7 reasons why Business People should care about Blockchain Smart Contracts

What you see in the image above is my weekend homework: writing peer-to-peer, decentralized blockchain smart contracts. Don't tune out yet. I'm going business value here -- not geek speak. I'm a sales guy, not an engineer.

Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract, or that make a contractual clause unnecessary. In other words, a blockchain smart contact is simply a way to exchange things of value in a transparent and secure way.

Blockchain technology emerged with the rise of Bitcoin, but is finding applications in every business vertical by way of smart contracts. Blockchain smart contracts are decentralized, meaning they run on multiple computers in various locations.

Business Benefits of Blockchain Smart Contracts

1.   Big cost savings - Imagine the savings of removing attorney fees, auditor fees, and any other middleman service provider from your transactions.

2.   Increased speed - Smart contracts executed in seconds or minutes rather than days or weeks.

3.   Improved accuracy - Smart contracts remove the risk of human error.

4.   Improved security - Smart contracts are not as vulnerable to hacking because there's no central data source to attack. If hackers want your data, Blockchain technology means hackers will need a huge amount of compute (capital) to get it.

5.   Reduce likelihood of failure - Every node (member) in the Blockchain has a full copy of the entire Blockchain.

6.   Improved control - You can write the contract in the way you and your business associates choose and then share decision-making authority. Once the contract is launched, it can't be changed - by anybody.

7.   100% trust - Everybody in the network shares and approves transactions; this ensures accuracy, transparency, and that nothing will be lost or changed.

Blockchain contracts are immutably trustworthy. If you'd like to learn more, let me know OCI has several experts on the topic.

Thought I'd share - hope it's helpful.