Exposed: Blockchain and Smart contract, why you should invest in them

6 min read · 03 Nov 2022 · 2 · 2 · 5

Blockchain and Smart contract, blockchain definition, smart contract meaning, can smart contracts run without blockchain?

Do you remember the last time you needed a loan from a bank or any other financial institution? I guess they didn’t give you the money on a platter of gold. You were probably asked to present a guarantor.

Why?

It is so because, in case you disappear without repaying the loan. Your guarantor will be held responsible. Now let's liken this scenario to smart contracts and Blockchain technology. With these technologies, you needn't have a third party to stand in for you. During a crucial financial transaction.

Tighten your seatbelt, as I will walk you through real life application of smart contracts and blockchain.

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5 comments

stokleygary

2 years ago

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Hans

2 years ago

In its attempt to get a grip on cryptos, DNB has looked as much as possible at the function they fulfill and at their cover. This means that the central bank is a lot more positive about so-called stable coins than about unsecured cryptos. Stable coins are... Show moreIn its attempt to get a grip on cryptos, DNB has looked as much as possible at the function they fulfill and at their cover. This means that the central bank is a lot more positive about so-called stable coins than about unsecured cryptos. Stable coins are cryptocurrencies that are backed by regular assets – such as balances in euros, dollars or bonds – and which promise to be exchangeable against, for example, the dollar at a fixed rate.
Transaction costs
DNB expects stable coins to play a role in cross-border payment transactions, provided they are regulated. Especially in countries where money transfers abroad are expensive. Outside the EU, this is often 6 percent or more of the amount of transaction costs. With crypto payments, national borders are irrelevant for the transaction costs.

But if unsecured cryptocurrencies are not a suitable means of payment, what are they? Is it comparable to goods, or gold? Sleijpen: “No. It is in fact not something real, something tangible. You can't do anything with it. You can still say that the underlying technology is applicable and usable, but unsecured cryptos are not.”

Apparently it represents a certain value, he says. “There is demand for it, there is supply. But it's not money and it makes a high speculative asset let me put it this way. But it's also a bit of 'what the madman will give'."