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Friday, November 30, 2018

Smart Contracts for Supply Chains

Still some details about exactly how.    But no doubt there will be applications using this ongoing.  Be ready for it.
By Marisa Brown (see all posts) on Nov 20, 2018 Posted in Supply Chain Management
Marisa Brown's picture

“As the [blockchain] technology pushes the globe towards new economic models, we will only demand more from smart contracts,” Forbes, July 2018.

From the American Bar Association this September: “In the future, litigation attorneys may no longer be litigating the ‘four-corners’ of the contract, but rather expanding into the intent of the code.”

Smart contracts. We’ve been hearing a lot of hype about them in the media, but are they a business reality yet? Back in 2014, Fast Company called smart contracts “cryptocurrency's killer app.” At that time, it was all about the promise and potential of blockchain and smart contracts. The digital world was coming. And that has not changed: in APQC's 2018 supply chain management priorities and challenges research, respondents rated digitalization as the number one impact on the supply chain in the next three years.

But has the reality of smart contracts finally arrived? Recently, EY released its Marine Hull Insurance product offering that has been built on a blockchain architecture and is supported by the use of smart contracts. TradeLens from Maersk and IBM is a blockchain-enabled shipping solution using smart contracts that has now captured more than 235 million shipping events. So smart contracts are becoming a reality for early adopters.

But what exactly is a smart contract? How does it work? And what are the implications of using them?  ... '

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