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<blockquote data-quote="bronson" data-source="post: 5596" data-attributes="member: 1148"><p>I would also add to this that not all blockchains are necessarily "public" ledgers. You can divide blockchains into three different categories:</p><p>1. Public (permissionless) - anyone can use this and view it if you download the software e.g. BitCoin</p><p>2. Consortium (permissioned) - a group of network users all need granted access to use it and the outside public cannot view it e.g. R3 Corda (used by businesses/ financial institutions)</p><p>3. Private (permissioned) - completely private like an intranet to be used internally in a company (I don't know any well known examples off the top of my head, but I know the National Archives in the UK was/ is trialling it to store all records on there - not sure on the public accessibility)</p><p></p><p>This makes the adoption quite interesting as it is highly unlikely that the business world will suddenly chuck all their private and sensitive information onto a "public" ledger. What I think will happen (and what is already starting to happen) is that businesses will roll out consortium/ private versions just to test the waters. Saying that, one really interesting example of a public blockchain if you're interested in finance, is the AUD$100m 'Kangaroo Bond' (very Australian) that the World Bank and Commonwealth Bank Australia issued in August. This was issued and distributed all completely on a public blockchain.</p><p></p><p>On the topic of Smart Contracts more specifically I think we are a long, long, long way off it being used as the norm in the legal world. It has helped law firms to store and archive contracts themselves more efficiently. But, as you said there are certain terms such as 'reasonable' and 'good faith' that are hard to program into solid code. There are also a heap of issues such as if the code doesn't execute how you intended it to, who is liable? The programmer? The blockchain's host? Either counter-party? Again, if you are interested in finance, KWM and ISDA released a joint paper on how smart contracts could be used to standardise legal documentation in derivative contracts.</p><p></p><p>Nevertheless Smart Contracts are also doing some great things in the world. You can now get compensation paid out instantaneously on a blockchain for some flights in the EU if it is delayed...</p></blockquote><p></p>
[QUOTE="bronson, post: 5596, member: 1148"] I would also add to this that not all blockchains are necessarily "public" ledgers. You can divide blockchains into three different categories: 1. Public (permissionless) - anyone can use this and view it if you download the software e.g. BitCoin 2. Consortium (permissioned) - a group of network users all need granted access to use it and the outside public cannot view it e.g. R3 Corda (used by businesses/ financial institutions) 3. Private (permissioned) - completely private like an intranet to be used internally in a company (I don't know any well known examples off the top of my head, but I know the National Archives in the UK was/ is trialling it to store all records on there - not sure on the public accessibility) This makes the adoption quite interesting as it is highly unlikely that the business world will suddenly chuck all their private and sensitive information onto a "public" ledger. What I think will happen (and what is already starting to happen) is that businesses will roll out consortium/ private versions just to test the waters. Saying that, one really interesting example of a public blockchain if you're interested in finance, is the AUD$100m 'Kangaroo Bond' (very Australian) that the World Bank and Commonwealth Bank Australia issued in August. This was issued and distributed all completely on a public blockchain. On the topic of Smart Contracts more specifically I think we are a long, long, long way off it being used as the norm in the legal world. It has helped law firms to store and archive contracts themselves more efficiently. But, as you said there are certain terms such as 'reasonable' and 'good faith' that are hard to program into solid code. There are also a heap of issues such as if the code doesn't execute how you intended it to, who is liable? The programmer? The blockchain's host? Either counter-party? Again, if you are interested in finance, KWM and ISDA released a joint paper on how smart contracts could be used to standardise legal documentation in derivative contracts. Nevertheless Smart Contracts are also doing some great things in the world. You can now get compensation paid out instantaneously on a blockchain for some flights in the EU if it is delayed... [/QUOTE]
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