How can smart contracts be useful for businesses? (report)

Wed May 9, 2018

Smart contracts and distributed ledgers might be useful for enabling efficient, trusted interactions, but it depends on context and design

All daily interactions between people, businesses and other organisations are underpinned by trust – each party trusts that the other will behave in a certain way.  Trust is central to the functioning of society and the economy. Technology has long played a part in informing trust in interactions, particularly in recent decades.

The latest set of emerging technologies that have been mooted as having the potential to play a role are distributed ledgers and, in particular, smart contracts. In this report, we examine the potential of distributed ledger technologies to inform trust, focusing on the role of smart contracts.

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What are smart contracts?