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The new smart business with blockchain

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Blockchain technology has become the revolution of business and the shake-up of its models. Think of any cryptocurrency - Bitcoin, for example. It's a smart project. Now, let's think of Confideal, "a platform for the creation and execution of smart contracts".

These are two examples of innovative projects that promised a change in the way we manage our data and our operations.

what smart models are emerging with blockchain technology?

Since the advent of blockchain in 2009, the financial and healthcare system has been experiencing major developments, for example: loans between individuals using cryptocurrencies, tracking our own medical records, etc. Things that were once unimaginable are now possible thanks to blockchain technology.

The blockchain's own smart contracts are spreading to more and more sectors, and even creating new smart business models such as these:

  • Cryptocurrencies

The way Ethereum works is a good example of a smart contract, as this decentralised platform executes smart contracts based on blockchain technology. The code or programming language it uses is high-level, such as Solidity.

Cryptocurrencies, in general, have opened a door towards agility in payments, instant and low-cost loans between individuals, poverty reduction and access to financial resources in societies with access difficulties, traceability in illegal operations, etc.

Smart contracts already promise a legislative world in which laws are enforced when the conditions that have been designed or programmed into their code are met. As a result, it is likely that contracts or legal agreements will soon be automatically executed and signed, eliminating much of the legal process. What happens with these smart contracts is that their self-executing nature allows certain actions to happen as long as a series of specific conditions agreed in the contract are met.

  • Insurance companies

To process claims, automate the execution of policies for non-payment of rent, etc. Smart contracts allow insurance companies to streamline their tasks, offering faster and more convenient processes. As a consequence, they can increase the level of trust of their customers, provide greater security, etc.

Other applications in smart business

Smart contracts have immense possibilities and their applications can be in a myriad of things. From healthcare services to a soft drink vending machine. In insurance companies. In tax registration. In intellectual property rights. In IoT. Smart homes are no longer science fiction, because thanks to smart contracts everything is more agile and reliable.

where do smart contracts come from?

We live in a society where it is increasingly common to talk about digitally signed contracts, voice confirmation contracts, smart contracts, etc. And what is clear is that it is technology that is making it possible. It was the computer scientist Nick Szabo who coined the term Smart contracts in 1993 to refer to what he called 'highly evolved practices'.

Their evolution has led to contracts that are executed autonomously and automatically. They are capable of improving on the current contracts we are used to, being much cheaper, transparent and secure. Saying goodbye to any risk of fraud and saving a great deal of time. Goodbye also to intermediaries.

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