Smart Contracts on a Blockchain.
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein are stored and replicated on a blockchain network.
Smart contracts have the potential to revolutionize the way that contracts are created and enforced, as they can automatically execute the terms of an agreement when certain conditions are met. This can reduce the need for manual intervention and increase the efficiency and transparency of contract negotiations and execution.
There are several key features of smart contracts on a blockchain:
- Decentralized: Smart contracts are stored on a decentralized blockchain network, which means that they are not controlled by any single entity and are accessible to all parties on the network.
- Immutable: Once a smart contract is deployed on a blockchain, it cannot be altered or deleted. This ensures that the terms of the contract are transparent and cannot be changed without the consent of all parties.
- Self-executing: Smart contracts are designed to automatically execute the terms of an agreement when certain conditions are met. This can reduce the need for manual intervention and improve the efficiency of contract negotiations and execution.
- Secure: Smart contracts are secured using cryptographic techniques, which makes them resistant to tampering and fraud. This helps to ensure the integrity and trustworthiness of the contracts.
Overall, smart contracts have the potential to revolutionize the way that contracts are created and enforced, by providing a secure, transparent, and efficient way to manage agreements on a blockchain.
Supply Chain and Blockchain Quotes
- “You could imagine something like a completely automated system for renting bikes that’s just done completely over blockchain crypto-payments. And theoretically just sort of start it up, and it works completely autonomously.” ~Vitalik Buterin.
- “Although still in its infancy, drone technology will be a game changer in supply chain.” ~SupplyChainToday.com
- “All we are doing is looking at the time line, from the moment the customer gives us an order to the point when we collect the cash. And we are reducing the time line by reducing the non-value adding wastes.” ~Taiichi Ohno
- “The blockchain does one thing: It replaces third-party trust with mathematical proof that something happened.” ~Adam Draper
- “Buzzwords or the future of supply chain? Internet of Things, Big Data, Industry 4.0, Artificial Intelligence, Blockchain, Augmented Reality, Deep Learning.” ~SupplyChainToday.com
- “BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks, with a Libertarian political agenda in mind—to damage states’ ability to collect tax and monitor their citizens financial transactions.” ~Charlie Stross
- “Tell me and I will forget, show me and I may remember, involve me and I’ll understand.” ~Chinese Prover
- “Those in supply chain know the impossible is possible.” ~EverythingSupplyChain.com.
- “Your dream is out there waiting for you. You just have to go out and get it.” ~Dave Waters
Digital Supply Chain Training.
- A Brief History of Big Data.
- A Smart Look into Future Logistics.
- Best supply chain companies to research.
- Big Data Analytics for supply chain beginners.
- Big Data Challenges and Opportunities.
- Blockchain and the Internet of Things explained.
- Blockchain for Supply Chain Transparency.
- Building a Blockchain Circular Supply Chain.
- Deep Learning: Big Data Intelligence.
- IoT Supply Chain Management.
- Supply Chain Quotes: Take it to the next level.
- The Best Blockchain Quotes.
- The Blockchain, How it works.
- What is a Digital Supply Chain?
- What is blockchain?
