amazing tool that was not available before an I think they can mark a new era in computing in general particularly once the blockchain technology matures.

I think that smart contracts are the future of business world. There is no doubt about this. But at this stage they will not change the world radically.

I think right now the issues are:-

1) testing it to know all the flaws, every system has flaws

2) How it is adopted and who adopts it (A large company does it people will jump on it)

3) Legal and also education to the general public. The issue is we are talking about taking old systems and chaining them, this is a huge disruption.

Always the majority of people in the crypto-currency community were interested only in earnings. Development and the future interests only a small part of people

After I finished reading the article, I can say smart contracts are AWESOME, but I think they are a little... unrealistic yet.. I can't see they working in real life, but the idea itself is interesting.

for now i think smart contract can affect the finance industry, but i don't know with 10-20 again, because for now cryptocurrency has many negative trust by goverment

Smart contracts are the future. Once in the international law there will be norms of the legislation, precisely regulating smart contracts, they will be used everywhere.

I think that smart contracts change a lot in business and entrepreneurship because this technology helps to secure transactions at any level.

Hi, I think the main advantage of smart contracts is that approvals are verified in real-time, based on conditions set in the contract, without human bottlenecking.There is no long-winded verification process to make sure that everything is in order.

thanks to them, crypto investment and generally the development of blockchain platforms has become so fast. I'm sure that smart contracts are the technology of the future.

I know that the world is not in place. Everything is changing)

The most interesting thing is that the work of smart contracts is fairly simple and there have already been attempts to create something similar, but it was the crypt that made it possible.

I totally agree with the article in virtually all cases investors also traders seems to forget what drive the price of the token the technology. They don't care if they are developing the product they just want to see the price grow. We should start thinking more about the product and change the mindset of when moon.

thanks to them, crypto investment and generally the development of blockchain platforms has become so fast. I'm sure that smart contracts are the technology of the future.

Smart contracts are more reliable than all other financial instruments in this area. Thanks to the smart contracts, the parties may not worry about the fairness of the transaction, because it will take place only when both parties fulfill their obligations.

This is the accurate definition of the purpose of the smart contract, with it business transactions are easy, rapid and very clear

Smart contracts will completely change the world of business. The need for mediators will disappear. Fraud in the service sector will disappear. And this is only part of the benefits))

smart contracts will turn the world especially a number of professions will become basically unnecessary , such as lawyers , notaries, brokers and all other intermediaries . a number of deceptions in markets such as the real estate market will decrease

Not so fast, the large-scale use of blockchain technology, this shows that the global companies are already in the application stage, but currently there is no universal view.

I think we will see this evolve more and more this year, every day I am hearing some sort of adoption of blockchain.

I think that we are moving towards mass Smart Contract adoption, will be in the next 2-3 years.

I don't see any relationship the smartcontract with IOTA as a DAG platform which worked on the different system and it couldn't included on the blockchain platform. IOTA only aim to become the open payment platform with full scalability to decrease the fees but it gets another problem because the platform was centralized by used the server and not miners just like what have done by blockchain systems.

In my opinion regardless of the platform that the contract can be made the idea itself is something motivating and essential for the realization of a dream or even even changing an archaic scenario of a technology. It really is a question of time to find comments on media in relation to the topic.

Smart contracts can turn all the existing business models upside down. They provide people with the whole new level of security.

Smart contracts indeed contributes to the evolution of the business world. Not only does it speeds up the process of verification, but it also reduce the cost. Businesses of company will be better once they adopt to the advancement of technology. I know one company in the Philippines that is currently taking considerations of blockchain. I will not mention the company name but it is a company that provides one of the basic needs of human. It might takes years before adaptation but hopefully it will be soon!

I think we are a few years away from mass adoption, but it is going the right direction. People focus too much on the actual crypto and not enough on the blockchain systems that support them.

Therefore when the crypto takes a hit, people forget blockchain.

Now the blockchain and cryptocurrency markets are too fickle.
People just want to profit from this industry, but ignore the underlying technology.

Think it will take a few years before this is adopted. It's a nice idea, but I don't see businesses moving anytime soon.

Hi guys,

Especially Smart contracts are programmed using Solidity which is a contact-oriented programming language for writing smart contracts. It can then be used to implement the smart contract on various blockchain platforms.

There is a specific catergory of algorithm. which can be decentralization and provides digital security so that a smart contract can be created.

Benefits of Smart contracts :

Smart contracts live on a shared database where all parties have a copy –unlike today’s systems where every company keeps and stores their own records.

With this in mind, here are some key benefits of a smart contract:

1. Instant Verification
2. Authority
3. Transparency
4. Enhanced Privacy Structure

Can you think of any other reasons smart contracts will change the world?

Once you need an  prefect smart contract development company




 

Even if cryptocurrency and Bitcoin will die (I don’t believe in this), blockchain and smart-contracts can change our world. Really, financial and insurance industries, medicine, logistic and all global markets will be improved by new technology.

Well in dream world it might change a lot but in real life only a little number of people are using cryptocurrency in business. Overwhelming majority of businessmen won't use that currency nowadays and in near future.

