Blockchain Smart Contract by Stephanie Yu https://padlet.com/stephanie8yu/a9926b30f5nfcjdv Research, present, and describe briefly any industry where Smart Contracts can be applied en-us 2021-08-27 06:41:39 UTC 2025-10-08 20:27:03 UTC hello@padlet.com Smart Contracts in Real Estate sk524 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1750032318 With the emergence of new technologies, real estate transactions do not need to continue being the way they were 20 years ago. The solution is the integration of “Smart Contracts” and it is just the perfect technology needed to not only reduce the need for intermediaries, but also create a trustless ecosystem where the automated conditions are transparent and immutable. The smart contract acts as an automated regulator that ensures that involved participants in the contract fulfill the conditions stated in the agreement before funds can be released, and should there be a default, the smart contract cannot be influenced to be partial. With smart contracts, all transactions would be strictly between the real estate agent and the client; no amendments, lawyers or voluminous paperwork.
 
It makes it easier and faster to transfer homes within minutes, as opposed to taking weeks for transfers, and apart from the reduced cost, it mitigates fraud, and also makes it possible for stakeholders to perform their transactions remotely without meeting physically to have documents signed. It is a win-win solution for both the real estate agent and the client looking to purchase a property.

https://www.youtube.com/watch?v=BaOeMo9mxO0

https://www.carlosrousseau.me/en/smart-contracts-and-their-application-in-real-estate/


]]> 2021-09-18 05:19:58 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1750032318 Smart Contract in Insurance Industry stephanie8yu https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1750069350 The insurance sector has numerous opportunities and difficulties as technology advances at breakneck speed. Every day, trade publications publish articles on how new technologies might assist insurance companies in fixing or integrating this or that. There are so many options that it can be tempting to do just enough to get by.

When it comes to insurance companies, fraud prevention is frequently the beginning point. Why? Every year, the insurance sector is hit with billions of dollars in fraudulent claims and operations. According to a reasonable estimate from the Coalition Against Insurance Fraud, various forms of insurance fraud cost the United States $80 billion every year.

Despite these losses, the insurance industry as a whole has been sluggish to incorporate emerging technologies like smart contracts and blockchain. These two technologies, in particular, have the potential to establish a transparent manner of tracking transactions throughout the insurance value chain, reducing fraud.

In the insurance industry, three general uses are predicted to take hold:

1. Smart contracts for insurance policy execution will improve underwriting and claims processing efficiency. (Smart contracts are self-executing contracts in which the contents of the buyer-seller agreement are written directly into lines of code.) The code and agreements contained within are ultimately spread across a decentralized blockchain network.)
2. Using a ledger-based system to manage risk better and remove fraud sources in insurance claims.
3. Creating a smooth communication and payment flow between insurers and reinsurers.

]]> 2021-09-18 06:33:51 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1750069350 Smart Contracts in Healthcare natashajoseph221 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1761953998 Managing patients’ health information, records, and data has become a large task for many practitioners. Additionally, there have been many cases of fraud due to the vulnerability of the outdated systems currently in use. These issues cannot be solved by practitioners alone. This is where smart contracts can be highly beneficial:
  • Health Insurance - When patients use smart contracts to buy their insurance, all the details of their policy will be automatically secured in their patient profile. This is then stored on a blockchain – a safe and secure ledger which is less prone to hackers than a traditional database.
  • Health records - Smart contracts allow records and information to be stored on a digital ledger. This means if a patient was moving from one hospital to another, they would be able to do so with ease and without having to fill out numerous forms. 
  • Medical research - With smart contracts, patient medical information can be easily shared by hospitals, clinics and pharmaceutical companies to enable medical research institutions to carry out in depth research and monitor the patients progress. This could be very useful in handling major healthcare crises or outbreaks like pandemics and can be used to monitor and implement effective treatment programmes.

Smart contracts combined with blockchain technology can enhance the future of healthcare and medicine. Smart contracts offers high-level encryption and security that allows users, patients, and doctors to access information in a safe and attack-proof manner.

]]> 2021-09-23 04:34:10 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1761953998 Smart contracts in ethical production and sustainability emmakategreer https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1768236439 Blockchain smart contracts can provide visibility to an end consumer of the origin of a product such as coffee - and manage all the contracts along the supply chain to ensure even distribution of wealth, particularly to the original farmers. 

