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The Future Role Of Smart Contracts In Finance And Business

Published 4 years ago by JP Buntinx

The Future Role Of Smart Contracts In Finance And Business

Digital Money Times via

One of the most obvious use cases for blockchain technology comes in the form of deploying smart contracts. Bitcoin and smart contracts will be able to lend a helping hand here, though. Smart contracts are nothing short of being a technological marvel to behold, as the concept envelops so many different aspects of business and finance. Smart contracts create an ecosystem in which payments execute automatically once the user scans a code, which will lead to greater economic benefits for all parties involved. That is, assuming there are companies who can bring smart contracts to the masses in a convenient manner. So far, only the Ethereum project is working on smart contracts linked to a public blockchain, albeit there is still a lot of work to be done before a mainstream concept is created. A private blockchain could be a great platform to test the viability of smart contracts in a financial environment. Private blockchains could help foster future innovation in the smart contracts industry, although the concept could disappear into obscurity as well. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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