Gambling, all things entertainment, and other such fields will definitely change in the future because of smart contracts.

I think it's definitely an amazing piece of tech and its uses are limitless.

I think its only a matter of time till we see this being adopted on a large scale. I just think people are a little scared about new technologies until they have been proven to be effective.

I really do think they will change so many processes in the world of business, great article!

Just needs adopting and legality to be added and we have an amazing new system!

I agree, the technology is there now it just needs the implementation and adoption from the business world. I think it will take years though for businesses to final adopt it, but the ones who are the early adopters will be ahead of the game.

This offer of the IOTA project (for example). Now there are some implementations, but they do not use the global blockchain. For the time being P2P only.

Smart contracts are very underestimated, I consider. In the real world a lot of things are solved through intermediaries, especially if it is geographically distributed business. But widespread introduction of smart contracts shall solve trust problem in business. Good business cases of implementation of technology are necessary. For this purpose business shall make sure in safety of implementation and application of blockchain in the ecosystem.

I think it is only a matter of time before it is adopted on a wide scale, blockchain is cheaper, faster, safer and cuts out human error, what's not to like?

I think blockcchain/smart contracts are definitely underrated piece of technology. And I'm really looking forward to see it being used in many other fields daily.

I think over time more and more companies / institutions will adopt the technology as it is quicker, safer and more efficient in both time and cost. I think what needs to happen is one big company to show the benefits and what Smart Contracts can do.

I agree with this article.

Maybe one area that was not discussed in the article would be rent, imagine if you didn't pay, you couldn't get access to your flat.

Great article, thanks for sharing!

I agree I think Blockchain is only going to become more and more of a utilised system in the coming year!

The only thing that can stop it is the legality and mass adoption.

It is clearly a better system.

After market emergence of ethereum we are seeing the smart contract making the way of new cryptos to come in the market. Because of that only we are seeing the 1000+ altcoins in the market now. there are people still swapping to the other smart contract option such as NEO, ADA and steller.

Who said to you that ethereum is undervalued mate. From the past two years you may find the ethereum in the top 3 altcoins and market value we are seeing is not a permanent value bro. Again after the price bump will find all the cryptos bump together with bitcoin.

Some people are blinded by the thought that they could get rich through bitcoin and don't even stop to consider what it's all about. Many have failed to recognize how revolutionizing blockchain technology and smart contracts is for businesses. If people come to know about smart contracts, it may revolutionize the world of business as we know it. In my country, there have been numerous fintech start-ups and businesses initiated by young people.

I think that smart contracts will make a significant difference, but will not be able to change the business world in its core.

They have the needed innovation to be really useful for certain applications, but I don't think digital contracts will ever replace physical ones.

I also believe that smart contracts can change the world of business, right now it is true that smart contract are being used for income only but there are some that are really dedicated where in they already have a products and they are just enhancing it for the users or investors to enjoy using there products.

When I was a beginner to cryptocurrency I stumbled upon the Smart contracts got curious as it resides in the blockchain especially the Ethereum implements this computer protocol, It resolves most of the traditional contracts critical problems and loopholes, no intermediaries, transparent and innovative way to deal with contracts the problem is that some projects or platforms use smart contracts to scam people well those scammers are literally everywhere.

It can change the world of businesseses if and only if those companies will start using smartcontracts because if they wont it doesnt even make sense ,traditional businesses wont mind the technology behind blockchain all they want to see is how much they can earn not knowing it has a bigger picutre in the near future.

What do you disagree about? that's my statement that they should learn more about the tech behind it, that way they can make better choices. A lot of people don't look at the tech but just the idea and marketing, which are of course important but you need to combine it all.

Sometimes it's really frustrating that people dont want to invest on a good valuable technology which is the smart contracts though I know alot of good tokens and really rising upwards.

I fully agree with you. Good article, Smart contract is the inevitable development of society and business, it is an excellent solution for business and other areas of social activity.

I really want to support you but I don't believe it. Most users are only interested in earning income. They do not share the ideas of creating cryptocurrencies. See how many joyful posts users write when they hear about governments ' attempts to regulate the use of cryptocurrencies. They even think that this will lead to an increase in popularity. In cryptosuite a lot of random people. That's a lot of trouble.

I agree with the article and the statement.

People all know about bitcoin, but ask them about blockchain and smart contracts and they have no clue. I think people need to be educated in why cryptocurrency is so valuable, that way they can make better choices with their investments, instead of just hearing things like "This will increase by 100% in value).

Nice article.

I agree with that, smart contracts will change all the world of business completely. Ethereum is still very undervalued if we consider the future. Everything has just started.

Hello all,

I came across this article, and I would like to hear your opinions whether you agree or disagree. Are there any industries that they missed in the article? I think people forget too much about smart contracts and blockchain here and focus too much on the actual token and the price. The reason they have a price is the valuable technology behind it.

https://medium.com/crowdholding-innovation-platform/how-can-smart-contracts-change-the-world-of-business-46f00da93e87