While Blockchain is already being used by a number of coffee suppliers - smart contracts would enable an organisation to ensure certain factors had been met before payment was made. For example, perhaps the farmers need to be paid or need to enact something in the system to ensure distributors are not taking more than they should as the 'middle man'. ]]> 2021-09-26 08:00:42 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1768236439 Smart contracts in healthcare TimothySpeake https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1771973697 Smart Contracts can be applied to the healthcare industry. In order to provide information on the usage of Smart Contracts in the healthcare industry, one must first understand blockchain technology and Smart Contracts. Blockchain technology is used to record details of an event or a product from the day it is being produced into a log that is unalterable (Griggs et al., 2018). This technology can also be used in Smart Contracts that are essentially contracts that automatically initiate once the requirement is completed. These types of Smart Contracts can be used in the healthcare industry where a patient's data is vulnerable and constantly changing according to new data entry.
           One of the researchers provided a system design for a smart contract that allows monitoring a patient's real-time data (Griggs et al., 2018). This data involves the monitor that is connected to a patient to check their vitals. The Smart Contract designed allowed only specific personnel that could view the real-time record of the patient, including the patient as well. Moreover, these Smart Contracts can be allowed to store the historical information on a digital log. In a scenario where the patient would need to move from one hospital to another, this could negate the required time to fill out forms. Records can easily be viewed by the doctor taking care of the patient on the blockchain network once given authority.
           Another useful impact of the Smart Contract is on e-healthcare services. Another research showed that in contrast to the traditional approach of sharing patient data, Smart Contracts are more reliable, efficient, and secure (Sharma et al., 2020). In conclusion, Smart Contracts are a reliable method of collecting and storing patient information that can be used efficiently in real-time and protected from external threats.

References

Griggs, K. N., Ossipova, O., Kohlios, C. P., Baccarini, A. N., Howson, E. A., & Hayajneh, T. (2018). Healthcare blockchain system using smart contracts for secure automated remote patient monitoring. Journal of medical systems, 42(7), 1-7.

Sharma, A., Tomar, R., Chilamkurti, N., & Kim, B. G. (2020). Blockchain-based smart contracts for the internet of medical things in e-healthcare. Electronics, 9(10), 1609.
]]> 2021-09-27 17:38:30 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1771973697 Smart Contracts for the Mortgage Industry lilycarter0804 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1772272923 Blockchain smart contracts would provide many benefits to the mortgage industry. Mortgages involve complex contracts with many parties involved including the buyer, the seller, the mortgage broker, the bank, insurance companies and at times other parties too. The contract is often dependent on many different factors including a property valuation, insurance and final inspection. 
This provides a good use case for a smart contract. They not only simplify the complex process and save time, but they also provide transparency in real-time. The parties can all see when the insurance has been approved or when the valuation has been completed, automatically allowing the next stage of the process to begin.
The process of getting a mortgage and dealing with the complex paperwork involved is very stressful and often nerve-wracking. Smart contracts provide the parties with an easier to manage process, which may relieve some of the pressure. 
In this use case, the information contained within the agreements would be secured using public and private key cryptography. Cryptography ensures each party can only edit the part they ‘own’. Miller (2018) explains “Individuals use private keys to digitally sign transactions and information on the blockchain. Cryptography makes these signatures impossible to forge or reproduce by other users. Additionally, each user has a public address, linked to his or her private key”.

Reference: 
Miller, P. (2018, February 13). Blockchain mortgage: the future of home loans. The Mortgage Reports. Retrieved September 28, 2021, from https://themortgagereports.com/34467/blockchain-mortgage-the-future-of-home-loans


]]> 2021-09-27 19:31:14 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1772272923 Smart Contracts in Mobile Telecom Networks janinesagum03 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1777204044 Smart contracts can be applied in various sectors that create value and where trust and security are concerned. Smart contracts are expected to offer benefits to the telecom and cellular service provider industry in simplified processes, cost savings, new revenue streams and real-time transparency.

Roaming and Settlements

At present, it could take two months to resolve related issues as intermediaries control roaming partners and settlements. The cause for the delays is human errors, frauds, lack of transparency and poor customer experience. Smart contracts and blockchain can resolve this issue by reducing or eliminating intermediaries by automating SLA agreements. In addition, smart contracts and blockchain can provide real-time views to all stakeholders and immediately make threshold breaches visible to all involved parties. Blockchain can also aid in quick dispute resolution through tamper-proof verifiable transactions and real-time usage updates to the consumer. ]]> 2021-09-29 07:27:13 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1777204044 Smart Contracts and Government Voting goodalltrace https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1785266028 Can voters really, truly trust that their vote is counted? This is the questions for many. Voting involves high levels of trust, and where some countries might be more democratic than others, there are countries around the world where its citizens don't trust the democratic process. 

