Enterprise Blockchain Technologies -- Part Two
When it comes to blockchain, there are numerous questions about the technology, including ones about smart contracts and distributed ledger technology. I've already discussed blockchain, but I'd like talk about smart contracts before I get deeper into the numerous options available for enterprise blockchain technology.
Smart contracts are, as the name suggests, an agreement between buyers or information providers and sellers or receivers which executes automatically as soon as certain criteria are met. There is no middleman involved, and immutability and the distributed nature of blockchain make it possible to avoid any fraud or manipulation. One of my favorite examples of smart contracts in practices comes from health care, where many providers are part of a consortium and are willing to share important information using blockchain. If one insurance company has certain rules to fulfill to receive information from another insurance company, execution of those rules happens automatically via blockchain.