How Smart Contracts can change the world of business

[iloveturtles]

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!

[hladjakovlk]

Great article and thanks for sharing!

[wizzydizzycrypto]

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!

[avadonne]

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.

[BogdanGFTP]

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

[bithuner]

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.

[the13thsymphony]

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.

[The-crypto-witch]

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

[georgeforeham]

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.

[batmanbabushka]

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

[steviegboots]

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.

[gold1112]

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.

[jimmyjohnjimmy]

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.

[Jansaa]

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

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!

[chocolaty]

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.

[vasil777]

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.

[Boristhecat]

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.

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.

[link0221]

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

[cryptolickingood]

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.

[cllo78]

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.