Blockchain solution
While electronic voting has been trialed in countries such as Australia and the Phillipines, to date it has come with issues. Blockchain presents itself as a solution solving issues such as confidentiality and instant tallying. 

With trust being one of the key issues amongst voters, blockchain truly needs to solve this in order to get voters onboard. Blockchain puts itself forward as a solution to both ensuring voter anonymity as well as making it exceptionally difficult for votes to be miscounted or for a group to illegally cheat the numbers. 

There is still some work to do to iron out bugs in the system, however when this is done and there is a higher efficiency rate, this truly could help to ensure legitimacy of voting globally. ]]> 2021-10-01 23:59:01 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1785266028 Smart Contracts in HR wn5hny95my https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1786603458 HR Business operations have the opportunity to benefit from smart contracts, as smart contracts can reduce the need for manual human processes. One example of this is in the Payroll function. Instead of allocating a lot of staff resource to run payroll, businesses could set up smart contracts. For example, when a smart contract says pay employee x on a particular date, the business then automatically sends out the payment. This ensures that the business is reliably meeting their payment agreements, without heavily resourcing their operational functions. This has the potential to save the business time, effort and money. 
With transactions being encrypted and stored as immutable data on the blockchain, these transactions are more reliable, which enables better auditing and compliance reporting. There will also no longer be reliance on intermediaries, such as banks, to process transactions.

Smart contracts could also help HR teams with employee data security. Employers has access to significant quantities of personal data about their staff members. On a blockchain these records could be encrypted and immutably recorded, and only shared when necessary with participants who have verified permission. ]]> 2021-10-03 01:34:52 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1786603458 Smart contracts in house rentals with blockchain technology tw211 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1788615895 Blockchain is based on encryption technology, and the blocks in the chain are connected with hash values. The uniqueness of hash values ensures that the blocks are connected sequentially. When the sequence is connected into a chain, it is irreversible, that is, it cannot be tampered with. Blockchain is decentralized. Each block is generated using computing power that can be provided by any of the participating users, whose contributions are recorded information packaged into blocks that are connected to the previous block. The immutable nature of the blockchain provides evidence for every packaged record. Ethereum-based smart contracts give designers flexibility in functional design. Smart contracts are similar to contract clauses, which are translated into machine language to execute corresponding instructions when the required conditions are met. They can be the trigger of transactions. This automated execution saves labor costs by coding the lease terms into smart contract codes, and the contents of the contracts are packaged into blocks for recording, which are secured by the immutable nature of the blockchain.

Decentralized blockchain technology can realize de-intermediary housing rental, one-to-one handover between landlord and tenant, eliminating intermediary fees, while smart contract function based on the blockchain can realize automated hosting. Through the design of smart contracts, the functions of house leasing can be achieved. Compared with the traditional leasing system, it has the characteristics of automation, de-intermediation, and security.]]> 2021-10-04 05:31:59 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1788615895 Application to the music industry HuriaH https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1792433594 Mediachain Labs used blockchain technology to develop a shared distributed data network for media.  It attempts to address the problem exacerbated by file sharing services where creative media (songs, images) were freely shared with no attribution or value accruing to the creator.  Mediachain advocated that blockchain and smart contracts enable value to flow, and musicians to get the money they deserve.
“It starts with attention (attribution), gratitude, analytics, and can lead to financial exchange, directly through media itself.”  Founder Jesse Waldron 2016 Mediachain.io

A decentralised, transparent contract ensures data about ownership is unambiguously tagged to agreements for use, and the efficiency of blockchain means artists can earn the royalties they have agreed, and get paid on time.

