Crypto Smart Contracts - Ethereum and the likes

Anonymous
timer Asked: Oct 20th, 2018
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Question Description

(A)

Research the assigned topic to your team and write a 20-page report. Your report must contain abstract, introduction, body contents (subheadings), evaluation, conclusion, references. Report should be APA compliant (double-spaced, spelling, grammar, references & word formatting). Make sure to upload your report at the discussion section for the residency.


(B)

Prepare a PowerPoint presentation of the assigned and researched topic. Prepare and give an 1 hour presentation of the assigned topic (40 minutes presentation and 20 minutes for discussion). Each member of your team will speak (about 10-minute each) during the presentation session, so make your presentation thorough and upload it at the discussion section for the residency.


Hints for your slides: Excellent visuals for the topic; background, graphics, and text complement the presentation and are congruent with the message of the presentation. Excellent notes (note view) are included or voice over was used for details of presentations. Transitions are used between slides and animations are used on individual slides.

1

Goal - Make it simple, understandable and presentable.



Need this project to be done by tmrw at 4pm PST

Tutor Answer

TheGradeBooster
School: UT Austin

Hello, the paper is done.Am looking forward to work with you.The work was a lot but am not complaining.Thank you Have a great moment.Bye Bye

Running head: SMART CONTRACT

1

Crypto Smart Contracts
Institution Affiliation
Instructor’s Name
Student’s Name
Course Name
Unit code
Date

BLOCKCHAIN AND SMART CONTRACT

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Abstract

A smart contract is a computer protocol intended to digitally facilitate, verify, or
enforce the negotiation or performance of a contract. Smart contracts allow the performance of
credible transactions without third parties. According to Ryan, P. (2017), study “These
transactions are trackable and irreversible. Smart contracts were first proposed by Nick Szabo,
who coined the term, in 1994.
Proponents of smart contracts claim that many kinds of contractual clauses may be made
partially or fully self-executing, self-enforcing, or both. The aim of smart contracts is to provide
security that is superior to traditional contract law and to reduce other transaction
costs associated with contracting. Various cryptocurrencies have implemented types of smart
contracts”.

BLOCKCHAIN AND SMART CONTRACT

3

Introduction
Smart contracts are digital contracts which have the terms of an agreement between buyer
and seller converted to computer code. Smart contracts ensure transparent and conflict-free
exchange of property, shares, money, or anything of value without services of a middleman. The
converted computer code is stored and replicated on the system and exists across a decentralized,
distributed Blockchain network. Smart contracts allow trusted transactions and agreements
between anonymous parties to be carried out without an external enforcement mechanism. A
smart contract can be compared to a vending machine where one just drops a coin and gets the
services.
The aims of this paper are to;
(1) Provide a conceptual context for smart contracts,
(2) Posit blockchain as a new mode of conceiving time.
(3) Discus other mode of smart contract such as ethereum and bitcoins
(4) uses and applications of the contracts

Blockchains are the distributed ledger technology underlying Bitcoin and other
cryptocurrencies; “the payments layer the Internet never had; a mechanism for updating truth
states in distributed network computing through consensus trust; and overall, a new form of
general computational substrate. Blocktime is the time over which a certain number of blocks
will have confirmed; and this creates an alternative event trajectory in time which can be offset

BLOCKCHAIN AND SMART CONTRACT

4

against human-time or other computing clocktime regimes for arbitrage or complementary
purposes”. The result of this effort is to show that blocktime allows the contingency of future
events to be more robustly orchestrated through temporality as a selectable smart contract
feature.

What we can do with a smart contract
Smart contracts can be used in insurance policies, to automate an insured event (Ryan,
2017). Measurable parameters of an event can be recorded onto a Blockchain and ran in the
parameters of the pre-agreed thresholds and processed to determine the amount of financial
payout that can be delivered without the need of human intervention. By applying smart
contracts, the insurance industries would reduce administrative costs related to fulfilling its
policies.
Smart contracts are essential in the copyright content, to preserve the rights of the owner
of the material. Copyright privileges allow the owner of content to receive royalties when his or
her content is used commercially (Ryan, 2017). A smart contract would assist to keep track of
the ownership rights, by using a blockchain, where any changes on the Blockchain would require
consensus from all parties of the network. The smart contract would ensure that royalties from a
content are generated and paid in real time, and the relevant stakeholders can reflect this in their
accounting.
Smart contracts can be applied in the internet of things. In internet of things, every device
will be connected to each other via the internet hence the connection to Blockchain systems. The

BLOCKCHAIN AND SMART CONTRACT

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internet of things will allow an automated parcel delivery system between the IoT participants in
the Blockchain. A smart contract keeps a record of the possession in transit hence enhancing the
trust of where to precisely find the package.
Implementation
Notable examples of implementation of smart contracts are:


Decentralized cryptocurrency protocols are smart contracts with decentralized security,
encryption, and limited trusted parties that fit Szabo's definition of a digital agreement
with observability, verifiability, privity, and enforceability.



Bitcoin also provides a Turing-incomplete Script language that allows the creation of
custom smart contracts on top of Bitcoin like multi signature accounts, payment channels,
escrows, time locks, atomic cross-chain trading, oracles, or multi-party lottery with no
operator.



Ethereum implements a nearly Turing-complete language on its blockchain, a prominent
smart contract framework.



RootStock (RSK) is a smart contract platform that is connected to the Bitcoin blockchain
through sidechain technology. RSK is compatible with smart contracts created for
Ethereum.

BLOCKCHAIN AND SMART CONTRACT

6

Blockchain and smart contract
Blockchain
A Blockchain is a digitized ledger of records arranged in data batches called blocks and it is used
for crypto-currency transactions (Guadamuz & Marsden, 2015). Blockchain records digital
transactions in chronological order to help the market participants to follow up on digital
currency transactions without central record keeping. Every computer connected to the
Blockchain network downloads automatically a copy of the blockchain. The block validation
system makes sure that no one can tamper with the records. The blockchain is a kind of database
that exists in multiple locations that are shared by different users; for this reason, it is sometimes
referred to as an interactive distributed system. A Blockchain simplifies services for all parties
since it is a distributed database system serving as an open electronic ledger (Guadamuz &
Marsden, 2015). Blockchain technology can be applied to replace the inefficient and expensive
accounting and payment networks of the financial industry.

Types of Blockchain
i)

Permissioned (private) Blockchain - in permissioned Blockchain, only selected nodes
in the network have access to the Blockchain, and the right to view and send
transactions is controlled. Only the nodes that have permission can read the
information on the Blockchain, limiting the people who can transact on t...

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Anonymous
Top quality work from this guy! I'll be back!

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