The Chamber of Digital Commerce presented a white paper called “Smart Contracts: 12 Use Cases for Business & Beyond” at its Smart Contracts Symposium which took place yesterday at the Microsoft Technology Center in Times Square, New York.
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In the paper’s foreword, Bitcoin and smart contracts pioneer Nick Szabo wrote: “Blockchain technology appears very much to be the jet fuel necessary for smart contracts to become commonplace in business transactions and beyond. It is a delight to be part of a community committed to fostering the tenants of open source cooperation, privacy and security, education in technology, and working for a common social good.”
Smart contracts are self-executing programs based on rules developed utilizing blockchain technology. The paper presents twelve smart contract use cases across a range of industries and topics, including: digital identity, records, securities, trade finance, derivatives, financial data recording, mortgages, land title recording, supply chain, auto insurance, clinical trials and cancer research.
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The paper also sets out the legal and regulatory considerations in relation to the implementation of smart contracts. It was developed by the Smart Contracts Alliance, a working group of the Chamber, in collaboration with Deloitte.
“Smart contracts will bring clarity, efficiency and predictability to the way we conduct business,” said Jason Brett, Director of Operations at the Chamber of Digital Commerce, at the Smart Contracts Symposium. “On behalf of the Smart Contracts Alliance, I am pleased to present this paper to the business and policy communities, and would like to thank all of our members and contributors for their collaborative and valuable contributions to this white paper.”