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Blockchain: Update on a Technology that Will Affect our Future

Blockchain: Update on a Technology that Will Affect our Future

Everyday Use

People are already enjoying the benefits of DLT in the form of Smart Contracts. When exchanging anything of value, individuals now do not need a third party (such as a notary official) and can create an immutable contract directly between the parties of interest. Smart contracts are appealing due to the immediate and irreversible payment that is released the instant the goods are in hand, eliminating gaps in payment or delivery of goods. Furthermore, the transaction is recorded across the peer-to-peer network, preventing any nefarious alteration of information after the fact.

There are now public blockchain platforms that contain a limited selection of templates for smart contracts. We are about to witness an increase in smart contract usage that will empower individuals and businesses who do not need third party influence, persuasion, meddling, or taking a cut of the value being transferred.

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