Agrello, a blockchain startup developing artificial-intelligence (AI) powered smart contract solutions, has selected the Qtum blockchain as the infrastructure for its smart contract interface, The announcement was made in Shanghai this week. The Estonia-based company's purported business case is that its interface allows users with no coding skills to create and manage automated smart contracts that will be stored and secured on the Qtum blockchain while being translated into documents in natural English. According to Agrello, their solution will allow individuals and businesses to use smart contracts as a substitute for and enhancement to standard paper contracts. Speaking with Bitcoin Magazine, Co-founder and CEO of Agrello Hando Rand described his path from doing early research on what had not yet been termed "smart contracts" at Tallum University of Technology. He was "blown away" when Ethereum was first announced as he realized that blockchain technology could be the means for his work to become reality.
It's touted as the "secret sauce" that will transform smart cities of the future, establishing trust and transparency in government through an immutable digital record -- one that's able to connect sky's-the-limit endpoints while being virtually hack proof. Blockchain technology took the digital world by storm in 2009, when it debuted as a digital ledger book for the cryptocurrency Bitcoin. Since then, it is being used to reshape the way business is done in industries ranging from finance and healthcare to manufacturing -- and, of course, government. In a nutshell, blockchain is a new kind of encrypted database that is decentralized, distributed, and unassailable. It creates a digital record that is amazingly secure and is easily accessible to the public.
Blockchain technology is generating significant interest across a wide range of industries. As the field of applications for blockchains grows, industry leaders are customizing and tailoring the technology to fit very particular uses.1 Blockchain-based smart contracts--self-executing code on a blockchain that automatically implements the terms of an agreement between parties--are a critical step forward, streamlining processes that are currently spread across multiple databases and ERP systems. Smart contracts in the commercial realm have not yet been proven, but we believe that permissioned blockchains (those that are privately maintained by a small group of parties) in particular will find near-term adoption. Two blockchain-based smart contract use cases--(1) securities trade clearing and settlement and (2) supply chain and trade finance document handling--carry important lessons for business and technology leaders interested in smart contract applications.
Being transparent and secure are two essential requirements for businesses for different reasons. Various internal and external stakeholders of a business enterprise expect and seek transparency in their concerned areas of business operations of a company. But there are several necessities associated with being both transparent and secure at the same time. For example, if a cab-hailing app is not transparent about its offered fare rates and its actual implementation, it is likely to attract customer dissatisfaction. But the same app must also be equipped with sufficient technology and security to ensure that the ride statistics are correctly measured and that the fare calculations could not be manipulated so that the ride is successfully completed as agreed at the time of booking. Thus, being transparent and secure is equally important for businesses.
Many people in the US already use online services that let them set up legal agreements without needing to pay for a lawyer. Such firms have made it far easier for people, especially independent contractors and small businesses, to access legal services and get paid what they're owed. Now the two biggest players in the market--Rocket Lawyer and LegalZoom--are experimenting with blockchain smart contracts. In theory, they could help automate a vital part of the process and make some legal services easier and cheaper to use for everyone. Rocket Lawyer's mission is to use technology to expand "access to justice," says CEO Charley Moore.