Why Ricardian contracts are Blockchain’s Killer Application

Why Ricardian contracts, not Smart Contracts, are Blockchain’s Killer Application

My latest article:

Smart contracts are widely regarded as the killer application for blockchain, but the real killer application will be Ricardian contracts. Ricardian contracts use cryptographic signatures to bind different parties into a legal agreement and will automatically execute when certain pre-conditions have been met. They not only define intentions in a legally binding way but also execute instructions automatically. Especially, when organisations are increasingly moving towards data-driven collaboration, Ricardian contracts will become a pre-requisite for fast, efficient and secure transactions.

Three Useful Nuggets of Information

My weekly tips from around the web to get you thinking.

1. China’s AI is a 1984 Big Brother scenario.

China’s use of artificial intelligence for political and surveillance control is getting out of control, according to deep learning ‘Godfather’ Yoshua Bengio. China is increasingly using AI to control people’s behaviour and influencing their minds. (Bloomberg)

2. Are Blockchain and AI a match made in heaven?

When technologies converge, society can benefit. This is not always the case, as China’s AI surveillance shows, but the convergence of AI and Blockchain could potentially pave the way for a much more transparent and efficient world. (TNW)

3. Why build the real thing? Ford builds cars in VirtualReality.

Designing a new car is a lot of work and takes up a lot of time, so when you can speed up that process by giving designers the possibility to view their work from every angle, you should do so. That is why Ford lets designers build cars in virtual reality. (Engadget)