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article imageSmart contract technology set to transform commerce

By Tim Sandle     Jan 1, 2018 in Business
A new partnership between the companies RSK and Etherparty is set to push innovations in smart contract technology between businesses. The basis of this is digital ledgers and blockchain.
The two companies are setting out to lead a new technological approach to contract setting, and, in doing so position themselves as industry leaders.
RSK is an open-source smart contract platform that enables Bitcoin users and miners to become leaders in smart contract management. Etherparty is a contract electronic ‘wizard’ that sets out to remove the complexity of creating, managing, and executing smart contracts across multiple blockchains.
Commenting on the new service, in communication with Digital Journal, Etherparty chief executive, Kevin Hobbs said: “Smart contract technology will transform commerce in the years to come, especially considering the new and improved software this partnership will create.”
The technology entrepreneur adds: “Smart contract technology will transform commerce in the years to come, especially considering the new and improved software this partnership will create.”
Smart contracts are computer protocols intended to facilitate, verify, or enforce the negotiation or performance of a contract. The current interest in smart contracts stems from the fact these contracts allow business parties to perform transactions without third parties. Moreover, by deporting blockchain technology and cryptocurrencies these transactions are trackable and irreversible.
Through electronic means, smart contracts provide security that is more robust compared with traditional contract law; in addition, the process leads to lower costs arising for the parties involved. Smart contacts can also function as 'multi-signature' accounts. This means that funds are spent only when a required proportion of people agree.
The first mainstream smart contact service was DAO, which operates on Ethereum. This scheme was launches in 2016 following $250 million in crowdfunding. Ethereum is a platform that was constructed specifically for creating smart contracts.
Since then other platforms have emerged, although for most transactions two or more services need to come together. The RSK and Etherpaty collaboration eliminates this and aims to provide a seamless service for contracting establishment and execution.
More about Contract, Business, Selling, Partnership, blockchain
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