A blockchain, ideally written in open source computer code, records and time stamps authorized transactions on a ledger distributed over the web, creating immutable records of transactions in append-only databases stored on computers all over the world. This creates transparent audit trails, reduces the trust gap, increases accountability and, overtime, creates a virtually un-hackable chain of transactions. Bitcoin and other crypto currencies reside on such ledgers.
This disruptive technology is poised to dramatically close the trust gap on a wide variety of transactions, reducing friction associated with transactions of all kinds all over the world in the years to come. If you or you company have an interest in writing smart contracts on the blockchain reach out to Collaborative Construction as we are on the forefront of this from a built environment and legal perspective.
James L. Salmon, Esq.
300 Pike Street
Cincinnati, Ohio 45202
JamesLSalmon @ gmail dot com
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