Smart contracts and its usecases
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The document discusses smart contracts, emphasizing their role in facilitating trust and value exchange without centralized control. It highlights benefits such as autonomy, security, and cost savings while explaining the distinction between smart contracts and traditional legal contracts. The use of blockchain technology is identified as crucial for achieving the advantages of smart contracts, with examples including a medical network and a dispute resolution system.
Smart contracts and its usecases
- 1. Apr 06th, 2019 Presented by Samir Kumar Sah Smart Contract and its use cases
- 3. We Need a System Where people should be Able to do value exchange Seamlessly with no Trusted Centralized Body controlling it.
- 4. Social dapps Blockchain Storage & Content Smart Contracts Asset Tracking S/m Reputation Identity Comm Building Blocks of Decentralized Economy
- 5. Smart Contract Myth Smart or Intelligent Like Human or AI A smart contract can only be as smart as the people coding taking into account all available information at the time of coding. Must be a Legal Contract While smart contracts have the potential to become legal contracts if certain conditions are met, they should not be confused with legal contracts accepted by courts and or law enforcement. However, we will probably see a fusion of legal contracts and smart contracts emerge over the next few years as the technology becomes more mature and widespread and legal standards are adopted.
- 6. Smart Contract is just a software CODE, containing a set of RULES under which parties to that contract agree to INTERACT or EXCHANGE VALUE with each other.
- 8. 8Samir Kumar Sah Smart Contract Features Self Verify Self Execute Immutable & Self Enforce
- 10. 10Samir Kumar Sah Car Selling using Traditional Method Buyer agrees to pay for CAR. Once Seller once receives money in his account he transfer ownership of car documents with car & its key. Wants to Sell his Car Wants to buy Car A trusted third party is required for verification. May be verification from Vehicle Registration Authority, Insurance Authority etc. This complex and time taking process where middleman will even charge fee. Paper Contract
- 11. 11Samir Kumar Sah Car Selling using Smart Contract
- 12. 12Samir Kumar Sah Smart Contract Benefits Autonomy 01 Security02 Speed & Ease of Use03 Cost Savings04 Immutability 05 Accuracy 06 Reliability 07 Trust 08 Benefits
- 13. Can’t Smart Contract exist without Blockchain? The only benefit you get from operating a smart contract platform on blockchain tech is the removal of the need for a trusted central coordinator. This comes at a cost however in terms of total processing cost in the network. BUT It is easy to build immutability into a regular database, and equally easy to agree a process for defining smart contracts.YES
- 14. 14Samir Kumar Sah ROBOMED NETWORK A Moscow based startup Robomed is creating an innovative medical network oriented on patients, medical providers, and their common convenience. Using Robomed EHR (Electronic health record), it allows connecting and managing a medical organization cooperation based on Ethereum blockchain smart contracts. The smart contract transparently monitors all processes of interaction with the patient, the metrics of effectiveness and impression of the patient from interaction with the provider of medical services.
- 16. Justice System 30M+ Cases Pending in India as of Apr 05, 2019 21+ M Criminal Cases 8+M Civil Cases
- 17. KLEROS Kleros connects users who need to solve disputes with jurors who have the skills to fairly settle them. Its resolution layer uses blockchain technology and crowdsourced jurors to adjudicate disputes in a fast, secure, and affordable manner.
- 18. How KLEROS works 1. Contract Users create a smart contract and choose Kleros as its adjudication protocol. 2. Dispute The relevant information is securely sent to Kleros. 3. Selection A tribunal is drawn from the crowd. Jurors evaluate evidence and cast their vote. 4. Enforcement The decision is enforced by the smart contract.
- 20. ENKIDU A brand new company structure built entirely using smart contracts, on the Blockchain. The Enkidu platform is similar to a Limited Liability Company and handles most edge cases - including ESOP structure, dividend policy, share classes and more. Best of all, everything on Enkidu is 100% programmatic!
- 22. Vision for Smart Contract Types Source: PricewaterhouseCoopers