Richard Branson has invested millions in it. Marc Andreessen, inventor of the Web Browser, and founder of top Silicon Valley Venture Capital firm Andreessen Horowitz, says Blockchain is the greatest thing to hit the Internet since the World Wide Web.
And The Economist magazine says that Blockchain technology is the biggest advance in record keeping since the invention of double-entry bookkeeping over 500 years ago. So, what do these experts know that you don’t?
They know that Blockchain, the enabling technology underlying Bitcoin, lets organizations and their trading partners create and maintain cryptographically secure, completely immutable, and totally verifiable records. These can be records of transactions, ownership of assets, authentication of identity, exchange of digital currencies, or programmable contracts.
This will affect every organization in every industry in the world – just as the Internet has. People, businesses, and other entities – even those that have never before done business or even met – will be able to have completely reliable interactions with one another without requiring trusted third parties. Ownership of digital assets without unauthorized duplication. Payments without banks. Sales of cars, or even homes, without governmental agencies. Markets without central portals. And Smart Contracts.
How many times have we heard the expression, “We need to get this deal right because the contract is not going to enforce itself!” But, what if your contracts could enforce themselves? Furthermore, what if Intelligent Agent software could automatically create those contracts in accordance with management’s policies and objectives? Well, welcome to the new world of Smart Contracts!
Smart Contracts are created using computer code on a Blockchain rather than written language. Like a traditional legal document, a Smart Contract defines rules and consequences, stating the obligations, benefits, and penalties for each party in given situations. But unlike conventional contracts, as computer programs, Smart Contracts also can receive and process information and take actions as needed – including the ability to electronically execute and enforce contractual commitments in real-time.
As Executive Director of the American Blockchain Council, Jack Shaw is one of the world’s leading experts on Blockchains, Bitcoin, Digital Currencies, and Smart Contracts. Come learn from him how to prepare for a challenging and exciting future on the new Internet of Trust.