Connect with us

Hi, what are you looking for?

ELEVENEWS

Cardano

Cardano’s Emurgo Talks About the Application of Smart Contracts and Blockchain Technology

Cardano News Today – Emurgo is one of the largest blockchain conglomerates in the world and it has made a lot of progress by providing solutions to several enterprises across the industry even if they are the commercial arm of the Cardano. In their most recent blogpost, Emurgo addressed how smart contracts and blockchain technology will provide real-world value in the legal industry. In the post, which was published yesterday, Emurgo said that the biggest advantage of blockchain technology in the legal industry can be seen in tamper-proofing and data collection. Rather than use a part of a fully paper-based system, it will become fully digitized. This is the fact since Cardano’s technology is efficient enough to fix all the inconsistencies in the current system.

Cardano News Today – Blockchain Technology and the Global Legal System

The financial application of blockchain technology is the most popular but it is not the only one. There are many more real-world use cases of blockchain technology. The only things that are holding this technology back from saving and taking over the known world are adoption and scalability. In the legal industry alone, this technology can make all contracts smart. Once the information is encrypted and stored on the blockchain, it cannot be changed by unauthorized parties. The implication of this technology in the criminal justice system is amazing. Part of the post was as follows;

“SIMPLY OWNING THE PRIVATE KEY LINKED TO EACH ASSET TO SIGN TRANSACTIONS WITH WOULD BE ENOUGH TO TRANSFER ASSETS SUCH AS DEEDS, CAR OWNERSHIP, OR ANYTHING ELSE WITHOUT A THIRD PARTY TO VERIFY. PREVIOUSLY, SMART CONTRACTS WERE NOT RELEVANT DUE TO THE LACK OF UNDERLYING TECHNOLOGY. TODAY, BLOCKCHAIN TECHNOLOGY OFFERS A WAY OF STREAMLINING AND SIMPLIFYING CONTRACT LAW BY AUTOMATING CONTRACTS. WITH THE ADVENT OF BLOCKCHAIN TECHNOLOGY, THE HARD-WON LAWS THAT GOVERN OUR CONTRACTS CAN BE PRESERVED AND USED IN SMART CONTRACTS.”

The post continues;

“CRIMINAL TRIALS FOR EXAMPLE ARE USUALLY LENGTHY AND CONTAIN A LARGE AMOUNT OF PAPER-BASED EVIDENCE WHICH CAN BE MISPLACED AND GET LOST. BY LOGGING A CASE INTO A BLOCKCHAIN SYSTEM, RECORD-KEEPING WOULD BE GREATLY ENHANCED AND AN AUDITABLE TRAIL HISTORY OF AMENDMENTS TO THE DOCUMENTS WOULD BE CREATED. FURTHERMORE, PERMISSION TO VIEW CRIMINAL RECORDS CAN BE SET AT VARIOUS LEVELS AND INTERESTED PARTIES COULD RECEIVE UPDATES INSTANTANEOUSLY.”

Since the Cardano blockchain is being primed for smart contracts soon, the blog post is timely. It can be applied in contract laws. Emurgo believes there is a lot of business for blockchain technology in contract law. Businesses are evolving every day but their need for contracts will never change. Contracts can either make or break a business. Another application will be in the insurance industry and any other industry that requires data storage.

News Source

Advertisement

Copyright © 2020 Elevenews