Mediachain was acquired by Spotify in 2017.  Spotify saw the need to ensure that attribution and rights were secured as it serves up billions of tracks every day.  It helps address gaps in metadata for the massive range of songs on its books, but also assists in arbitraging the many payments required to any number of collection agencies.

https://blog.mediachain.io/what-a-blockchain-for-music-really-means-e2f8dc66d57d

https://www.forbes.com/sites/georgehoward/2016/07/29/mediachain-facilitates-automatic-attribution-using-blockchain-and-machine-learning/?sh=25822dfe7fb8
]]> 2021-10-05 09:43:42 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1792433594 Blockchain can be applied in insurance. ys430 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1793362151 The insurance industry is a vast market, with premiums in the U.S. reaching $1 trillion in 2019. Despite this sheer size, the insurance industry still faces significant struggles, with insurers losing more than $100 billion annually. The most severe problems are fraud, low quality and missing data, and generally inefficient business models. Blockchain can open up new opportunities for the insurance industry, address appeals, and significantly contribute to modernizing the insurance business.
 
  • Blockchain efficient solutions can make the insurance industry more decentralized, transparent and secure, reducing the time to process requests and the cost of interactions and transactions.
  • Reducing the number of intermediaries making the public platform fully transparent can significantly enhance business processes, reduce costs and increase confidence in the system.
  • Smart contracts automate management, payments, reduce fraud risk and improve customer service.
 
From an insurer's perspective, blockchain enables secure traceability of transactions and storage of information but also integrates partner ecosystems into your business and develops entirely new products. Experts believe that the application of blockchain can advance the insurance industry in the following ways.
 
Financial Security
Blockchain will minimize human problems in business activities - including making mistakes or oversights and fraud. A decentralized digital-type database will evaluate users independently and impartially without interfering with them. One potential danger area is that different currencies can be traded across borders. Blockchain systems can help you monitor the risk in this area, reducing the probability of fraud to zero. Moreover, blockchain reduces the error rate when dealing with large amounts of data, which is very important for reinsurance.
 
Claims processing
Blockchain and digital technologies can overall simplify and speed up communication with customers in insurance incidents. The simplest method - remote insurance assessment by experts via cell phone cameras - saves customers' fees and insurers' costs. In the case of natural disasters, a combination of mobile technology and satellite imagery is used to do the assessment, for example, sending rescue teams to remote areas. Farmers with bad harvests due to natural disasters can receive compensation, which depends on the analysis data of the weather. Insurance companies use blockchain to receive data from weather stations to more fairly assess compensation amounts. The use of blockchain technology to exchange information with partners allows for predictive analysis of market trends to set a clear direction for business development.
 
 
A new way of distribution
Auto insurance is a constant source of data if innovation is introduced to create new offers for customer retention. It is not enough to install 'smart' sensors in cars, and the data from them needs to be analyzed quickly and accurately, and blockchain can come in handy. After processing a large amount of data, a set of personalized services can be output for customers. The application of blockchain technology can also stimulate the development of the microinsurance market and microfinance companies. More or fewer tools will limit the content of the insurer, but the client can be used anytime and anywhere. Big data analytics and blockchain technology can help insurers gain a deeper and more accurate understanding of consumer behaviour and expand into some new and exciting niches.
 
Blockchain technology addresses automation, optimizes third-party integration, improves trust, expands market coverage, increases efficiency, increases insured satisfaction, and increases insurer growth.

reference:
https://www.ibm.com/blockchain/industries/insurance?utm_content=SRCWW&p1=Search&p4=43700050370588993&p5=e&gclid=EAIaIQobChMI3fGT2sKz8wIVwRB9Ch1TCwLQEAAYASAAEgLHfvD_BwE&gclsrc=aw.ds
 
]]> 2021-10-05 14:52:44 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1793362151 Distribution Industry - Safeguarding the efficacy of medications kmb82 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1795709234 As explained in the case study video above, Smart Contracts are being used to ensure the safe delivery of temperature-controlled medications that were once often damaged en route to patients.

For example, Sonoco and IBM are working to reduce issues in the transport of lifesaving medications by increasing supply chain transparency. Powered by IBM Blockchain Transparent Supply, Pharma Portal is a blockchain-based platform that tracks temperature-controlled pharmaceuticals through the supply chain to provide trusted, reliable and accurate data across multiple parties.

Blockchain-powered tracking and traceability systems work across disparate stakeholders such as Pharmaceutical Companies, Various Distributors/Wholesalers, Pharmacy Chains, Hospital Chains, and Regulators.

