One can see the blockchain as an immutable open source database. A collection of data that is recorded and verified by multiple people. This sometimes called Trusted Protocol or Worldwide Ledger promises to revolutionise multiple industries and mark a new era on the internet.
From financial services to insurance, stock markets and governments, democracy itself or property registry, this peer-to-peer technology enables, for the first time in the chronology of human history, a decentralisation of power and the fall of intermediary, middle-man structures that are archaic and powerful conglomerates collectors of fees, and delays.
“We are quite confident that when we’re sitting here in 20 years, we’ll be talking about blockchain technologies the way we talk about the Internet today.”
said Marc Andreessen in an interview with the Washington Post.
Where did blockchain started?
Blockchain is the underlying technology behind one of the most well-known cryptocurrency on the market. Blockchain is not a cryptocurrency itself but the technology that enables it. In the current days that are multiple blockchains. Ethereum and hyperledger are some examples but many more will come.
One of the main advancements of the Ethereum blockchain was the introduction of smart-contracts which extended the range of potential services within this technology. There are big challenges to be solved but the possibilities are now endless in key matters such as credit access, distributed power, copyrights, security, privacy and inclusion. Imagine a world where each individual controls every aspect of his/her existence. Learn more about Ethereum.
Dr. Markus Kaulartz from CMS legal services pointed some main legal challenges for smart contracts:
Conflicts with law, gaps like warranty and liability, undefined legal terms, for example in Germany we have legal terms such as “adequate notice period” or “good faith” so how to translate that to code; and intent – syntactic vs semantic. Regulators and governments will play an important role.
Big technological advancements bring big responsibility but this are exciting times with an unprecedented potential for a sustainable disruption of our economy and governance. The world need us not to fail.
Stay tuned, we plan to have the first proof-of-concept (POC) in the next months to demonstrate a real-life example of interaction with one blockchain.