The term “smart contract” sounds rather geeky and confusing but smart contracts are fairly straightforward to understand if explained the right way. Hang around until the end of the video and you will be able to explain them to anyone using real life examples. To understand how smart contracts work, we use examples of both normal contracts and smart contracts. By normal contracts we mean the contracts that are part of everyday life, for example real estate contracts, insurance contracts, employment contracts etc. We then compare how the normal contract is different from a smart contract using the same real life example.
Protecting Brand Trust with Nanotechnology and Blockchain Smart Contracts – Dan O’Prey, Digital Asset & Pete Harris, Quantum Materials Corp. It takes a significant investment to establish consumer trust in a global product brand, but an even greater one to protect it from the criminal activities of counterfeiters. Recent industry statistics suggest that the counterfeit marketplace is now a $1.8 Trillion endeavor spanning the entire globe. In this talk, we will provide an overview of how the combination of cutting edge nanomaterials called quantum dots can be combined with blockchain and smart contracts to underpin the manufacture of provably authentic products and then track their supply chain provenance to retail point of sale. We’ll then present a real-life anti-counterfeit response highlighting the unique integration of Quantum Material Corp’s configurable QDX Dots with DAML business logic running on a Hyperledger Sawtooth platform.
Imagine a world where stacks of paper are no longer needed when you draw up a contract — any contract. Buying a new house, signing an employment contract, getting a new bank account — so many contracts, so little time. A smart contract negates the need for a middleman, sort of like the way Uber and Airbnb have taken away the intermediaries in their respective industries. Once mass adoption occurs, smart contracts will change the way we do admin-intensive tasks forever.
In this video Joe Scott outlines the Brave browser and “Basic Attention Token” (BAT), which is an open-source, decentralized ad exchange platform based on Ethereum.
The Chainlink network is also discussed, which provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Chainlink’s decentralized oracle network provides the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, we eliminate any one point of failure and maintain the overall value of a smart contract that is highly secure, reliable, and trustworthy.
It also discusses The Lightning Network, which is a “Layer 2” payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It enables fast transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem. It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds.
Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. The best way to describe smart contracts is to compare the technology to a vending machine.
Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.