References:
Revolutionizing Pharma Supply Chains with Blockchain & Smart Contracts (Part 2) | by DomaniSystems Inc. | Medium
What are smart contracts on blockchain? | IBM
Smart contracts in healthcare - HealthManagement.org ]]> 2021-10-06 07:52:12 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1795709234 Smart Contract - Healthcare mansoorchakaria https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1798123652 Healthcare has faced problems related to privacy, anonymity, personal-data safety. The Healthcare industry continues using old rigid systems for working with personal data and transactions. It doesn't guarantee security for patients' records. A higher quantity of patients worldwide start being suspicious about the cooperation with HealthCare establishments.
The Healthcare industry is strongly related to paperwork – health records, medical history, laboratory tests, etc.
For example, patients with chronic diseases need care health tracking and 24/7. Their care team doesn't have an efficient way to access healthcare information. Blockchain Healthcare Smart Contracts can simplify and eradicate all problems.
Blockchain Healthcare Smart Contracts establish a safe, immutable, and transparent network. It enables digital storage of all patients' health records. A new doctor doesn't have to use unreliable channels like a telephone or look around for a previous doctor to acquire a patient's data – he can get access to it just with one fingertip.
Medical smart contracts allow operations with patients' health records without fear of tapping private data. They unite patients, providers, healthcare and organizations. The idea is to empower each patient with the right to control personal data from any device via using the private key. Thus, it improves the compliance between the care team and a patient, lowers expenses, reduces clinical errors and breaches, saves time.

Reference: 
https://applicature.com/blog/blockchain-startups/blockchain-healthcare-smart-contracts
]]> 2021-10-07 00:36:29 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1798123652 Smart Contracts for democracy karinpieck https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1799329173 A Smart Contract is a small program which is deployed and run on a Blockchain. These programs are triggered by a transaction resulting in an action.  Smart contracts are able to store a state (e.g, recording a land ownership transaction and updating land registers) and funds or the transaction tokens referred to as Ether on the ledger.   

Smart Contracts are used to:

a) hold funds and state, which are stored in the Blockchain under the contract's address; or

b) run code to perform an action/s with the funds or update the contract's state.

Australian based company, Horizon State built a token-based Blockchain voting and decision-making platform to enable online voting from small board meetings, to city councils, regional elections and country elections.  They have created a secure digital ballot box that cannot be hacked, in which results can never be altered, and voter identities are protected.

In a global pandemic the ability to continue with local and country elections without creating a further health risk to the community seems like a great idea. In countries that are typically corrupt, the ability to have a voting system that potential will not be rigged – is a win for democracy.


]]> 2021-10-07 10:20:48 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1799329173 Smart Contracts for Aerospace and Defense phoebeskerritt97 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1799669856 The future for aerospace is evolving quickly. There's many discussions around digitisation, big data, analytics, robotics, blockchain, cloud, and more. Blockchain will be able to help aerospace to have full visibility to the part lifecycle in a secure, trusted and accessible digital format.

Blockchain will be able to reduce paper lending to digital traceability. This industry currently creates, processes, manages and stores paper records. These are usually for auditing purposes. Currently some companies store years of part records in warehouses, third-part locations, and shipping containers and the paperwork volume is too much for the organisation.
Blockchain will be able to help chain partners interact with parts, past records and new records. Blockchain will be able to provide traceability and visibility to where parts have come from and which items they have been installed on. 

Blockchain increases the efficiency and quality of operational excution. Companies can sometimes struggle with receiving parts. The first pass quality rates are not often high due to poor or missing paperwork. The paperwork issues can stop parts from being worked on and lock them in quarantine cages. As the parts situation slows down, capital gets tied up, and inventory levels rise to fill the gap. Sometimes parts are scrapped due to missing log books. They can also be re-inducted into a process to be completed overhauled which causes a great amount of cost. Automating and blockchaining these processes will be able to help with the parts not being scrapped as you'd be able to search digitally for the correct paperwork/documents needed for those parts. This would benefit the business because they wouldn't have to spend money overhauling projects or locking the parts in quarantine as the documents would be easily found. This means that time will be spent more efficiently and the cost may go down over time.

]]> 2021-10-07 12:59:58 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1799669856 Smart Technology mw324 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1800243413 The intelligent contact can be used in the policy system. The police can record the tracks with the intellectual connection in their eyes. It can also help them identify the suspects. The call from the citizens can also be posted to their smart contact devices as soon as possible. With intelligent contact, the polices can report their current situation during the mission to their officers, and the officers can give orders simultaneously. It will improve the whole efficiency of the task. ]]> 2021-10-07 15:37:38 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1800243413 Blockchain smart contracts for professional athletes' contract cw3011 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1800256294 The application of blockchain smart contracts in the professional sports industry has the potential for many strategic benefits.

