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Doanh nghiệp hào hứng tham gia buổi chia sẻ chuyển đổi số tài trợ thương mại do
MB & Contour tổ chức
MB Bank đưa blockchain LC cũng như các sản phẩm số tài trợ thương mại.
Our Network | Partners and Coverage for Contour NetworkContour
MB Bank Partner Contour blockchain LC
HSBC và Vietcombank giao dịch tín dụng thư nội địa trên nền tảng
blockchainthanhnien.vn
Giao dịch thành công cà phê trên nền tảng blockchainBáo Pháp Luật TP. Hồ Chí
Minh
TTBC số 21/2020: BIDV tiên phong ứng dụng blockchain trong tài trợ thương mại
VPBank phối hợp với IFC và SMBC triển khai thử nghiệm thành công phát hành
Blockchain LC | VPBank
BRIDGING HARD AND SMART CONTRACTS (Blockchain technology and smart contracts)

TL;DR Both smart devices and smart contracts automatically execute actions
without your intervention, it’s the attachment of legal contracts that sets them
apart.

BLOCKCHAIN TECHNOLOGY AND SMART CONTRACTS

The ritual of stumbling into the kitchen each morning to get that first jolt of
caffeine has been the practice for most of us for our adult lives. But things
have changed a lot. In college, you had to fill the coffee maker with water,
scoop some ground beans into the filter, turn on the machine and hit a button.
It was a lot of work. Today, you can set it the night before to the temperature
you want, and come down in the morning to an already brewed cup of coffee.

The difference is that today’s machines are “smart”. This adjective refers to a
device that makes our lives easier by automatically executing tasks in response
to a command at a specific time. The definition of a smart device is one that
reacts to input and does the same thing in response each time.

This is the same basic definition of a smart contract. But what specifically do
smart contracts and smart coffee makers have in common?

They can both automatically execute

A smart contract is a piece of software that is programmed to automatically
complete transactions once certain conditions are met. For example, a smart
contract could initiate an insurance payout as soon as the temperature in a
cargo container full of pharmaceuticals rose above a critical spoilage
temperature.

Today, smart contracts are associated closely with blockchain, but you don’t
need blockchain to have smart contracts. It’s analogous to the way that you
don’t need a smart device to also be a connected device —it just happens that
being both smart and connected is much more efficient.

Neither of them need blockchain, but both go better with it

While smart contracts have gained renewed interest since blockchain became
mainstream , the concept was invented back in the 1990s and doesn’t need
blockchain to work. Instead, all you need is a system that enables automatable
and enforceable agreements.

The reason smart contracts are so commonly associated with blockchain is because
blockchain allows smart contracts to exist between distrusting parties without
the need for a single operator, which is what had been done historically.

But now, what about the legal code?

Your mileage may vary based on the model you choose

Smart contracts, like coffee makers, come in different models with different
features. For smart contracts, the primary difference is in how they treat legal
prose. On Corda, legal documents can be linked to smart contract code. The code
can automate legal obligations, but it is not the law itself. This is an
important benefit because today’s legal system has not yet progressed to
recognize self-executing prose, so only smart contracts accompanied by legal
prose can have them recognized as being legally binding.

The reason you need to explore the features is because – for smart contracts –
there are potential clashes in how code executes versus the intent of the
parties. In contrast, there’s nothing illegal about a poorly brewed cup of
coffee (depending on your definition of illegal).

HOW SMART CONTRACTS HAVE CHANGED OUR LIVES

Smart contracts allow legal contracts to execute on their own. The automatic
execution of smart contracts have changed our lives in a few key ways:

   

 * You fill out less paperwork for your insurance claims because the data to
   execute the claim was automatically input as part of the smart contract flow.

   
   

 * You get paid faster for your international sale because your trade finance
   transactions are executed with fewer errors and less human intervention.

   
   

 * Also, you pay less since the costs of executing contracts and some types of
   transactions are lower. This is because reconciliation costs drop to near
   zero when contracts are automatically executed.

   



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