Smart contracts are blockchain-based self-executing contracts and they possess the same characteristics as the technology framework they’re built on including transparency, traceability and immutability. Tech Wire Asia brought this interesting topic to us in their article, “Gartner says blockchain smart contracts will positively impact data analysis.”
Based on recent studies, there is great value in smart contracts and businesses should consider leveraging them to improve their data quality and data analysis tools. This is already being realized in several industries, including real estate and healthcare.
Organizations do need to pay attention that governance frameworks for blockchain participation often determine the availability of the data from resulting transactions. This variable could leave participants in a worse position than if they did not participate in the blockchain smart contract process.
Once deployed, blockchain smart contracts are immutable and irrevocable through nonmodifiable code, which enforces a binding commitment to do or not do something in the future.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.