Blockchain is not a master key nor a magic wand. Amazingly, many people have isunderstood that Bitcoin is Blockchain.
The power of Blockchain technology is deeply set in the financial fields, and it has threatened the power base of financial institutions. Notwithstanding that, the recent devaluation of BTC and ETH has also illuminated the challenges in applying Blockchain beyond the financial fields.
During the recent Singapore Fintech Festival which was held from 12th-16th November 2018, experts from Switzerland, USA and Singapore shared their views on Blockchain. Mr Adrian Burgi, an Attorney from Switzerland and Specialist in the Banking Industry in Switzerland; Mr Leo Lu, SRI Board Advisory Member in R&D and Business Development Advisor of CSE USA; and Mr Chen Guo-ping, CTO of CSE Singapore, had an in-depth discussion about various solutions to bring Blockchain into everyday life during the event.
The CSE Smart Contract 2.0 is a powerful tool built on the Blockchain 3.0 platform. It was developed by CSE, a technology startup based in Singapore. The key objective of CSE is to apply Blockchain technology into daily life and across various industries in a user-friendly interface.
Smart Contract 2.0 invites experts all over the world to contribute their expertise through the Platform. It is not a major problem even if you are not a technology specialist because CSE has created thousands of templates. This has empowered people from all walks of life, including: housewives, secondary school students, or even a technology moron to create their own smart contracts.
The Smart Contract 2.0 system has benefitted from the decentralized feature of Blockchain. Users can easily develop a suite of applications across various industries, without the need to spend 5 years learning about Blockchain, and peer-to-peer networks can self execute the contract, where contractual incentives or penalties can be enforced without third-party involvement. In short, Smart Contract 2.0 is as good as your reliable legal advisor who works tirelessly 24 hours everyday.
Not all contracts are 100% applicable. The Smart Contract 2.0 solutions adds the extra dimension of flexibility, allowing partial performance of a contract and receiving of the corresponding payment, where the unperformed portion will be automatically refunded.
Blockchain ensures transparency while Smart Contract allows for intelligent execution, which CSE has integrated into a virtual machine. Aside from finance, users may also instruct this virtual machine to “substitute” people in areas such as: cultivation of crops, logistics handling, timeline management, chain of custody, intelligent data management, or smart city management, etc.
This is open source platform so users may integrate their solutions in two ways, by API or by embedding codes into any applications such as Web, App, software, as well as hardware, especially the IoT equipment, NFC, etc.
If you create the smart contract using a template, it will require only 3 minutes and over 4 steps. And if you create a unique smart contract, then it may require between 4 to 12 hours.
Stay tuned. In the next article we will share more details on smart contract applications for various industries.