| | DECEMBER 8th, 2016
“I have never let my schooling interfere with my education.” – Mark Twain
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Smart contracts are much more than automated processes: They give us the opportunity to re-think how business works.
This was the message delivered at an event hosted by Microsoft this week in New York. Among the panelists were Nick Szabo, the man credited with inventing the concept, as well as representatives from startups and big tech firms working on the technology.
Lawyers can relax: smart contracts aren't about to do them out of a job. Traditional contracts tend to be flexible, subjective, and with local application; smart contracts are written into code, and therefore more automated and rigid. What’s more, they don’t recognize borders.
This opens up the possibility of creating new types of relationships, both within organizations and without. It’s not about replacing current systems – it's about giving birth to entirely new concepts and processes. (Read the full story).
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Wait, there's more:
· Circle’s new platform. In a conversation with CoinDesk, Circle reveals more about Spark, its new smart contract platform. Using a combination of bitcoin, other blockchains and traditional settlement rails, Circle says Spark represents a refinement rather than a shift of the company’s vision, and should allow for greater adaptability going forward. Read more.
· Testing bank services. Japan’s Mizuho Bank has finished testing a blockchain-based digital currency. Working with IBM, the bank hopes to potentially build on this project to develop new transaction-tracking services for its clients. Read more.
· New highs approach. The price of BTC is once again nearing its annual high, in spite of the news from Circle that users will no longer be able to buy and sell bitcoin on its platform. Read more.
· What gives? We spoke to leaders in the bitcoin and blockchain sectors about their views on Circle’s exit from the exchange space. Some shrugged it off as insignificant, while others focused on the boost to Coinbase. Read more.
· Chain’s smart contracts. Enterprise blockchain company Chain has revealed Ivy, a proprietary smart contract language that could broaden potential financial use cases. Although it enters an increasingly competitive ecosystem, Ivy is different from other smart contract platforms in the way it controls assets, introducing the concept of “secured property”. Read more.
BTC: $769.63 +0.7%
ETH: $8.44 +7.7% at 10:00am EST more details
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