Ever since the blockchain went through arguably its first-generation upgrade to include smart contracts, they have been heralded as disruptive and revolutionary, but are still mostly considered for their most basic of applications. Smart contracts are still just seen as intermediatory-less agreements on the blockchain.
However, Dr. Muneeb Ali, the CEO of Blockstack, argues the potential benefits and applications of smart contracts are much greater than just simply creating smart contracts. In fact, Ali proposes that they may even need a name change to shift the brand a bit away from just being used in one siloed areas as is the case currently.
“Just like cloud computing had implications for a broad range of industries, and not just finance, the same is true for smart contracts. They should not even be called smart contracts because it’s a rather limiting name. These are verifiable programs that couldn’t exist in the cloud computing era,” he told Cointelegraph.
“Our industry needs a predictable, secure, open-source alternative to current approaches like Solidity. While we anticipate that the value locked up in smart contracts could eventually number in the trillions, our industry would not have been ready for such growth,” Ali added.
Because this smart contract coding comes with the additional backing of a verifiable blockchain, Ali believes that it gives the developers using these smart contracts a massive edge. An industry is “unlikely to conduct high value transactions through smart contracts written in an insecure language,” he said, noting that the implications of this go far beyond the financial services industry:
“The ability to write verifiable code is like a superpower for developers. This can reshape how software is distributed and verified on the internet, how developers get paid for contributing to code, how access control for internet services is implemented, and so on.”
The next step
Blockchain has been waiting patiently to really be picked up and integrated in a killer application. Many are still finding that Bitcoin and its store of value and links to financial are the best uses, but the smart contracting system has much more potential that is still untapped.
Many industries and sectors have tried to extract what they need from smart contracts to make their operations more efficient, but mostly it is still very much in the pilot and experimental stage with a break out waiting to happen. 5All alerts