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Beyond the daily clamor of increasing and decreasing cryptocurrency assessments there is a thriving ecosystem of solutions built on the blockchain. The cases of use of financial services and supply chains are among the most distant, but others are making huge progress. One of the main drivers of this trend that I have seen is the functionality of the smart contracts that made Ethereum (which uses my company) and Ripple Payments in particular one of the most used blockchain applications.
A definition of useful work from Investopedia this is "smart contracts are self-executed contracts with the terms of the agreement between buyer and seller written directly in lines of code."
While there are many aspects of the blockchain that make it an innovative technology, I want to focus on this concept of smart contracts because of their usefulness in highly transactional sectors such as the real estate sector (my industry), financial services, the import / export and any industry that relies on a supply chain. Smart contracts are a great tool, but they are only the beginning.
Real Estate: the biggest case of everyone's use
Digging deeper into what I believe is the next generation of blockchain use cases it is better to focus on real estate, as it is the sector in which my business operates. But this is just one example of many, as I will explain a little bit. lower. As I mentioned in my previous Forbes article on how technology is changing the real estate market, the real estate sector is mired by a serious lack of transparency between buyers and sellers or tenants, inefficient processes – including a lot of paper – and legacy technology solutions, so it's ripe for innovations like blockchain . It is also one of many industries driven by transactions, contracts and a desire for the highest level of security possible.
After successfully building a real estate blockchain platform, I think the next big thing for blockchain and smart contract innovation in all industries is Ricardo's contract.
Ricardo's contract: a smarter and more useful digital contract
Smart contracts are the reason why there are companies like mine, Selfkey, Augur and many others. They provide an essential function that makes blockchain a platform so useful for creating solutions. It's great, but it's not enough. This is why I consider the construction of Ricardian contracts as the basis for the future for anyone working on blockchain solutions (and why my company plans to use them).
In short, the information of legal documents can be entered into a Ricardian contract and then automatically and safely performed once certain conditions are met. An important advantage for a building on top of a Ricardian contract is that it is readable by machines and humans alike, which makes it both technically binding (as an executive form of the machine) and legally binding (as a legally executable form). & Nbsp; the advantage could have immediate utility for industries that rely on contracts and technology to function efficiently and legally. Examples include the preparation of financial exchanges and the execution of legal documents.
Tokens: not only for Ico
Applications built with Ricardian contracts as a basic level are just one piece of the next-generation blockchain puzzle I imagine. Another area that my team and I have identified as a big chunk of what's next (for us and others) in the blockchain landscape is how tokens could be used to make blockchain-based solutions accessible to businesses and consumers on a scale far beyond what is happening today. & nbsp; When it comes to a decentralized market for any industry where legal contracts are an important component, a token model could allow for peer-to-peer (P2P) legal transactions, which can make the market & nbsp; for everything from legal services to much more efficient, transparent and verifiable investments.
I bet that companies that seamlessly integrate tokens into their business processes will be aircraft fuel that expands the token for the business community and the consumer market.
An economy driven by the blockchain in which all are participants
In the not too distant future, blockchain could theoretically take us to a place where almost everything is marketable and almost everyone can participate. If you think about transactions of any kind, there are three groups involved: buyers, sellers and service providers. At the moment, it is mainly service providers who seem to specifically exploit blockchain in general and tokens. & Nbsp; Perhaps the most notable example of this is & nbsp;"The New York Times" & nbsp;recent report (paywall) Walmart is working with IBM to implement a blockchain-based solution to track its food products throughout the supply chain. In this case, Walmart plays all three roles for different audiences.
The use of tokens by consumers has so far consisted mainly of cryptocurrency speculation. That case has had a bad blow, but I think this is a false trail. The day on which tokens are widely used by consumers could be rapidly approaching. & Nbsp; Payments, rewards and service contracts are all potential token use, but I am sure that innovative companies will find more creative – but practical – ways of integrating tokens into their platforms and services.
The key to attracting each participant in the blockchain economy is making the use cases complete. For example, if product sellers use your blockchain solution for one thing, service providers another and buyers still another, the process from one end to the other could become too complicated and lose its value.
One piece of advice that I will offer to other innovators by reading this article is this: Instead of creating specific use cases for your blockchain platform, try to establish a group of use cases that share similar characteristics that could be targeted from a common solution. For example, if a product is associated with each part of an ecosystem, creating product-based use cases is often more complete than attempting to specifically address each individual part.
The next generation of blockchain use cases could affect anyone involved in a particular industry ecosystem. What is likely to happen is that the real innovators will be companies that go beyond just industry-specific solutions and build platforms that can be used extensively by almost everyone. Stay tuned …
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Beyond the daily clamor of increasing and decreasing cryptocurrency assessments there is a thriving ecosystem of solutions built on the blockchain. The cases of use of financial services and supply chains are among the most distant, but others are making huge progress. One of the main drivers of this trend that I have seen is the functionality of the smart contracts that made Ethereum (which uses my company) and Ripple Payments in particular one of the most used blockchain applications.
A useful operational definition of Investopedia is that "smart contracts are self-executed contracts with the terms of the agreement between buyer and seller written directly in lines of code".
While there are many aspects of the blockchain that make it an innovative technology, I want to focus on this concept of smart contracts because of their usefulness in highly transactional sectors such as the real estate sector (my industry), financial services, the import / export and any industry that relies on a supply chain. Smart contracts are a great tool, but they are only the beginning.
Real Estate: the biggest case of everyone's use
Digging deeper into what I believe is the next generation of blockchain use cases it is better to focus on real estate, as it is the sector in which my business operates. But this is just one example of many, as I will explain a little bit. lower. As I mentioned in my previous Forbes article on how technology is changing the real estate market, real estate is bogged down by a serious lack of transparency between buyers and sellers or tenants, inefficient processes – including a lot of paper – and legacy technology solutions , so it is ripe for innovations like blockchain. It is also one of many industries driven by transactions, contracts and a desire for the highest level of security possible.
After successfully building a real estate blockchain platform, I think the next big thing for blockchain and smart contract innovation in all industries is Ricardo's contract.
Ricardo's contract: a smarter and more useful digital contract
Smart contracts are the reason why there are companies like mine, Selfkey, Augur and many others. They provide an essential function that makes blockchain a platform so useful for creating solutions. It's great, but it's not enough. This is why I consider the construction of Ricardian contracts as the basis for the future for anyone working on blockchain solutions (and why my company plans to use them).
In short, the information of legal documents can be entered into a Ricardian contract and then automatically and safely performed once certain conditions are met. An important advantage for a building on top of a Ricardian contract is that it is readable by machines and humans alike, which makes it both technically binding (as an executive form of the machine) and legally binding (as a legally executable form). This advantage could have immediate utility for industries that rely on contracts and technology to function efficiently and legally. Examples include the preparation of financial exchanges and the execution of legal documents.
Tokens: not only for Ico
Applications built with Ricardian contracts as a basic level are just one piece of the next-generation blockchain puzzle I imagine. Another area that my team and I have identified as a big chunk of what's next (for us and others) in the blockchain landscape is how tokens could be used to make blockchain-based solutions accessible to businesses and consumers on a scale far beyond what is happening today. When it comes to a decentralized market for any industry where legal contracts are an important component, a token model could allow for peer-to-peer (P2P) legal transactions, which can make the market of everything from legal services to investment. much more efficient, transparent and verifiable.
I bet that companies that seamlessly integrate tokens into their business processes will be aircraft fuel that expands the token for the business community and the consumer market.
An economy driven by the blockchain in which all are participants
In the not too distant future, blockchain could theoretically take us to a place where almost everything is marketable and almost everyone can participate. If you think about transactions of any kind, there are three groups involved: buyers, sellers and service providers. At the moment, it is mainly service providers who seem to take advantage of blockchain in general and tokens in particular. Perhaps the most notable example of this is The New York Times & # 39; recent report (paywall) that Walmart is working with IBM to implement a blockchain-powered solution to track its food products throughout the supply chain. In this case, Walmart plays all three roles for different audiences.
The use of tokens by consumers has so far consisted mainly of cryptocurrency speculation. That case has had a bad blow, but I think this is a false trail. The day on which tokens are widely used by consumers could quickly approach. Payments, rewards and purchases of services are all potential tokens, but I am sure that innovative companies will find more creative but practical ways to integrate tokens into their platforms and services.
The key to attracting each participant in the blockchain economy is making the use cases complete. For example, if product sellers use your blockchain solution for one thing, service providers another and buyers still another, the process from one end to the other could become too complicated and lose its value.
One piece of advice that I will offer to other innovators by reading this article is this: Instead of creating specific use cases for your blockchain platform, try to establish a group of use cases that share similar characteristics that could be targeted from a common solution. For example, if a product is associated with each part of an ecosystem, creating product-based use cases is often more complete than attempting to specifically address each individual part.
The next generation of blockchain use cases could affect anyone involved in a particular industry ecosystem. What is likely to happen is that the real innovators will be companies that go beyond just industry-specific solutions and build platforms that can be used extensively by almost everyone. Stay tuned …
