What is the Difference Between Using an Asset Ledger Using an Implemented Ethereum Contract and Mining ethash
The potential applications of the smartest contract platform are quite numerous, and the most innovative among them is the recently developed Ethlance. It is unique in that it not only supports smart contracts, but also a variety of other protocols such as asset management, corporate blogging, and even real time stock trading. The genius of this protocol is that it allows for a multitude of interacting parties to complete transactions without any need for a centralized administrator.
One can easily imagine how such a system would be beneficial to large institutions. In their desire to hedge their interest in online gambling and full VoIP services, they might find themselves at odds with their local governments. The same scenario holds true for banks who wish to incorporate smart contract technology into their business model. What better way to protect their interests and increase their profits than by guaranteeing complete compliance from their customers?
The developers behind the Ethlance project are attempting to do just that. The primary goal is to create a standardized set of guidelines for interacting with and conducting business on the network. In doing so, they hope to remove any possibility for lawsuits to be filed against any party involved in an accident on the network. As the primary developers explain, smart contract technologies will help provide a safe way to conduct business on the Internet.
If you think about it, this is precisely what happened when the Internet was introduced. Initially there were a few individuals that started operating “hackers” or “spammers” that got into the networks and caused endless problems for everyone. However, eventually a group of standard individuals and companies stepped forward to establish a standard network that all parties could interact with. Without the introduction of the smart contract feature, there may very well have been a totally different Internet.
While one can certainly envision applications for Ethlance in a number of industries, one of the earliest uses may surprise many people. One of the most exciting aspects of the smart contract concept is that anyone can create their own syndicate or group. Once again, this opens the door to real-time bidding or co-management in which employees can collaborate together. It also means that two organizations can work together even if they do not have direct connections.
This is only one example of a possible application. Anyone who has ever been involved in a real estate transaction knows that co-branding a house is a tough job. After all, no one wants to go out and make an effort to market a brand new house to someone who has no knowledge of the house at all. With the use of Ethlance, one can easily identify a brand new client without having to put a lot of effort into the project. The same technique can be used within a business or organization, to identify the right people for the job.
There are many more examples where smart contracts will be utilized. However, one thing that is for certain is that the major players in the network are making the effort to participate in the evolution of this technology. This means that the protocol that is being developed by the community will be one that is completely open to all parties. This is a positive sign for users of the smart contract network.
One can only hope that other players in the market will jump on the band wagon and adopt the same protocol as well. After all, the more players that adopt the smart contract model the more secure the network becomes. In the end, anyone who follows this model will win. No one can argue against the fact that everyone will win when all players work together to create a secure system. The only argument that will stand against this winning scenario is if nobody will.