Firstly, it can serve to streamline the process and eliminate disputes between the parties to the contract. For example, smart contracts are automatically executed based on pre-defined conditions, and if these conditions are triggered, an agreement is automatically reached, and if they are not, no payment order is given. For athletes, the use of smart contracts can, on the one hand, solve problems such as manual disputes. On the other hand, effectively avoid disputes caused by the poor professionalism of the athlete's agent.

Secondly, it can effectively guarantee the athletes' own interests, and in the event of a discrepancy with the contract, the execution transaction records on the blockchain smart contract can be traced and found.

Thirdly, it can reduce costs and securely track the terms of the contract. Unlike traditional contracts, the anonymity of a smart contract will allow uncertain subjects to exist in the conclusion of the contract. Whatever factors are present, smart contracts can be executed automatically, reducing the cost of discrete human and contractual resources. The simplification and automation of the smart contract process and the electronic signature for payment verification not only significantly reduce costs, but can also change the rules of cooperation between sponsors and athletes.
]]> 2021-10-07 15:41:42 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1800256294 Smart Contract zp39 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1800582981 Smart Contract is a code that facilitates storage and other automated operations on a zone chain.With Smart Contracts, employees can create automated applications.Especially in the application process, Smart Contract can be applied to realize programming, information storage, certificate request and other applications.

https://medium.com/wavesprotocol/what-are-smart-contracts-and-how-to-use-them-in-your-app-a1c0d62d1a5]]> 2021-10-07 17:43:21 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1800582981 What Could Blockchains Do for Education? (By Loraine Jayme) beingcreative00 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1801058660
What Could Blockchains Do for Education?

There are many applications and benefits of blockchain-based ledger technologies for education:

1. Student records. Academic transcripts are one of the most time-consuming, labor-intensive tasks in academic institutions today. Before issuing a certified transcript of a student’s grades, each entry must be manually verified to ensure accuracy.

Another kind of student record that is frequently requested is the certification of course contents. In K-12 education, it might happen that a student in one state takes a class called ‘Algebra’ and then moves to another state where she is enrolled in a school that also teaches a class called ‘Algebra.’ So far, so good. But do both courses share the same content? Verifying this means comparing the courses’ content. In K-12, this can be tedious. At the university level, it is a nightmare. At the university where I went to medical school, complete course contents are around 700 pages. For each student who requests this record, each page should be signed and stamped (to ensure accuracy). But if this information were stored on a blockchain, with just a few clicks, a person could obtain a complete, verified record of content courses and all academic achievements.

2. Diplomas and certificates. Just like grades, a student’s diplomas and credentials could be issued and stored on a blockchain. Instead of asking the institution emitting the diploma to certify a paper copy, employers would only need to be provided with a link to a digital diploma. This is already being done. In 2017, MIT began issuing digital, blockchain-stored diplomas to its graduates. This prevents people from submitting fake degrees to potential employers, a situation that is, regrettably, all too common.

Other uses of block chain for education can be on badges, for file storage, dissemination of lessons and courses and publications.

Source: https://www.gettingsmart.com/2020/02/23/how-blockchain-could-impact-education-in-2020-and-beyond/

]]> 2021-10-07 22:48:38 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1801058660 Building “Block”chain Smart Contracts in the Construction Industry brigidcconroy https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1801277321 Smart construction contracts & blockchain technology has the potential to revolutionise the construction industry. However, the industry is slow to pick up on the numerous benefits that smart contracts have, some of which are as follows:
  • Performance monitoring of suppliers
    • “We are familiar with ‘buyers’ and ‘sellers’ performance being monitored, ranked and rated on digital platforms like eBay. However, when a construction project is completed the performance of participants lives mainly in collective memory, and fades. Finding out how well a supplier performs; how accurately contractor tenders; or how timely a sub-contractor completes their work is accomplished by word of mouth and making enquiries or through experience” (McMeel & Sims, 2021). This is very true in my experience in the construction industry in New Zealand. A company I worked for had a list of “risks” which was made up of a mix of companies they were currently contracting with and not happy with their performance, ones they had heard bad feedback about via trusted parties, and those they had worked with within the last few years that had not met expectations. The implementation of smart contracts would lend the experience of providing feedback when buying and consuming on a personal level to the business arena, where parties can be given feedback on performance in a way that is secure, “to agree and record salient information such as start date and completion date (both projected and actual) and did these dates change; what was the tendered amount for the contract, and did the tendered amount of the contact change over the duration. Over time all this data can be used for assessing performance, with good performance likely to result in more contracted work” (McMeel & Sims, 2021).
  • Immutability and legality
    • Thanks to blockchain technology, smart contracts are practically impossible to hack or undermine. This has benefits in assisting with dispute resolutions where parts of the contract are not upheld by a party and, “since the transactions on the blockchain are transparent and validated regularly by opposing parties, disputes can be resolved more quickly. Furthermore, the legal ramifications of digitally signing the smart contract are more explicit...This level of transparency and trust is much harder to achieve in cloud-based database systems” (McMeel & Sims, 2021).
  • Faster payments for suppliers
    • Slow and legally problematic payment practices is a significant challenge facing the construction industry. Smart contracts can ensure timely payments through embedding escrow, meaning that when obligations of the contract are met and digitally validated, payment occurs immediately. The benefit of this would be a great reduction of disputes and follow up time that occurs as a result of late payments (McMeel & Sims, 2021). “A smart contract can do away with pay-when-pay clauses by cutting out the middle-man in the progress payment chain. This technology can make the entire payment process more transparent. And transparency is a key factor in getting paid on time.” (Scalisi, 2020)
  • References



