Blockchain has quickly become one of the biggest tech stories recently. Though primarily associated with Bitcoin cryptocurrency, its technology holds tremendous promise to transform businesses from top to bottom. Enabling devices to connect securely and exchange information without human or computer interaction – saving both time and cost while providing transparency in transactions – could revolutionise businesses of all kinds.
1. Smart Contracts
Smart contracts are self-executing programs stored on a blockchain network that automatically execute or control specific events and actions based on predetermined conditions. They’re written using blockchain-specific programming languages like Solidity to ensure all parties involved understand all terms of an agreement; as well as record, transfer ownership of digital assets, verify transactions and automate processes.
Smart contracts have multiple uses and are at the core of most blockchain use cases. From verifying transactions to receiving payment for services rendered or performing cryptocurrency exchanges, smart contracts provide businesses with powerful tools for business success if planned and implemented correctly.
Smart contracts can be initiated by specific events or conditions and then follow a predefined sequence of steps which either confirm or deny an action taken by its recipient. They can be programmed to do anything from authenticating ownership of virtual assets to sending payments directly to independent creators; and even create tamper-proof transactions which ensure digital assets cannot be misappropriated or stolen.
Smart contracts hold immense promise and have quickly become accessible to a broad spectrum of users. Yet as their market evolves quickly, developers need to be mindful of both challenges and opportunities when creating smart contracts.
Ethereum has long been recognized as the go-to platform for developing smart contracts, while Cardano, as an emerging competitor, has quickly earned itself the name “Ethereum killer.” Thanks to its advanced features and peer-reviewed scientific papers, Cardano has quickly established itself as a credible competitor to Ethereum in this space.
Smart contracts not only facilitate faster and safer transactions, they can also be utilized to establish stronger business relationships between companies. A smart contract could be integrated into a design-build contract to streamline milestone payments while automating project costs; this creates greater transparency, efficiency and trust between all involved in construction process.
Blockchain’s core function is trust building. Before blockchain came along, companies needed to hire lawyers just to bridge the gap between two parties – which cost both money and time. But now with its use in digital currencies like bitcoin, this task can now be accomplished much more quickly and efficiently.
Companies using blockchain can track products from their initial point of origin all the way to their final destination, which could save lives should any products become contaminated during shipping. Furthermore, this enables companies to detect problems much sooner than they would with traditional methods.
Philosophical debate over when trust should be justified typically revolves around motive-based or risk-assessment theories (Hawley 2014), however there are also “non-motives-based” theories of trustworthiness which attempt to distinguish reliance from trust by associating specific kinds of motive with trustworthiness (Jones 2012a). Although these non-motives-based theories may be less restrictive than motive-based ones, they still fall short when it comes to creating trustworthy systems.