{"id":597,"date":"2018-06-28T21:58:11","date_gmt":"2018-06-29T01:58:11","guid":{"rendered":"https:\/\/www.amp.legal\/blog\/?p=597"},"modified":"2018-07-05T17:56:39","modified_gmt":"2018-07-05T21:56:39","slug":"smart-contracts-lift-new-economy","status":"publish","type":"post","link":"https:\/\/www.amp.legal\/blog\/smart-contracts-lift-new-economy\/","title":{"rendered":"Smart Contracts Lift New Economy"},"content":{"rendered":"<p>Smart contracts are getting attention as various industries search for innovative ways to integrate blockchain technology into their business models. In the future, companies will utilize smart contracts for a variety of purposes to improve efficiency. Uses for\u00a0these <a href=\"https:\/\/www.amp.legal\/blog\/smart-contracts-use-code-to-enforce-terms\/\">code-based contracts<\/a> include managing employees, dealing with vendors, and protecting copyrighted content.<\/p>\n<h3><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-607 alignleft\" style=\"float: left; padding-right: 1em;\" src=\"https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-300x167.jpg\" alt=\"\" width=\"300\" height=\"167\" srcset=\"https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-300x167.jpg 300w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-768x427.jpg 768w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-700x389.jpg 700w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-520x289.jpg 520w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-360x200.jpg 360w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-250x139.jpg 250w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection-100x56.jpg 100w, https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/CoinCollection.jpg 900w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Promising Technologies<\/h3>\n<p>An article from CoinCentral, <a href=\"https:\/\/coincentral.com\/building-smart-contract-easier-than-you-think\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Building a Smart Contract: It\u2019s Easier Than You Think<\/em><\/a>, by Jake Bergal, points out that smart contracts will enable companies to engage in the new decentralized economy. Bergal\u2019s article compares three emerging DApp (Decentralized Applications) platforms: Ethereum, Lisk, and Cardano.<\/p>\n<p>Each\u00a0platform offers its own advantages:<\/p>\n<ul>\n<li><strong>Ethereum\u00a0<\/strong>is the largest platform with the most active user base. It uses its own language, Solidity, for writing contracts and includes the Truffle framework for testing its application.<\/li>\n<li><strong>Lisk<\/strong> uses JavaScript and has its own DApp store where apps can be published.<\/li>\n<li><strong>Cardano\u00a0<\/strong>has a large support team. It promises to separate contract information from transactional data.<\/li>\n<\/ul>\n<p>Bergal\u2019s article emphasizes how developers can learn to program smart contracts. For example, Solidity has a striking resemblance to JavaScript.<\/p>\n<h3>Smart Contract Risks<\/h3>\n<p>Researchers are analyzing smart contracts to understand their reliability. In March 2018, a <a href=\"https:\/\/arxiv.org\/pdf\/1802.06038.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">group of researchers<\/a> focused their attention on three properties of trace vulnerabilities: greedy (locked funds indefinitely), prodigal (leaked carelessly to arbitrary users), and suicidal (killed by anyone). The researchers tested about one million contracts\u00a0and found thousands of\u00a0issues, which\u00a0included exploits for the <a href=\"https:\/\/blog.comae.io\/the-280m-ethereums-bug-f28e5de43513\" target=\"_blank\" rel=\"noopener noreferrer\">Parity Bug<\/a>.<\/p>\n<p>The results of the research highlight the risks that companies must consider when choosing a platform for their smart contracts. To minimize potential risks, some companies prefer using established companies, such as IBM, to implement their blockchain products. The <a href=\"https:\/\/www.ibm.com\/blockchain\" target=\"_blank\" rel=\"noopener noreferrer\">IBM Blockchain Platform<\/a> promises to provide a secure cloud environment \u201cwhere any developer can become a blockchain developer.\u201d Looking forward, although smart contracts have promising potential, companies should carefully evaluate the pros and cons of using each platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Smart contracts are getting attention as various industries search for innovative ways to integrate blockchain technology into their business models. In the future, companies will utilize smart contracts for a variety of purposes to improve [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[34,58],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smart Contracts Lift New Economy - Cyber Law Blog<\/title>\n<meta name=\"description\" content=\"Cyber Law Blog explores legal topics with technology including privacy law and cybersecurity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.amp.legal\/blog\/smart-contracts-lift-new-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smart Contracts Lift New Economy - Cyber Law Blog\" \/>\n<meta property=\"og:description\" content=\"Cyber Law Blog explores legal topics with technology including privacy law and cybersecurity.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.amp.legal\/blog\/smart-contracts-lift-new-economy\/\" \/>\n<meta property=\"og:site_name\" content=\"Cyber Law Blog\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-29T01:58:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-07-05T21:56:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.amp.legal\/blog\/wp-content\/uploads\/2018\/06\/Dandelion.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alice M. 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