]]> 2021-10-08 01:06:59 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1801277321 What could Smart Contracts do for the Financial Services Industry. ajf242 https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1801283927 Smart contracts come with a range of benefits for the Financial Services industry. As a Compliance Manager, I for one would welcome them, in particular with the changes to the Financial Services Legislation Amendment Act which was updated in March 2021. Smart contracts are tamper-resistant, self-executing, and self-verifying. In the insurance industry in particular, the allure of error-free processing of insurance claims, smooth peer-to-peer transactions, streamlined  processes, transparent auditing, and so on, is enough to make businesses think about moving in this direction. Some businesses globally have implemented these, and there are already a huge range of benefits.

By definition, smart contracts are self-executing programmable contracts that encode an agreement between two or more parties. The terms of a transaction are written as a protocol that exists across a distributed, decentralized blockchain network system.
Unlike traditional contracts, they do not involve any paperwork or third-party validation. The contract is computer-coded, and compliance is ensured using the blockchain technology. Smart contracts validate autonomously upon completion of the contract terms.
These have the potential to automate manual banking processes. It is useful for functions like compliance, claims-processing, and processing general insurance applications.

The main features of smart contracts in the financial services industry are:
  • Compliance and control happening within the system without the involvement of any party. Smart contracts are self-executing. They are independent.
  • They automatically source information from external data sources, which makes them self-verifying.
  • Smart contracts are tamper-resistant and guarantee more security as intermediaries are not involved.
  • They offer faster resolution than manual processes, which saves time for both parties.
  • They remove trust issues from any contract because of the transparency they offer.
  • Smart contracts eliminate the need for third-party mediation at the time of settlement.
  • The execution of smart contracts is free of cost.
  • They securely handle sensitive data, and all associated data remains in the blockchain platform for future use.
  • A cryptographic digital signature verifies participation in the contract, making them an ideal choice for high-end contracts.
Reference: https://www.businessofapps.com/insights/how-smart-contracts-are-transforming-banks-and-financial-institutions/
]]> 2021-10-08 01:09:59 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1801283927 Blckchain brendanmday https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1846772095
Blockchain and the Financial Service industry:

One of the primary advantages to blockchain adoption for small and medium sized business is the advent of DeFi ( decentralized finance ). DeFi will remove many of the cumbersome barriers to entry for new players in the market.

With decentralized finance, these businesses no longer need to rely on banks and 3rd parties, as these approval prcceses will be replaced by “smart contracts”. This will lead to reduced costs and the complexity of transactions for businesses and greater efficiency. With the adoption of crypo and other digital currencies this will further advance the transitions for day to day operations.

Digital Marketplaces. With smart contracts this will eliminate the need for many middle men such as brokers, instead the smart contract will serve as the replacement between businesses.

This will lead to a reduction in fraud on a large scale vs traditional methods that are not as secure. With private and public keys no one can go in and edit documents without leaving a trace as the document remains immutable. 

https://www.finextra.com/blogposting/19770/6-use-cases-for-smart-contracts-in-decentralized-finance

]]> 2021-10-27 01:38:20 UTC https://padlet.com/stephanie8yu/a9926b30f5nfcjdv/wish/1846772095