Simple Intro to Smart Contracts
Blockchain + Smart Contracts.
Is this the way of the future? We think so. Not yet a mature model, but heading in the right direction. Needs a few more real live solutions and an increase in new features and functions. As a technology – it’s great but it’s a bit “under the hood” – it really has to start making real businesses significant money or provide significant cost saving, otherwise it will be slow to take off.
We will use Blockchain and Smart contracts to manage post-trade lifecycle events for Primary Risk and Reinsurance including payments, amendments, and novations.
So besides a synchronized, distributed “golden record” of transactions on the blockchain, the smart contracts will provide economic terms, as well as computational logic to manage permissions and control event processing.