Smart Contracts, Blockchain & Crypto

Smart Contracts and Blockchain and Crypto.

Impressions? That sounds a lot like "Lions and Tigers and Bears." Look more closely. A little daunting, maybe risky, but still very interesting.

Hmmm, you are still reading. I know you are busy. What is in it for you if you read further?

1. You will learn something about smart contracts, Blockchain, and cryptocurrency.
2. You can try out a new digital commerce system developed in a small emerging nation (Montenegro).
3. There is no cost or future obligation for you.
4. You get to be a part of advancing this project closer to broader use.
5. You have my gratitude for giving the developers the encouragement of your interest.?
6. Full disclosure – this is one of the projects that my Son is developing in Montenegro. I am not a financial partner in this project, just the Dad.

Smart Contracts and Blockchain and Crypto. If you are a tech genius, you might know all about it. (You may want to go to: https://tradesmart.me and sign-up for the beta test.)??

A web search on the terms will provide you with more information than you could read in a lifetime. Instead, let's look at some practical, non-technical definitions. "Practical" is the crucial point. The most elegant technology application is pointless if it lacks a practical purpose or is so complex that it is inaccessible to potential users.

• A smart contract is a self-executing agreement stored and verified on a blockchain. A smart contract can define the rules and penalties of a transaction and automatically enforce them without intermediaries.?
• A blockchain is a distributed ledger that records transactions securely and transparently. A blockchain consists of blocks that are linked together by cryptographic hashes. Each block contains a timestamp, a nonce, and the transactions that occurred in a certain period of time. A blockchain is maintained by a network of nodes that validate and propagate new blocks.
• Crypto/Digital Currency (i.e., Bitcoin) – Cryptocurrency is how you transfer money on the Blockchain. Much like you might change British Pounds into Euros to purchase something in Austria, you convert the currency to Crypto for digital transactions.

?"Trustless System" might be the most unsettling and counterintuitive term. Many of us have grown accustomed to business based on "trust." Trust is usually developed over time and is how we can reasonably and confidently predict whether or not another person will follow through with their commitments. In other words, will they fulfill the contract? If they fail to perform the contractual obligations, there are courts, lawyers, time, and expense.

In a "Trustless System" like smart contracts, blockchains, and digital currency, the participants involved do not need to know or trust each other or a third party for the system to function. With a smart contract, the parties agree on terms and conditions, the buyer deposits the funds, and the smart contract is recorded on the Blockchain. Funds are transferred to the seller when the agreed-upon conditions are met (i.e., product delivery). If the seller fails to deliver the product, funds are returned to the buyer.

Here is an example of how it could work to support a small craft business:

A young Iraqi Kurdistan woman wants to advertise and sell her handmade purses to customers in the United States. A retailer in the US sees these products and would like to import them. The seller and buyer connect on the digital platform and negotiate a contract in the workspace. Upon mutually acceptable conclusion of the negotiations, the smart contract platform produces a line-by-line agreement. When finalized, the deal is converted into an encoded form and stored on the Blockchain.??

The buyer places the purchase funds in the blockchain escrow wallet. When her product arrives at the buyer, the buyer confirms (via the platform) the shipment's arrival, which releases the escrowed funds to the seller. Using the blockchain system and smart contract shields both buyer and seller from financial loss due to either party failing to fulfill the contract or the need to trust unstable banks in an emerging economy.

These creative entrepreneurs often live at their country's most financially austere economic level. As they lack flexible and reliable access to computers and high-speed internet, they are often at the mercy of predatory financial institutions and opportunistic commercial brokers to access international markets. The costs and ethical challenges can be significant.

This system is being developed to provide buyers and sellers independent access to the world market. The platform will be optimized as a mobile application due to the comprehensive access to mobile devices and services worldwide. This approach will extend secure international trade capability to millions of producers and product creators in the world's developing economies. The independence and security offered by this innovative system will support their business development and insulate them from local predators.

Who is Developing This Application?

Building on the success of our Coding Giants – Montenegro project, TLG Global GmbH is pleased to announce a new technology project in Montenegro! TLG Global Technologies is developing a blockchain-enabled subscription-based platform to enable ANYONE to create and use smart contracts for international services, trade, or financial settlement.

This project is being developed in Montenegro and will encourage job creation and investment in this small European emerging economy. Your investment will not only provide you with the possibility of financial returns but will make a difference in the lives of ordinary people.

Are you interested in seeing more? Go to: https://tradesmart.me and sign-up for the beta test.