Skip to content

The acceptance of intelligent contracts by companies is accelerating

July 9, 2020

The acceptance of intelligent contracts and blockchain technology in companies is at its peaksaid Sergey Nazarov, CEO of Chainlink, and Ron Resnick, President of the Interwork Alliance.

The couple was previously a member of a Unitize 2020 panel and said so were optimistic that we are moving at an exciting pace in corporate takeover as well as government regulation and adoption of technology. However, they couldn’t say whether 2020 will be a turning point in adoption.

“Compared to a few years ago,” said Nazarov, “There are more and more people who are ‘quick followers’ and are just waiting for a technology leader to take the first step. “

The acceptance of intelligent contracts by companies is acceleratingThe acceptance of intelligent contracts by companies is accelerating

Led by Nathaniel Whittemore in the 30-minute session Blockchain value propositions, as seen by companies, have been reviewed and some of the key pain points that need to be addressed for a large-scale takeover to be expanded.

It is not without challenges

Existing systems have hundreds and thousands of people who know them and interact with them every day The challenge for the industry is to include blockchain in the equation without incurring massive costs for retraining or redeveloping these solutions and interactions.

Nazarov said that The technology must connect to these existing business solutions, with the level of technical interaction depending on the level of acceptance.

Resnick outlined two obstacles related to regulations and audits that still need to be overcome. Regulators currently have little confidence in the technology, and regulations vary from country to country.. Many companies are waiting for more clarity before introducing a blockchain solutionhe added. Add to that the cost of audits and the bureaucratic burden that many companies still have, and there are some big challenges before many benefits can be realistically realized.

A change is taking place

In order for the blockchain to be considered a serious solution, the panelists agreed Mass acceptance requires the integration of both public and private blockchains into a common and interoperable data infrastructure.

Resnick said that We are already seeing that people are looking for new ways to interact with each other in terms of data and that the way governments, businesses and everyone else share their data has changed fundamentally.

“”It is a shared data infrastructure“said.

This doesn’t mean that there will only be one blockchain, Nazarov continued. Business solutions currently focus on data protection and compliance, while individual users focus on decentralization and security. He said that each of these solutions will change to an intermediate point that meets the requirements of both scenarios.

What do blockchain companies need?

Nazarov and Resnick agreed Companies have three main requirements for blockchain solutions: accelerating transactions and reducing latency, protecting transaction data and improving security and scalability through decentralization..

Nazarov suggested that Companies don’t have to run all of their systems on blockchain to take advantage of the technology. Easy You need an oracle or a connection to one to complete your chain transactions.

Do not stop reading: