Apparently, the world is holding its
In Qingdao sometime in early November, 88 bales of cotton will be unloaded and ownership of the bales will be transferred and payments made. With the magic of distributed ledgers (the most well known is Blockchain) and smart contracts, a new dawn will apparently rise and banking transactions will never be the same again.
Don’t know what a smart contract is? Don’t worry, every time you drive your car through a tollgate on a motorway you trigger a smart contract, with money being automatically being deducted from your account and paid to the toll operator. This happens millions of times every rush hour.
Smart contracts are everywhere, just think about all of the direct debits in Australia, some 3.4 million per day according to the Australian Payments Clearing Association.
