Thursday, August 24, 2017

What is a smart contract on the blockchain?




Smart Contracts written on the blockchain are Turing enabled blockchains, or distributed ledgers that utilize logic loops and forks, that support automated identification of participants in self-enforcing “smart contracts” that leverage data traditionally left in silos on the web. Clever cryptography in the code by-passes intermediaries normally entrusted to verifying transactions. This dramatically reduces the trust gap for transactions of all kinds.  

Reducing the trust gap in commerce is a paradigm shift as dramatic as our shift to a knowledge economy.

It is not dis-similar to the shift from oral traditions to cuneiform writing in Mesopotamia, moving from hand writing to the printing press in the middle ages, and transitioning from an agricultural economy to an industrial economy and then, ultimately, to our current knowledge economy. 

This TedX Talk by Richie Etwaru explains the paradigm shift associated with dramatic reductions in the trust gap.

Richie also wrote a book, Blockchain: Trust Companies where he argues every company is at risk of being disrupted by a trusted version of itself. 

At Collaborative Construction we are committed to driving disruption by trusted companies. If you are trusted company and you want to utilize smart contracts written on the blockchain, then reach out to us.
  

James L. Salmon, Esq.
Collaborative Construction
300 Pike Street
Cincinnati, Ohio 45202

Office 513-721-5672
Fax 513-562-4388
Cell 512-630-4446
JamesLSalmon @ gmail dot com

Our affiliates and their specialties

Need Smart IPD? Collaborative ConstructionNeed Smart BIM? Onuma, Inc.
Need Smart Lawyers? Benjamin Yocum and Heather, LLC
Need Smart Built Assets? Smart Built Cultures
Need Smart Trusted Partners? Golden Rule Alliance
Need Smart Investment Properties? Smart Property Group

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