WTF are Smart Contracts?
In this workshop Nick was showcasing the latest developments in smart contracts as they emerge to be a monumental aspect of the blockchain world. We've explore smart contracts mechanics and where they may come into our everyday lives. Nick discussed why smart contracts will revolutionize technologies across various disciplines and why smart contracts will serve for the creation of great businesses in the very near future.
The way Nick defines a smart contract is as an object that is deployed on a distributed ledger. This object can be created, invoked or destroyed by transactions. You should recall that a distributed ledger is essentially an insert only database - a better definition would be a 'datastore' rather than a database. These contracts essentially let you run a code on the blockchain which lets you automate a lot of interesting things. It does this by combining the power of consensus algorithms with cryptography.
Nick also showed us the code used to create theDAO's smart contract for the largest crowd-funding event in human history.
Here's a link to Nick's slides.
Nick Addison Biosnap:
Nick is a Solution Architect specializing in blockchain technology for financial services.
He has ten years experience building systems for equity markets, structure products, funds management, banking and payments. Before that Nick worked in the transport industry building IT systems to support a global shipping company.
Nick has been following blockchain technologies like Bitcoin and Ripple for a number of years. More recently he’s been building smart contracts on Ethereum and Hyperledger Fabric. He’s a community member of W3C's Interledger Protocol (ILP) and the Linux Foundation’s Hyperledger project.
Nick currently co-founding a blockchain consultancy and product company as the CTO.