What the heck are Smart Contracts?

Does it feel smart to read about smart contracts?

Let’s start with the problem and why do we need smart contracts.

Nowadays, the enterprise infrastructure is siloed, and each company has a separate database and different technology stacks. Integrations and synchronization between enterprises are hard and generates a lot of duplicated non-standardized databases with similar information. Enterprises run these asynchronous databases with a lot of manual reconciliation in order to try to keep the data synchronized across several different organizations.

This creates some issues to the organizations such as:

• Duplicated technology costs, unnecessary manual labour, and upgrades become difficult when different organizations are using different technologies
• Because each organization is using a different technology, there are inconsistent processes a non-standardized data across different organizations, which generates additional operational costs and manual reconciliation
• There’s no real-time shared data/state, and there’s no way to make sure that different organizations see the same data, which makes coordination a difficult task

Using a blockchain with smart contracts, make sure that each organization sees…